Accounting Theory Conceptual Issues In A Political And Economic Environment 9th Edition Harry I. -James L. – Test Bank
TRUE/FALSE
- Financial accounting refers to accounting information that is used by management for decision-making purposes.
ANSWER: F
- Accounting theory includes the basic rules, definitions, and principles that underlie the drafting of accounting standards and how they are derived.
ANSWER: T
- Accounting theory includes conceptual frameworks, accounting legislation, valuation models, and hypotheses and theories.
ANSWER: T
- Hypotheses and theories are based on an informal method of investigation.
ANSWER: F
- Replacement cost as a measure of asset value is generally more reliable than historical cost.
ANSWER: F
- Accounting theory is developed and refined by the process of accounting research.
ANSWER: T
- Indirect measures are usually preferable to direct measures because they are less costly to obtain.
ANSWER: F
- Assessment measures are concerned with particular attributes of objects and are always direct measurements.
ANSWER: F
- When a direct assessment measure is used, there is always only one correct measure.
ANSWER: F
- The simplest type of measuring system is the nominal scale.
ANSWER: T
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