Reference no: EM132995878
Problem 1: Financial information exhibits the characteristic of consistency when
A) expenses are reported as charges against revenue in the period in which they are paid.
B) accounting entities give accountable events the same accounting treatment from period to period.
C) extraordinary gains and losses are not included on the income statement.
D) accounting procedures are adopted which give a consistent rate of net income.
Problem 2: What is meant by consistency when discussing financial accounting information?
A) Information that is measured and reported in a similar fashion across points in time.
B) Information is timely.
C) Information is measured similarly across the industry.
D) Information is verifiable.
Problem 3: Which of the following elements of financial statements is not a component of comprehensive income?
A) Revenues
B) Distributions to owners
C) Losses
D) Expenses
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