Strong conceptual frameworks capture something real and do this in a way that is easy to remember and apply. It is one of the enhancing characteristics of accounting information. Top Answer. Such a framework involves delineating the phenomenon in terms of primary and secondary process and through the use of enablers and an underlying theme. materiality. Chapter 2 Test #1 Flashcards - Questions and Answers | Quizlet To provide information about economic resources, the claims to those resources, and the changes in them. Conceptual Framework in the development of future IFRSs and in its review of existing IFRSs, the number of cases of conflict between the Conceptual Framework and IFRSs will diminish through time. A conceptual framework is an analytical tool with several variations and contexts. The underlying theme of the conceptual framework is A. decision usefulness. and a conceptual framework. The objective of general-purpose financial reporting is to provide financial information about a reporting entity to each of the following except The write-up would represent a violation of which accounting assumption or principle? (The enabler behind the primary process is the independent variable associated with causation, and the effect is radicalization, the dependent variable. understandability. Uploaded by: paulojustinefaith. The Conceptual Framework (or “Concepts Statements”) is a body of interrelated objectives and fundamentals. The underlying theme of the conceptual framework is decision usefulness. 27. Explore answers and all related questions . incidental transactions is called a gain. A soundly developed conceptual framework of concepts and objectives should, The underlying theme of the conceptual framework is, If the LIFO inventory method was used last period, it should be used for the current and following periods because of. The underlying theme of the conceptual framework is a. decision usefulness. c. reliability. Valuing assets at their liquidation values rather than their cost is inconsistent with the, Generally, revenue from sales should be recognized at a point when. Accounting information is considered to be relevant when it. Q 13. Decision usefulness B. Understandability C. Timeliness D. Comparability. completeness, neutrality, and freedom from error. B. A)Inflation is ignored under the monetary unit, False; The periodicity assumption suggests that the, economic life of a business can be divided into, artificial time periods such as a month, quarter or. The objectives identify the goals and purposes of financial reporting and the fundamentals are the underlying concepts that help achieve those objectives. b. understandability. The two fundamental qualities that make accounting information useful for decision making are, Financial information exhibits the characteristic of consistency when, The elements of financial statements include investments by owners. Is the philosophical basis, underlying tradition, conceptual framework, or ideological orientation made explicit and is it appropriate for the problem? Question 57. The underlying theme of the Conceptual Framework is A. Decision usefulness is the underlying theme of the conceptual framework. A company has a factory building that originally cost the company $250,000. To address this issue, I outline a novel theoretical framework for conceptualizing Salafi radicalism in terms of an underlying theme and its enablers. When should an expenditure be recorded as an asset rather than an expense. Decision usefulness is the underlying theme of the conceptual framework… This preview shows page 6 - 9 out of 10 pages. What is the following is a characteristic describing the primary quality of relevance? In this study I will use the term ‘conceptual framework’, which Maxwell (2005, p. 33) defines as the framework of “concepts, assumptions, expectations, beliefs, and theories that supports and informs your research ”. b. understandability c. faithful representation d. comparability 4. b. understandability. a. decision usefulness. The third component describes key elements regarding the provision of profes- comparability. Which basic assumption is illustrated when a firm reports financial results on an annual basis? a. B)understandability. C. reliability. O understandability. 2. the underlying theme of the conceptual framework is Aunderstandability, 5 out of 5 people found this document helpful, D)Decision usefulness is the underlying theme of, False, For information to be relevant, it needs to, have predictive value or confirmatory value or, D)The ingredients of faithful representation include. Related questions. Which of the following is not an objective of financial reporting? The underlying theme of the conceptual framework is A) decision usefulness. It is focused around seven themes that support the professional educator. A. decision usefulness. The calculation of comprehensive income includes which of the following? A .Explanation: The conceptual framework of concepts and objectives increases relevancy, reliability, comparability, and consistency of financial statements. These are increases in an entity's net assets resulting from owners', In classifying the elements of financial statements, the primary distinction between revenues and gains is. B) understandability. The underlying theme of the conceptual framework is. The underlying theme of the conceptual framework is a. decision usefulness. The underlying theme of the conceptual framework is O faithful representation. Cite 1 Recommendation Such a framework involves delineating the phenomenon in terms of primary and secondary process and through the use of enablers and an underlying theme. reliability. C) faithful representation. decision usefulness. b Neutrality c. Verifiability d. Understandability 5. conceptual framework per se, the main problem is emphasising that it is "a" conceptual. A. decision usefulness. C. decision usefulness D. faithful representation. Related questions. The Conceptual Framework will be revised from time to time on the basis of the Board’s experience of working with it. The underlying theme of the conceptual framework is the underlying theme of the conceptual framework is; A)understandability. D. comparability. Thirdly, the paper makes it clear that whereas every good thesis should have a theoretical framework, every PhD thesis must develop and use one, because of the very important role a theoretical framework plays in the analysis and making meaning of your data. The Conceptual Framework (or “Concepts Statements”) is a body of interrelated objectives and fundamentals. Accounting information is considered to be relevant when it A. can be depended on to represent the economic conditions and events that it is intended to represent. The underlying theme of the conceptual framework is A)decision usefulness. information include comparability, verifiability, D)Relevant information has predictive value or. It is used to make conceptual distinctions and organize ideas. confirmatory value (or both), and is material. The conceptual framework of this study is rooted in the following representation of knowledge: 6 framework not "the" conceptual framework. Are key concepts adequately defined conceptually? Multiple Choice . Users of financial statements are assumed to have no knowledge of business and financial accounting matters by financial statement preparers. The Underlying Theme of the Conceptual Framework Is. The underlying theme of the conceptual framework is a. decision usefulness. A conceptual framework is used to understand the place of -- and inform the direction of -- a research project. The underlying theme of the conceptual framework is a. decision usefulness. It is consistent with the economic entity assumption. D. comparability. The current fair value of the factory building is $3 million. c. faithful representation. The underlying theme of the conceptual framework is. Click if you would like … QUESTIO points Save Answer The underlying theme of the conceptual framework is A comparability B. understandability. University of Houston, Downtown • ACCOUNTING 3300, University of Houston, Downtown • ACCT 3301, King Fahd University of Petroleum & Minerals, Houston Community College • ACCOUNTING 2303, King Fahd University of Petroleum & Minerals • ACCT 301. It includes A. d. comparability. d. comparability. These themes are bound together with an emphasis on knowledge, skills, disposition and lifelong learning as essential elements for professional practice. Which of the following relates to both relevance and faithful representation? a. Predictive value. Which of the following is not among the ingredients of the fundamental quality of faithful representation? D)comparability. Scope theory that details the basic reasoning underlying the financial statements and financial reporting in general Explore answers and all related questions . The first level of the conceptual framework is the: objective of financial reporting., Presents the goals and purposes of accounting. A conceptual framework is a system of concepts, assumptions, expectations, beliefs and theories that supports and informs research (Maxwell, 2005, p. 33). The underlying theme of the conceptual framework is. Which of the following is not a basic element of financial statements? Course Hero is not sponsored or endorsed by any college or university. D) comparability. 5. 2.1.1 Benefits of using conceptual frameworks Using a conceptual framework offers researchers a number of benefits. Basic Questions for Critiquing … The objectives identify the goals and purposes of financial reporting and the fundamentals are the underlying concepts that help achieve those objectives. Overall, a conceptual Which of the following statements correctly describes the comparability of accounting information? Which of the following is a primary quality of useful accounting information? The objective of general-purpose financial reporting is to provide financial information about a reporting entity to each of the following except However, that is not to suggest that every qualitative study needs a conceptual framework or that one with a conceptual framework will lack trustworthiness. Conceptual framework is the theoretical foundations helping us understand the problem situation and its dynamics. The underlying theme of the conceptual framework is a decision usefulness. Conceptual Framework for Early Childhood Professional Development A position statement of the National Association for the Education of Young Children page 2 of 12 dispositions connected with the early childhood profession’s diverse roles, levels, and settings. Decision usefulness is the underlying theme of the conceptual framework. Enhancing qualities of accounting information include: comparability and verifiability. A. can be depended on to represent the economic conditions and events that it is intended to represent. B. understandability. 12. Get more help from Chegg. TRUE OR FALSE: 1. Which of the following is a characteristic describing the fundamental quality of relevance? Conceptual Framework: Briefly summarize the theoretical foundation or conceptual framework(s) derived from the literature review that is reported in Chapter 2. b. The president would like to report the difference as a gain. O decision usefulness. The Conceptual Framework provides a common structure for all initial and advanced preparation education programs. 1-E. B. understandability. The first level of the conceptual framework identifies the recognition and measurement concepts used in establishing accounting standards. Decision usefulness is the underlying theme of the conceptual framework. ... which may yield evidence to support or reject the underlying model. Fourthly, the paper explains how a theoretical Further, conceptual frameworks should not be static, but dynamic, in nature. Conceptual underpinnings. A)Comprehensive income is the change in net, assets during a period from transactions and other, C)An increase in net assets from peripheral or. C)faithful representation. 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