What is t 2. Why is a 3. What is t 4. What is 5. Briefly d 6. What is 7. Why is it 8. Expense What ar 9. Revenue What ar 10. What ar The foul le 1: Chapter 2: Review Questions he conceptual framework? conceptual framework necessary in financial accounting? he primary objective of financial reporting? meant by the phrase “qualitative characteristics of accounting information”? !scribe the two fundamental qualities of useful accounting information. he distinction between comparability and consistency? necessary to develop a definitional framework for the basic elements of accounting? s, losses, and distributions of owners are all decreases in net assets (assets — liabilities). e the distinctions (differences) among them? is, gains, and investments by owners are all increases in net assets (assets — liabilities). e the distinctions (differences) among them? e the four basic assumptions that underlie the financial accounting structure?
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