conceptual framework

Question 1

what are the two primary qualitative characteristics?

Answer 1

Relevance and Faithful representation

Question 2

confirmatory value
predictive value
materiality

Answer 2

relevance

Question 3

completeness
neutrality
free from error

Answer 3

faithful representation

Question 4

change in reporting entity should be reported prospectively or retrospectively?

Answer 4

retrospectively, similar to a change in accounting principle.

Question 5

a large accelerated filer has how many days within the end of a period to file form 10-q?

Answer 5

40 days, 75 days for 10 k

Question 6

financial reporting framework for small and medium sized entities has been developed by

Answer 6

AICPA

Question 7

gains or losses from lawsuits go to

Answer 7

income from continuing operations

Question 8

rent expense is not required to be disclosed about reportable segments’ profit or loss

Answer 8

true

Question 9

acquisition cost related to business combination should capitalized or expense in the period incurred?

Answer 9

expensed.