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determine the response that best completes the following statements or questions. the primary objective of financial reporting is to provide information: multiple choice 1 useful to capital providers. about a firm's financing and investing activities. about a firm's management team. concerning the changes in financial position resulting from the income-producing efforts of the entity. statements of financial accounting concepts issued by the fasb: multiple choice 2 represent gaap. have been superseded by sfass. identify the conceptual framework within which accounting standards are developed. are subject to approval of the sec. in general, revenue is recognized when: multiple choice 3 a good or service has been delivered to a customer. the sales price has been collected. a purchase order has been received. a contract has been signed. in depreciating the cost of an asset, accountants are most concerned with: multiple choice 4 full disclosure. recognizing revenue in the appropriate period. recognizing expense in the appropriate period. conservatism. the primary objective of expense recognition is to: multiple choice 5 provide timely information to decision makers. record expenses in the period that related revenues are recognized. promote comparability between financial statements of different periods. provide full disclosure. the economic entity assumption states that, in the absence of contrary evidence, all entities will survive indefinitely. multiple choice 6 true false
determine the response that best completes the following statements or questions. the primary objective of financial reporting is to provide information: multiple choice 1 useful to capital providers. about a firm's financing and investing activities. about a firm's management team. concerning the changes in financial position resulting from the income-producing efforts of the entity. statements of financial accounting concepts issued by the fasb: multiple choice 2 represent gaap. have been superseded by sfass. identify the conceptual framework within which accounting standards are developed. are subject to approval of the sec. in general, revenue is recognized when: multiple choice 3 a good or service has been delivered to a customer. the sales price has been collected. a purchase order has been received. a contract has been signed. in depreciating the cost of an asset, accountants are most concerned with: multiple choice 4 full disclosure. recognizing revenue in the appropriate period. recognizing expense in the appropriate period. conservatism. the primary objective of expense recognition is to: multiple choice 5 provide timely information to decision makers. record expenses in the period that related revenues are recognized. promote comparability between financial statements of different periods. provide full disclosure. the economic entity assumption states that, in the absence of contrary evidence, all entities will survive indefinitely. multiple choice 6 true false
The primary objective offinancial reportingis to provide useful information to capital providers. The statements of financial accounting concepts represent the conceptual framework within which accounting standards are developed. Revenue is recognized when a good or service is delivered to a customer.The primary objective of financial reporting is to provide information useful to capital providers, such as investors and creditors. It aims to give these users a clear picture of a firm's financial position and performance. This includes information about the firm's financing and investing activities, as well as the changes in its financial position resulting from its income-producing efforts.The statements offinancial accounting concepts(SFACs) issued by the Financial Accounting Standards Board (FASB) represent the conceptual framework within which accounting standards are developed. These concepts help guide the development of generally accepted accounting principles (GAAP), but they themselves do not represent GAAP.Revenue is recognized when a good or service has been delivered to a customer and is considered earned. The sales price being collected, a purchase order being received, or a contract being signed do not determine revenue recognition. It is the completion of the earnings process that triggersrevenue recognition.When depreciating the cost of an asset, accountants are most concerned with recognizing the expense in the appropriate period. This allows for the matching of the asset's cost with the periods in which it provides benefits. Full disclosure, recognizing revenue in the appropriate period, and conservatism are not the primary concerns when depreciating an asset.The primary objective of expense recognition is to promotecomparabilitybetween financial statements of different periods. It ensures that expenses are recorded in the period they contribute to the generation of revenue, aiding in fair presentation and analysis. Providing timely information to decision-makers and promoting full disclosure are secondary objectives.The statement that the economic entity assumption states that, in the absence of contrary evidence, all entities will survive indefinitely, isfalse. The economic entity assumption simply means that the activities of the entity are separate from those of its owners and other entities. The survival or indefinite existence of an entity is not implied by this assumption.Learn more aboutFinancial Reportinghere:brainly.com/question/34662236#SPJ4...