Reference no: EM13510777
TRUE/FALSE
1.Events are economic occurrences that require accounting entries.
2.The concept of uniformity appears to overlap with consistency.
3.Transactions are economic or financial events that are recorded in the firm’s accounts.
4.An event, as defined in SFAC No. 6 is “a happening of consequence to an entity.”
5.Because events that are internal to the firm are not considered “transactions,” they do not require entries in the firm’s accounts.
6.Relevant circumstances are an important aspect of the uniformity issue.
7.Future contingencies that are allocations do not have real information content for financial statement users.
8.Minimizing reported income would not be a motive guiding the selection of accounting methods.
9.Environmental conditions are elements beyond managerial control.
10.Rigid uniformity has been formulated as an alternative to finite uniformity.
11.In accounting, we presume that ig rigid uniformity can be attained, it is superior to finite uniformity.
12.Improving comparability may lessen relevance or reliability.