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2-1 © 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
CHAPTER 2
Financial Reporting: Its Conceptual Framework
CONTENT ANALYSIS OF END-OF-CHAPTER ASSIGNMENTS
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2-1 Conceptual Framework Titles of Statement of Concepts 1
Easy
- Analytic Measurement
Comprehension
2-2 Conceptual Framework Purpose of conceptual framework 1
Easy 5 Analytic Measurement
Comprehension
2-3 Accounting Concepts, Principles, Standards and Rules Differences among concepts, principles, standards and rules 1
Easy 5 Analytic Measurement
Comprehension
2-4 Conceptual Framework What the FASB Concepts Statements establish 1
Easy 5 Analytic Measurement
Comprehension
2-5 Objective of Financial Reports Financial reporting and users of financial reporting 2
Easy 5 Analytic Measurement
Comprehension
2-6 Objective of Financial Reports Useful information about expected returns 2
Easy 5 Analytic Measurement
Comprehension
2-7 Objective of Financial Reports Useful information about net cash inflows 2
Easy 5 Analytic Measurement
Comprehension
2-8 External Stakeholders Information Needs Information available in financial reports for external stakeholders 2
Easy 5 Analytic Measurement
Comprehension
2-9 Financial Reporting and Management Stewardship Use of financial reporting to assess management stewardship of company 2
Easy 5 Analytic Measurement
Comprehension
2-10 Financial Reporting Definitions Define key terms describing users’ information needs.2
Easy 5 Analytic Measurement
Comprehension
Intermediate Accounting Reporting and Analysis 2nd Edition Wahlen Solutions Manual Visit TestBankDeal.com to get complete for all chapters
2-2 © 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.N UMBER T OPIC C
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2-11 Primary Qualitative Characteristics of Useful Accounting Information Relevance and faithful representation.3
Easy 5 Analytic Measurement
Comprehension
2-12 Relevant Accounting Information
Characteristics of relevant accounting information as defined by Statement of Financial Accounting Concepts No. 8 3
Easy 5 Analytic Measurement
Comprehension
2-13 Materiality Definition of materiality 3
Easy 5 Analytic Measurement
Comprehension
2-14 Faithful Representation Characteristics of faithful representation 3
Easy 5 Analytic Measurement
Comprehension
2-15 Enhancing Characteristics of Accounting Information Identify enhancing characteristics of accounting information and explain how they enhance it 3
Easy 5 Analytic Measurement
Comprehension
2-16 Comparability and Consistency Compare and contrast comparability and consistency 3
Easy 5 Analytic Measurement
Comprehension
2-17 Cost Constraint Cost constraints and financial reporting.3
Easy 5 Analytic Measurement
Comprehension
2-18 Reporting Entity Assumption Reporting entity assumptions in financial reporting 4
Easy 5 Analytic Measurement
Comprehension
2-19 Going-Concern Assumption Going concern assumptions and financial reporting 4
Easy 5 Analytic Measurement
Comprehension
2-20 Period-of-Time Assumption Periodicity and financial reporting 1
Easy 10
Analytic Measurement
Application
2-3 © 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.N UMBER T OPIC C
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AACSB AICPA B
LOOM ’ S
2-21 Mixed Measurement Attributes The use of mixed measurement attributes in financial reporting 4
Easy 10
Analytic Measurement
Application 2-22 Interrelationships between attributes Relating historical cost, relevance, and faithful representation 4
Easy 10
Analytic Measurement
Application 2-23 Recognition Definition of recognition as defined by Statement of Financial Accounting Concepts No. 8 4
Easy 10
Analytic Measurement
Application 2-24 Accrual Accounting Objectives of accrual accounting 4
Easy 10
Analytic Measurement
Application 2-25 Revenue Recognition Timing and conditions of revenue recognition 4
Easy 10
Analytic Measurement
Application 2-26 Expense Recognition Timing and conditions of expense recognition 4
Easy 10
Analytic Measurement
Application 2-27 Conservatism Valuation of financial statement elements when their value is uncertain 4
Easy 10
Analytic Measurement
Application 2-28 Reporting model in the FASB Conceptual Framework Sources of useful information identified in the FASB Conceptual Framework 5
Easy 10
Analytic Measurement
Application 2-29 Primary Sources of Useful Information The sources of useful information in the reporting model 5
Easy 5 Analytic Measurement
Comprehension
M2-1
Financial Reporting
Application to individual companies, industries, and economy as a whole 1
AICPA
Easy
5
Analytic
Measurement
Comprehension
M2-2
Constraints of Useful Information
Constraints of useful information as defined by Statement of Financial Accounting Concepts No. 8 3
AICPA
Easy
5
Analytic
Measurement
Comprehension
2-4 © 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.N UMBER T OPIC C
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LO
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AACSB AICPA B
LOOM ’ S
M2-3
Relevant Accounting Information
Characteristics of relevant accounting information as defined by Statement of Financial Accounting Concepts No. 8 3
AICPA
Easy
5
Analytic
Measurement
Comprehension
M2-4
Qualitative Characteristics of Useful Accounting Information Characteristics of useful accounting information when qualified individuals arrive at similar conclusions 3
AICPA
Easy
5
Analytic
Measurement
Comprehension
M2-5
Decision-Useful Information
Characteristics of decision- useful information as defined by Statement of Financial Accounting Concepts No. 8 3
AICPA
Easy
5
Analytic
Measurement
Comprehension
M2-6
Recognition
Term describing recording and reporting an item in the financial statements as defined by Statement of Financial Accounting Concepts No. 6 4
AICPA
Easy
5
Analytic
Measurement
Comprehension
M2-7
Conservatism
Identification of term when firms accrue net losses on obsolete inventory 4
AICPA
Easy
5
Analytic
Measurement
Comprehension
M2-8
Going Concern
Identification of term when firms report cash they expect
to receive in the future 4
AICPA
Easy
5
Analytic
Measurement
Comprehension
M2-9
Accrued Expense
Definition of accrued expense 4
AICPA
Easy
5
Analytic
Measurement
Comprehension
M2-10
Expense Recognition
Patent amortization and patent impairment; expense recognition principles 4
AICPA
Easy
10
Analytic
Measurement
Comprehension
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