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© 2013
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
NUMBER
CONTENT ANALYSIS OF END-OF-CHAPTER ASSIGNMENTS
TOPIC CONTENT LO ADAPTED DIFFICULTY
T IME E
ST. AACSB AICPA BLOOM’S
Q2-1
Conceptual Framework Definitions; titles of individual concepts statements 1
Easy
5
Analytic
Measurement
Comprehension
Q2-2
Conceptual Framework Definition; purpose of conceptual framework 1
Easy
5
Analytic
Measurement
Comprehension
Q2-3
Conceptual Framework
Differences among accounting concepts, principles, standards and rules 1
Easy
5
Analytic
Measurement
Comprehension
Q2-4
Conceptual Framework Joint conceptual framework between IASB and FASB; IFRS 1
Easy
5
Analytic
Measurement
Comprehension
Q2-5
Objective of Financial Reporting
Differences between investors, lenders, and other creditors 2
Easy
5
Analytic
Measurement
Comprehension
Q2-6
Objective of Financial Reporting
Useful information to investors, lenders, and other creditors 2
Easy
5
Analytic
Measurement
Comprehension
Q2-7
Objective of Financial Reporting Useful information about net cash inflows 2
Easy 5 Analytic Measurement Comprehension Q2-8
Objective of Financial Reporting
Reasons external stakeholders need information about economic resources and claims to those resources 2
Easy
5
Analytic
Measurement
Comprehension
Intermediate Accounting Reporting and Analysis 1st Edition Wahlen Solutions Manual Visit TestBankDeal.com to get complete for all chapters
2 - 2
© 2013
Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
NUMBER T OPIC CONTENT LO ADAPTED DIFFICULTY
T IME E
ST. AACSB AICPA BLOOM’S
Q2-9
Objective of Financial Reporting
Useful information about the stewardship of company management 2
Easy
5
Analytic
Measurement
Comprehension
Q2-10
Definitions of Financial Terms
Define various financial terms including return on investment, risk, and liquidity 2
Easy
5
Analytic
Measurement
Comprehension
Q2-11
Qualitative Characteristics of Useful Accounting Information Primarily qualities of useful accounting information
3
Easy
5
Analytic
Measurement
Comprehension
Q2-12
Relevant Accounting Information
Identify and define characteristics of relevant accounting information 3
Easy
5
Analytic
Measurement
Comprehension
Q2-13
Materiality
Definitions and relationship to relevance 3
Easy
5
Analytic
Measurement
Comprehension
Q2-14
Faithful Representation
Identify and define characteristics of faithful representation of accounting information 3
Easy
5
Analytic
Measurement
Comprehension
Q2-15
Qualitative Characteristics of Useful Accounting Information
Identify the qualitative characteristics of accounting information; explain why each qualitative characteristic is important 3
Easy
5
Analytic
Measurement
Comprehension
Q2-16
Comparability and Consistency
Define, compare, and contrast comparability and consistency 3
Easy
5
Analytic
Measurement
Comprehension
Q2-17
Cost Constraint
Cost and its effect on financial reporting 3
Easy
5
Analytic
Measurement
Comprehension
Q2-18
Reporting Entity Assumption Reporting entity and its effect on financial reporting 4
Easy
5
Analytic
Measurement
Comprehension
2 - 3
© 2013
Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
NUMBER T OPIC CONTENT LO ADAPTED DIFFICULTY
T IME E
ST. AACSB AICPA BLOOM’S
Q2-19
Going Concern Assumption
Going concern assumption and its effect on financial reporting 4
Easy
5
Analytic
Measurement
Comprehension
Q2-20
Period-of-time Assumption
Period-of-time assumption and its effect on financial reporting 4
Easy
5
Analytic
Measurement
Comprehension
Q2-21
Measurement Attributes in Financial Reporting Various measurement attributes in financial reporting 4
Easy
10
Analytic
Measurement
Application
Q2-22
Qualitative Characteristics of Useful Accounting Information Relationships between qualitative characteristics of accounting information
4
Easy
10
Analytic
Measurement
Application
Q2-23
Recognition
Definition of recognition in accounting 4
Easy
10
Analytic
Measurement
Application
Q2-24
Accrual Accounting
Objectives of accrual accounting 4
Easy
10
Analytic
Measurement
Application
Q2-25
Revenue Recognition
Timing of revenue recognition 4
Easy
10
Analytic
Measurement
Application
Q2-26
Expense Recognition
Timing of expense recognition 4
Easy
10
Analytic
Measurement
Application
Q2-27
Conservatism
Conservatism and its use in financial reporting 4
Easy
10
Analytic
Measurement
Application
Q2-28
FASB Conceptual Framework
Primary sources of useful information in the financial reporting model of the FASB conceptual framework 5
Easy
10
Analytic
Measurement
Application
Q2-29
Joint FASB and IASB Conceptual Framework Project
Status of joint projects between the FASB and IASB; expected future joint work; IFRS 6
Easy
10
Analytic
Measurement
Application
2 - 4
© 2013
Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
NUMBER T OPIC CONTENT LO ADAPTED DIFFICULTY
T IME E
ST. AACSB AICPA BLOOM’S
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
M2-3
Relevant Accounting Information
Characteristics of relevant accounting information as defined by the 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 the Statement of Financial Accounting Concepts No. 8 3
AICPA
Easy
5
Analytic
Measurement
Comprehension
M2-6
Qualitative Characteristics of Useful Accounting Information
Term describing recording and reporting an item in the financial statements as defined by the Statement of Financial Accounting Concepts No. 6 4
AICPA
Easy
5
Analytic
Measurement
Comprehension
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