Questions from Intermediate Accounting

Q: Identify whether the following elements are elements under U.S.

Identify whether the following elements are elements under U.S. GAAP, IFRS, or both, and point-in-time or period-in-time elements.

Q: Identify whether the following items are part of the general recognition principle

Identify whether the following items are part of the general recognition principle under U.S. GAAP, IFRS, or both.

Q: What is the definition of an asset?

What is the definition of an asset?

Q: Match the measurement basis with its definition. /

Match the measurement basis with its definition.

Q: The following events occurred at VG Consulting during the most recent month

The following events occurred at VG Consulting during the most recent month. a. VG provided consulting services and billed clients $2,000. b. VG collected $1,500 for consulting services performed in t...

Q: Indicate the assumption (going concern, business/economic entity,

Indicate the assumption (going concern, business/economic entity, monetary unit, or periodicity) that best fits the following scenarios.

Q: List the components of the current conceptual framework.

List the components of the current conceptual framework.

Q: Match the component of a faithful representation to its definition:

Match the component of a faithful representation to its definition:

Q: Match the enhancing characteristic with its definition: /

Match the enhancing characteristic with its definition:

Q: Explain the difference between revenues and gains.

Explain the difference between revenues and gains.