10.Name the four basic assumptions of financial accounting. Indicate why these assumptions, as a group, are important. 11.What is the most critical question in the matching process? Why is it...

10.Name the four basic assumptions of financial accounting. Indicate why these assumptions, as a group, are important.

11.What is the most critical question in the matching process? Why is it critical?

12.If a company changes its accounting method, does this mean that consistency is violated?

IFRS Questions

1.Compared to U.S. GAAP, IFRS tends to:

a.require fewer disclosures.

b.allow management to choose between fewer accounting method alternatives.

c.be the same as U.S. GAAP in all respects.

d.provide a stricter interpretation of objectivity than in the U.S.

2.IFRS differs from GAAP in that IFRS tends to be:

1. 
   more rules-based
   


2. 
   more principles-based
   


3. 
   focused on historical cost
   


4. 
   focused more on hypothetical future values