Intermediate Accounting (16th Edition)

Published by Wiley
ISBN 10: 1118743202
ISBN 13: 978-1-11874-320-1

Chapter 2 - Conceptual Framework for Financial Reporting - Review and Practice - Exercises - Page 65: E2-1


(a) True. (b) False. (c) False. (d) False. (e) False. (f) True.

Work Step by Step

(a) This statement is True. (b) This statement is False. General-purpose financial reports are useful to common including external users. (c) This statement is False. Accounting standards based on individual conceptual frameworks may lead to inconsistent and non-comparable accounting reports. (d) This statement is False. Many users (not only capital providers) may benefit from general-purpose financial reporting. (e) This statement is False. One need certain knowledge to understand general accounting reports. (f) This statement is True.
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