According to the FASB\'s conceptual framework, earnings a. is the same as ompreh

Question

According to the FASB's conceptual framework, earnings

a. is the same as omprehensive income

b. excludes certain gains and losses that are included in comprehensive income

c. includes certain gains and losses that are excluded from comprehensive income

d.includes certain losses that are excluded from comprehensive income

which of the following is the processof converting assets received o held into cash or claims to cash

a. recognition

b. measurement

c. realization

d. allocation

which of the following is an implication of the going concern assumtion?

a. the historical cost principle is credible

b. depreciation and amorization policies are justifiable and appropriate

c. the current-noncurrent classification of assets and liabilities is justifiable and signify-cant

d. all of these

In matters of doubt and great uncertainty, accounting issues should be resolved by choosing the alternative that has the least favorable effect on net income, assets, and owners' equity. This guidance comes from

a.the cost constraint

b. the industry practices constraint

c. prudence or conservatism

d. the full disclosure principle

according to the FASB's conceptual framework, the process of reporting item in the financial statements ofan entity is

a. recognition

b. realization

c. allocation

d. matching

Explanation / Answer

According to the FASB's conceptual framework, earnings

b. excludes certain gains and losses that are included in comprehensive income

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