Search textbook name or author,You can cantact me by the Contact Form

Loading...

Intermediate accounting 15e kieso solutions manual and test bank

Intermediate accounting 15e kieso solutions manual and test bank

http://www.mediafire.com/view/ssfg1s56rr9ha91/Intermediate_Accounting_15e_Kieso_Weygandt_Warfield_sm_ch02.doc
http://www.mediafire.com/view/y37pqpr1q9ml3q1/Intermediate_Accounting_15e_Kieso_Weygandt_WarfieldTest_Bankkieso15e_testbank_ch02.doc


Book Description

Publication Date: March 11, 2013 | ISBN-10: 1118147294 | ISBN-13: 978-1118147290 | Edition: 15
Kieso, Weygandt and Warfield’s Intermediate Accounting continues to set the standard for intermediate accounting students and professionals in the field. The Fifteenth edition builds on this legacy through new innovative student focused pedagogy in the book itself and with online support.
Kieso maintains the qualities for which the text is globally recognized, including its reputation for accuracy, comprehensiveness, accessibility, and quality problem material that best prepares students for success on the CPA exam. The Fifteenth edition offers the most up to date coverage of IFRS and US GAAP in a presentational format suited to the complex challenges of teaching intermediate in these changing times.
The WileyPLUS homework and learning platform (access to WileyPLUS sold separately) is better than it has ever been for Kieso, with a multitude of new assessment items, multimedia resources, and enhanced functionality to ensure students will do real accounting and get real results. There have also never been so many options for accessing content, from several online only options, premium value print and digital formats, and custom versions designed to fit your needs perfectly.

Notice: Ionly has the solutions manual and test bank ,don’t have the textbook.
I have the following solutions manuals & test banks. You can contact me at smcollector@gmail.com
If the title you are looking for is not listed, do not hesitate to contact me, please send the email with the publisher and ISBN to me ,then I can help u to find it. Please use Control F (CTRL F) to find the book you are looking for by title, author,We have the comprehensive SOLUTIONS MANUAL (answer key) for ALL of the following US & International textbooks and TEST BANKS for MOST of them in electronic format (PDF/Word). The solutions manual are comprehensive with answers to both even & odd problems in the text. The test bank contains practice exam and quiz questions and answers. http://solutionsmanualtest.blogspot.com/






CHAPTER 2

CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING

IFRS questions are available at the end of this chapter.

TRUe-FALSe—Conceptual

Answer      No. Description

        T                 1.      Nature of conceptual framework.
        T                 2.      Conceptual framework definition.
        F                 3.      Levels of conceptual framework.
        T                 4       International conceptual framework.
        F                 5.      Statements of Financial Accounting Concepts.
        T                 6.      Objective of financial reporting.
        F                 7.      Financial statement users.
        T                 8.      Relevance and faithful representation.
        T                 9.      Consistency.
        F               10.      Relevance.
        F               11.      Faithful representation.
        F               12.      Basic elements.
        T               13.      Comprehensive income.
        T               14.      Going concern assumption.
        F               15.      Economic entity assumption.
        F               16.      Expense recognition principle.
        T               17.      Recognizable revenues.
        T               18.      Supplementary information.
        F               19.      Cost benefit trade-off.
        F               20.      Conservatism.

Multiple Choice—Conceptual

Answer      No. Description

        c               21.      GAAP defined.
        d               22.      Purpose of conceptual framework.
        c               23.      Conceptual framework.
        d               24.      Conceptual framework purpose.
        d             S25.      Conceptual framework benefits.
        d               26.      Objectives of financial reporting.
        a               27.      Decision usefulness.
        d               28.      General purpose of financial reporting.
        a               29.      Primary objective of financial reporting.
        a             P30.      Example of comparability.
        a             S31.      Primary quality of relevance.
        b               32.      Characteristic of accounting information.
        c               33.      Characteristic of accounting information.
        c               34.      Meaning of comparability.
        a               35.      Meaning of consistency.
Multiple Choice—Conceptual  (cont.)

Answer      No. Description

        d               36.      Ingredient of relevance.
        c               37.      Ingredient of reliability.
        a               38.      Consistency characteristic.
        b               39.      Primary quality of accounting information.
        d               40.      Quality of relevance.
        a               41.      Quality of reliability.
        d               42.      Consistency quality.
        a               43.      Decision-usefulness criterion.
        c               44.      Primary qualities of accounting information.
        b               45.      Definition of relevance.
        b               46.      Definition of reliability.
        d               47.      Relevance quality.
        c               48.      Materiality characteristic.
        d               49.      Completeness characteristic.
        b               50.      Neutrality characteristic.
        d               51.      Neutrality characteristic.
        c               52.      Definition of verifiability.
        a               53.      Quality of predictive value.
        c               54.      Quality of free from error.
        d               55.      Consistency.
        b               56.      Consistency characteristic.
        b               57.      Comparability and consistency.
        d               58.      Comparability.
        d               59.      Elements of financial statements.
        c               60.      Distinction between revenues and gains.
        c               61.      Definition of a loss.
        d               62.      Definition of comprehensive income.
        b               63.      Components of comprehensive income.
        d             P64.      Comprehensive income.
        b             S65.      Earnings vs. comprehensive income.
        a             S66.      Reporting financial statement elements.
        b               67       Basic element of financial statements.
        a               68.      Basic element of financial statements.
        d               69.      Basic element of financial statements.
        c               70.      Definition of gains.
        d               71.      Historical cost assumption.
        c               72.      Periodicity assumption.
        b               73       Going concern assumption.
        b               74.      Periodicity assumption.
        a             S75.      Monetary unit assumption.
        c              S76.      Periodicity assumption.
        c               77.      Monetary unit assumption.
        d               78.      Economic entity assumption.
        a               79.      Economic entity assumption.
        b               80.      Periodicity assumption.
        a               81.      Going concern assumption.
        d               82.      Going concern assumption.
        d               83.      Implications of going concern assumption.
        a               84.      Historical cost principle.
Multiple Choice—Conceptual  (cont.)

Answer      No. Description

        d               85.      Historical cost principle.
        c               86.      Revenue recognition principle.
        d               87.      Revenue recognition principle.
        d               88.      Revenue recognition principle.
        d               89.      Measurement principle.
        c               90.      Expense recognition principle.
        b               91.      Product costs.
        b               92.      Expense recognition principle.
        b               93.      Expense recognition principle.
        b               94.      Expense recognition.
        c               95.      Full-disclosure principle.
        a               96.      Argument against historical cost.
        d               97.      Recognition of revenue.
        b               98.      Revenue recognition principle.
        c               99.      Definition of performance obligation.
        a             100.      Required components of financial statements.
        d             101.      Recognition of expenses.
        c             102.      Historical cost principle.
        a             103.      Expense recognition principle example.
        d             104.      Recording expenditure as asset.
        c             105.      Historical cost principle violation.
        a             106.      Full disclosure principle violation.
        d             107.      Full disclosure principle.
        c             108.      Historical cost principle violation.
        a             109.      Industry practice constraint.
        c             110.      Costs of providing financial information.
        d             111.      Benefits of providing financial information.
        c             112.      Use of materiality.
        b             113.      Definition of prudence/conservation.
        a             114.      Example of materiality constraint.
        d             115.      Constraints to limit the cost of reporting.
        a             116.      Cost-benefit relationship.
        c             117.      Materiality characteristic.
        d             118.      Materiality.
        d             119.      Pervasive constraints.
        a             120.      Prudence or conservatism.
        b             121.      Conceptual framework second level
        a             122.      Trade-offs between characteristics of accounting information.
        c             123.      Trade-offs between characteristics of accounting information.
        c            P124.      Prudence or conservatism.


Multiple Choice—CPA Adapted

Answer      No. Description

        a             125.      Quality of predictive value.
        b             126.      Relevance and faithful representation.
        b             127.      Classification of gains and losses.
        b             128.      Earnings concept.
        a             129.      Components of comprehensive income.
        b             130.      Components of comprehensive income.
        d             131.      Components of comprehensive income.
        d             132.      Components of comprehensive income.
        a             133.      Definition of recognition.

P Note: these questions also appear in the Problem-Solving Survival Guide.
S Note: these questions also appear in the Study Guide.


BRIEF Exercises

 Item            Description

BE2-134          Qualitative characteristics.
BE2-135          Accounting concepts—identification.
BE2-136          Accounting concepts—identification.


EXERCISES

E2-137            Accounting concepts—matching.
E2-138            Accounting concepts—fill in the blanks.
E2-139            Basic assumptions.
E2-140            Historical cost principle.
E2-141            Matching concept.



CHAPTER LEARNING OBJECTIVES

    1.    Describe the usefulness of a conceptual framework.

    2.    Describe the FASB’s efforts to construct a conceptual framework.

    3.    Understand the objective of financial reporting.

    4.    Identify the qualitative characteristics of accounting information.

    5.    Define the basic elements of financial statements.

    6.    Describe the basic assumptions of accounting.

    7.    Explain the application of the basic principles of accounting.

    8.    Describe the impact that the cost constraint has on reporting accounting information.

    9.    Compare the conceptual frameworks underlying GAAP and IFRS.




SUMMARY OF LEARNING OBJECTIVES BY QUESTIONS

Item
Type
Item
Type
Item
Type
Item
Type
Item
Type
Item
Type
Item
Type
Learning Objective 1
1.
TF
21.
MC
23.
MC
S25.
MC






2.
TF
22.
MC
24.
MC
134.
E






Learning Objective 2
3.
TF
4.
TF
5.
TF
26.
MC
94.
E




Learning Objective 3
6.
TF
27.
MC
P29.
MC








7.
TF
28.
MC
134.
BE








Learning Objective 4
8.
TF
32.
MC
38.
MC
44.
MC
50.
MC
56.
MC
136.
BE
9.
TF
33.
MC
39.
MC
45.
MC
51.
MC
57.
MC
137.
E
10.
TF
34.
MC
40.
MC
46.
MC
52.
MC
58.
MC
138.
E
11.
TF
35.
MC
41.
MC
47.
MC
53.
MC
125.
MC


30.
MC
36.
MC
42.
MC
48.
MC
54.
MC
126.
MC


31.
MC
37.
MC
43.
MC
49.
MC
55.
MC
135.
BE


Learning Objective 5
12.
TF
60.
MC
63.
MC
S66.
MC
69.
MC
128.
MC
131.
MC
13.
TF
61.
MC
P64.
MC
67.
MC
70.
MC
129.
MC
132.
MC
59.
MC
62.
MC
S65.
MC
68.
MC
127.
MC
130.
MC


Learning Objective 6
14.
TF
72.
MC
S75.
MC
78.
MC
81.
MC
135.
BE
140.
E
15.
TF
73.
MC
S76.
MC
79.
MC
82.
MC
138.
E


71.
MC
74.
MC
77.
MC
80.
MC
83.
MC
139.
E


Learning Objective 7
16.
TF
87.
MC
93.
MC
99.
MC
105.
MC
136.
BE


17.
TF
88.
MC
94.
MC
100.
MC
106.
MC
137.
E


18.
TF
89.
MC
95.
MC
101.
MC
107.
MC
138.
E


84.
MC
90.
MC
96.
MC
102.
MC
108.
MC
140.
E


85.
MC
91.
MC
97.
MC
103.
MC
133.
MC
141.
E


86.
MC
92.
MC
98.
MC
104.
MC
135.
BE




Learning Objective 8
19.
TF
110.
MC
113.
MC
116.
MC
119.
MC
122.
MC
135.
BE
20.
TF
111.
MC
114.
MC
117.
MC
120.
MC
123.
MC
136.
BE
109.
MC
112.
MC
115.
MC
118.
MC
121.
MC
P124.
MC
















Learning Objective 9 – IFRS Questions
1.
TF
2.
TF
3.
TF
4.
TF
5.
TF
6.
TF
7.
TF
8.
TF
9.
TF
10.
TF
11.
MC
12.
MC
13.
MC
14.
MC
15.
MC
16.
SA
17.
SA









Note:     TF = True-False       SA = Short Answer
              MC = Multiple Choice BE = Brief Exercises
              E = Exercise


TRUE-FALSE—Conceptual

    1.  A soundly developed conceptual framework enables the FASB to issue more useful and consistent pronouncements over time.

    2.  A conceptual framework is a coherent system of concepts that flow from an objective.

    3.  The first level of the conceptual framework identifies the recognition, measurement, and disclosure concepts used in establishing accounting standards.

    4.  The IASB has issued a conceptual framework and has agreed to develop a common conceptual framework with the FASB.

    5.  Although the FASB has developed a conceptual framework, no Statements of Financial Accounting Concepts have been issued to date.

    6.  The objective of financial reporting is the foundation of the conceptual framework.

    7.  Users of financial statements are assumed to need no knowledge of business and financial accounting matters to understand information contained in financial statements.

    8.  Relevance and faithful representation are the two primary qualities that make accounting information useful for decision making.

    9.  The idea of consistency does not mean that companies cannot switch from one accounting method to another.

  10.  Timeliness and neutrality are two ingredients of relevance.

  11.  Verifiability and predictive value are two ingredients of faithful representation.

  12.  Revenues, gains, and distributions to owners all increase equity.

  13.  Comprehensive income includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.

  14.  The historical cost principle would be of limited usefulness if not for the going concern assumption.

  15.  The economic entity assumption means that economic activity can be identified with a particular legal entity.

  16.  The expense recognition principle states that debits must equal credits in each transaction.

  17.  Revenues are recognized in the accounting period in which the performance obligation is satisfied.

  18.  Supplementary information may include details or amounts that present a different perspective from that adopted in the financial statements.

  19.  In order to justify requiring a particular measurement or disclosure, the benefits to be derived from it must equal the costs associated with it.

  20.  Prudence or conservatism means when in doubt, choose the solution that will be least likely to overstate liabilities or expenses.


True False Answers—Conceptual
Item
Ans.
Item
Ans.
Item
Ans.
Item
Ans.
1.
T
6.
T
11.
F
16.
F
2.
T
7.
F
12.
F
17.
T
3.
F
8.
T
13.
T
18.
T
4.
T
9.
T
14.
T
19.
F
5.
F
10.
F
15.
F
20.
F


MULTIPLE CHOICE—Conceptual

  21.     Generally accepted accounting principles
a.   are fundamental truths or axioms that can be derived from laws of nature.
b.   derive their authority from legal court proceedings.
c.   derive their credibility and authority from general recognition and acceptance by the accounting profession.
d.   have been specified in detail in the FASB conceptual framework.

  22.     A soundly developed conceptual framework of concepts and objectives should
a.   increase financial statement users' understanding of and confidence in financial reporting.
b.   enhance comparability among companies' financial statements.
c.   allow new and emerging practical problems to be more quickly solved.
d.   All of these answer choices are correct.

  23.     Which of the following is not true concerning a conceptual framework in accounting?
a.   It should be a basis for standard-setting.
b.   It should allow practical problems to be solved more quickly by reference to it.
c.   It should be based on fundamental truths that are derived from the laws of nature.
d.   All of these answer choices are true.

  24.     What is a purpose of having a conceptual framework?
a.   To enable the profession to more quickly solve emerging practical problems.
b.   To provide a foundation from which to build more useful standards.
c.   Neither a nor b.
d.   To enable the profession to more quickly solve emerging practical problems and to provide a foundation from which to build more useful standards.



S25.     Which of the following is not a benefit associated with the FASB Conceptual Framework Project?
a.   A conceptual framework should increase financial statement users' understanding of and confidence in financial reporting.
b.   Practical problems should be more quickly solvable by reference to an existing conceptual framework.
c.   A coherent set of accounting standards and rules should result.
d.   Business entities will need far less assistance from accountants because the financial reporting process will be quite easy to apply.

  26.     In the conceptual framework for financial reporting, what provides "the why"--the purpose of accounting?
a.   Recognition, measurement, and disclosure concepts such as assumptions, principles, and constraints
b.   Qualitative characteristics of accounting information
c.   Elements of financial statements
d.   Objective of financial reporting

  27.     The underlying theme of the conceptual framework is
a.   decision usefulness.
b.   understandability.
c.   faithful representation.
d.   comparability.

  28.     The objective of general-purpose financial reporting is to provide financial information about a reporting entity to each of the following except
a.   potential equity investors.
b.   potential lenders.
c.   present investors.
d.   All of these answers are correct.

  29.     What is the primary objective of financial reporting as indicated in the conceptual framework?
a.   Provide information that is useful to those making investing and credit decisions.
b.   Provide information that is useful to management.
c.   Provide information about those investing in the entity.
d.   All of these answer choices are correct.

P30.     If the LIFO inventory method was used last period, it should be used for the current and following periods because of
a.   comparability.
b.   materiality.
c.   timeliness.
d.   verifiability.




S31.     What is the following is a characteristic describing the primary quality of relevance?
a.   Predictive value.
b.   Materiality.
c.   Verifiability.
d.   Understandability.

  32.     Which of the following is a fundamental quality of useful accounting information?
a.   Comparability.
b.   Relevance.
c.   Neutrality.
d.   Materiality.

  33.     Which of the following is a primary quality of useful accounting information?
a.   Conservatism.
b.   Comparability.
c.   Faithful representation.
d.   Consistency.

  34.     What is meant by comparability when discussing financial accounting information?
a.   Information has predictive or confirmatory value.
b.   Information is reasonably free from error.
c.   Information that is measured and reported in a similar fashion across companies.
d.   Information is timely.

  35.     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.

  36.     Which of the following is an ingredient of relevance?
a.   Verifiability.
b.   Neutrality.
c.   Timeliness.
d.   Materiality.

  37.     Which of the following is an ingredient of faithful representation?
a.   Predictive value.
b.   Materiality.
c.   Neutrality.
d.   Confirmatory value.

  38.     Changing the method of inventory valuation should be reported in the financial statements under what qualitative characteristic of accounting information?
a.   Consistency.
b.   Verifiability.
c.   Timeliness.
d.   Comparability.

  39.     Company A issuing its annual financial reports within one month of the end of the year is an example of which enhancing quality of accounting information?
a.   Comparability.
b.   Timeliness.
c.   Understandability.
d.   Verifiability.

  40.     What is the quality of information that is capable of making a difference in a decision?
a.   Faithful representation.
b.   Materiality.
c.   Timeliness.
d.   Relevance.

  41.     Neutrality is an ingredient of which fundamental quality of information?
a.   Faithful representation.
b.   Comparability.
c.   Relevance.
d.   Understandability.

  42.     If the FIFO inventory method was used last period, it should be used for the current and following periods because of
a.   relevance.
b.   neutrality.
c.   understandability.
d.   consistency.

  43.     The pervasive criterion by which accounting information can be judged is that of
a.   decision usefulness.
b.   freedom from bias.
c.   timeliness.
d.   comparability.

  44.     The two fundamental qualities that make accounting information useful for decision making are
a.   comparability and timeliness.
b.   materiality and neutrality.
c.   relevance and faithful representation.
d.   faithful representation and comparability.

  45.     Accounting information is considered to be relevant when it
a.   can be depended on to represent the economic conditions and events that it is intended to represent.
b.   is capable of making a difference in a decision.
c.   is understandable by reasonably informed users of accounting information.
d.   is verifiable and neutral.

  46.     The quality of information that means the numbers and descriptions match what really existed or happened is
a.   relevance.
b.   faithful representation.
c.   completeness.
d.   neutrality.



  47.     Which of the following does not relate to relevance?
a.   Materiality
b.   Predictive value
c.   Confirmatory value
d.   All of these answer choices relate to relevance.

  48.     According to Statement of Financial Accounting Concepts No. 2, materiality is an ingredient of the fundamental quality of
                      Relevance       Faithful Representation
            a.            Yes                           Yes
            b.             No                            Yes
            c.            Yes                            No
            d.             No                            No

  49.     According to Statement of Financial Accounting Concepts No. 2, completeness is an ingredient of the fundamental quality of
                      Relevance       Faithful Representation
            a.            Yes                            No
            b.            Yes                           Yes
            c.             No                            No
            d.             No                            Yes

  50.     According to Statement of Financial Accounting Concepts No. 2, neutrality is an ingredient of the fundamental quality of
                      Relevance         Faithful Representation
            a.            Yes                         Yes
            b.             No                          Yes
            c.            Yes                          No
            d.             No                           No

  51.     Neutrality means that information
a.   provides benefits which are at least equal to the costs of its preparation.
b.   can be compared with similar information about an enterprise at other points in time.
c.   would have no impact on a decision maker.
d.   cannot favor one set of interested parties over another.

  52.     The characteristic that is demonstrated when a high degree of consensus can be secured among independent measurers using the same measurement methods is
a.   relevance.
b.   faithful representation.
c.   verifiability.
d.   neutrality.

  53.     According to Statement of Financial Accounting Concepts No. 2, predictive value is an ingredient of the fundamental quality of
                      Relevance       Faithful Representation
            a.            Yes                          No
            b.            Yes                         Yes
            c.             No                           No
            d.             No                          Yes

  54.     Under Statement of Financial Accounting Concepts No. 2, free from error is an ingredient of the fundamental quality of
                     Faithful Representation          Relevance
            a.                  Yes                                  Yes
            b.                   No                                   Yes
            c.                  Yes                                   No
            d.                   No                                    No

  55.     Financial information demonstrates consistency when
a.   firms in the same industry use different accounting methods to account for the same type of transaction.
b.   a company changes its estimate of the salvage value of a fixed asset.
c.   a company fails to adjust its financial statements for changes in the value of the measuring unit.
d.   None of these answer choices are correct.

  56.     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.   a company applies the same accounting treatment to similar events, 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.

  57.     Information about different companies and about different periods of the same company can be prepared and presented in a similar manner. Comparability and consistency are related to which of these objectives?
                   Comparability         Consistency
            a.      Companies            Companies
            b.      Companies               Periods
            c.         Periods               Companies
            d.         Periods                  Periods

  58.     When information about two different enterprises has been prepared and presented in a similar manner, the information exhibits the characteristic of
a.   relevance.
b.   faithful representation.
c.   consistency.
d.   None of these answer choices are correct.

  59.     The elements of financial statements include investments by owners. These are increases in an entity's net assets resulting from owners'
a.   transfers of assets to the entity.
b.   rendering services to the entity.
c.   satisfaction of liabilities of the entity.
d.   All of these answer choices are correct.

  60.     In classifying the elements of financial statements, the primary distinction between revenues and gains is
a.   the materiality of the amounts involved.
b.   the likelihood that the transactions involved will recur in the future.
c.   the nature of the activities that gave rise to the transactions involved.
d.   the costs versus the benefits of the alternative methods of disclosing the transactions involved.
  61.     A decrease in net assets arising from peripheral or incidental transactions is called a(n)
a.   capital expenditure.
b.   cost.
c.   loss.
d.   expense.

  62.     One of the elements of financial statements is comprehensive income. As described in Statement of Financial Accounting Concepts No. 6, "Elements of Financial Statements," comprehensive income is equal to
a.   revenues minus expenses plus gains minus losses.
b.   revenues minus expenses plus gains minus losses plus investments by owners minus distributions to owners.
c.   revenues minus expenses plus gains minus losses plus investments by owners minus distributions to owners plus assets minus liabilities.
d.   None of these answer choices are correct.

  63.     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

P64.     The calculation of comprehensive income includes which of the following?
              Operating Income      Distributions to Owners
a.      Yes                      Yes
b.      No                       No
c.      No                       Yes
d.      Yes                      No

S65.     According to the FASB conceptual framework, which of the following elements describes transactions or events that affect a company during a period of time?
a.   Assets.
b.   Expenses.
c.   Equity.
d.   Liabilities.

S66.     According to the FASB Conceptual Framework, the elements¾assets, liabilities, and equity¾describe amounts of resources and claims to resources at/during a
                 Moment in Time        Period of Time
            a.            Yes                            No
            b.            Yes                           Yes
            c.             No                            Yes
            d.             No                            No

  67.     Which of the following is not a basic element of financial statements?
a.   Assets.
b.   Balance sheet.
c.   Losses.
d.   Revenue.

  68.     Which of the following basic elements of financial statements is more associated with the balance sheet than the income statement?
a.   Equity.
b.   Revenue.
c.   Gains.
d.   Expenses.

  69.     Issuance of common stock for cash affects which basic element of financial statements?
a.   Revenues.
b.   Losses.
c.   Liabilities.
d.   Equity.

  70.     Which basic element of financial statements arises from peripheral or incidental transactions?
a.   Assets.
b.   Liabilities.
c.   Gains.
d.   Expenses.

  71.     Which of the following is not a basic assumption underlying the financial accounting structure?
a.   Economic entity assumption.
b.   Going concern assumption.
c.   Periodicity assumption.
d.   Historical cost assumption.

  72.     Which basic assumption is illustrated when a firm reports financial results on an annual basis?
a.   Economic entity assumption.
b.   Going concern assumption.
c.   Periodicity assumption.
d.   Monetary unit assumption.

  73.     Which basic assumption may not be followed when a firm in bankruptcy reports financial results?
a.   Economic entity assumption.
b.   Going concern assumption.
c.   Periodicity assumption.
d.   Monetary unit assumption.

  74.     Which accounting assumption or principle is being violated if a company provides financial reports only when it introduces a new product?
a.   Economic entity.
b.   Periodicity.
c.   Revenue recognition.
d.   Full disclosure.



S75.     Which of the following basic accounting assumptions is threatened by the existence of severe inflation in the economy?
a.   Monetary unit assumption.
b.   Periodicity assumption.
c.   Going-concern assumption.
d.   Economic entity assumption.

S76.     During the lifetime of an entity accountants produce financial statements at artificial points in time in accordance with the concept of
                   Relevance             Periodicity
            a.          No                         No
            b.         Yes                         No
            c.          No                         Yes
            d.         Yes                        Yes

  77.     Under current GAAP, inflation is ignored in accounting due to the
a.   economic entity assumption.
b.   going concern assumption.
c.   monetary unit assumption.
d.   periodicity assumption.

  78.     The economic entity assumption
a.   is inapplicable to unincorporated businesses.
b.   recognizes the legal aspects of business organizations.
c.   requires periodic income measurement.
d.   is applicable to all forms of business organizations.

  79.     Preparation of consolidated financial statements when a parent-subsidiary relationship exists is an example of the
a.   economic entity assumption.
b.   relevance characteristic.
c.   comparability characteristic.
d.   neutrality characteristic.

  80.     During the lifetime of an entity, accountants produce financial statements at arbitrary points in time in accordance with which basic accounting concept?
a.   Cost constraint
b.   Periodicity assumption
c.   Conservatism constraint
d.   Expense recognition principle

  81.     What accounting concept justifies the usage of depreciation and amortization policies?
a.   Going concern assumption
b.   Fair value principle
c.   Full disclosure principle
d.   Monetary unit assumption



  82.     The assumption that a company will not be sold or liquidated in the near future is known as the
a.   economic entity assumption.
b.   monetary unit assumption.
c.   periodicity assumption.
d.   None of these answer choices are correct.

  83.     Which of the following is an implication of the going concern assumption?
a.   The historical cost principle is credible.
b.   Depreciation and amortization policies are justifiable and appropriate.
c.   The current-noncurrent classification of assets and liabilities is justifiable and significant.
d.   All of these.

  84.     Proponents of historical cost ordinarily maintain that in comparison with all other valuation alternatives for general purpose financial reporting, statements prepared using historical costs are more
a.   verifiable.
b.   relevant.
c.   indicative of the entity's purchasing power.
d.   conservative.

  85.     Valuing assets at their liquidation values rather than their cost is inconsistent with the
a.   periodicity assumption.
b.   expense recognition principle.
c.   materiality constraint.
d.   historical cost principle.

  86.     Revenue is recognized in the accounting period in which the performance obligation is satisfied. This statement describes the
a.   consistency characteristic.
b.   expense recognition principle.
c.   revenue recognition principle.
d.   relevance characteristic.

  87.     Generally, revenue from sales should be recognized at a point when
a.   management decides it is appropriate to do so.
b.   the product is available for sale to the ultimate consumer.
c.   the entire amount receivable has been collected from the customer and there remains no further warranty liability.
d.   None of these answer choices are correct.

  88.     Revenue generally should be recognized
a.   at the end of production.
b.   at the time of cash collection.
c.   when realized.
d.   when the performance obligation is satisfied.



  89.     The measurement principle includes the
a.   fair value principle only.
b.   historical cost principle only.
c.   revenue recognition principle and expense recognition principle.
d.   historical cost principle and the fair value principle.

  90.     Which of the following is commonly referred to as the matching principle?
a.   Revenue recognition principle
b.   Measurement principle
c.   Expense recognition principle
d.   Full disclosure principle

  91.     Product costs include each of the following except
a.   overhead.
b.   officer’s salaries.
c.   material.
d.   labor.

  92.     The allowance for doubtful accounts, which appears as a deduction from accounts receivable on a balance sheet and which is based on an estimate of bad debts, is an application of the
a.   consistency characteristic.
b.   expense recognition principle.
c.   materiality quality.
d.   revenue recognition principle.

  93.     The accounting principle of expense recognition is best demonstrated by
a.   not recognizing any expense unless some revenue is realized.
b.   associating effort (expense) with accomplishment (revenue).
c.   recognizing prepaid rent received as revenue.
d.   establishing an Appropriation for Contingencies account.

  94.     Which of the following serves as the justification for the periodic recording of depreciation expense?
a.   Association of efforts (expense) with accomplishments (revenue)
b.   Systematic and rational allocation of cost over the periods benefited
c.   Immediate recognition of an expense
d.   Minimization of income tax liability

  95.     Application of the full disclosure principle
a.   is theoretically desirable but not practical because the costs of complete disclosure exceed the benefits.
b.   is violated when important financial information is buried in the notes to the financial statements.
c.   is demonstrated by the use of supplementary information explaining the effects of financing arrangements.
d.   requires that the financial statements be consistent and comparable.



  96.     Which of the following is an argument against using historical cost in accounting?
a.   Fair values are more relevant.
b.   Historical costs are based on an exchange transaction.
c.   Historical costs are reliable.
d.   Fair values are subjective.

  97.     When is revenue generally recognized?
a.   When cash is received.
b.   When the warranty expires.
c.   When production is completed.
d.   When the company satisfies the performance obligation.

  98.     Which of the following is a component of the revenue recognition principle?
a.   Cash is received and the amount is material.
b.   Recognition occurs when the performance obligation is satisfied.
c.   Production is complete and there is an active market for the product.
d.   Cash is realized or realizable and production is complete.

  99.     A company has a performance obligation when it agrees to
a.   perform a service for a customer and receives cash payment.
b.   sell a product to a customer after receiving payment.
c.   perform a service or sell a product to a customer.
d.   None of the answer choices are correct.

100.     Which of the following is not a required component of financial statements prepared in accordance with generally accepted accounting principles?
a.   President's letter to shareholders.
b.   Balance sheet.
c.   Income statement.
d.   Notes to financial statements.

101.     What is the general approach as to when product costs are recognized as expenses?
a.   In the period when the expenses are paid.
b.   In the period when the expenses are incurred.
c.   In the period when the vendor invoice is received.
d.   In the period when the related revenue is recognized.

102.     Not adjusting the amounts reported in the financial statements for inflation is an example of which basic principle of accounting?
a.   Economic entity.
b.   Going concern.
c.   Historical cost.
d.   Full disclosure.

103.     Recognition of expense related to amortization of an intangible asset illustrates which principle of accounting?
a.   Expense recognition.
b.   Full disclosure.
c.   Revenue recognition.
d.   Historical cost.



104.     When should an expenditure be recorded as an asset rather than an expense?
a.   Never.
b.   Always.
c.   If the amount is material.
d.   When future benefit exists.

105.     Which accounting assumption or principle is being violated if a company reports its corporate headquarter building at its fair value on the balance sheet?
a.   Going concern.
b.   Monetary unit.
c.   Historical cost.
d.   Full disclosure.

106.     Which accounting assumption or principle is being violated if a company is a party to major litigation that it may lose and decides not to include the information in the financial statements because it may have a negative impact on the company's stock price?
a.   Full disclosure.
b.   Going concern.
c.   Historical cost.
d.   Expense recognition.

107.     Which assumption or principle requires that all information significant enough to affect a decision of reasonably informed users should be reported in the financial statements?
a.   Matching.
b.   Going concern.
c.   Historical cost.
d.   Full disclosure.

108.     A company has a factory building that originally cost the company $250,000. The current fair value of the factory building is $3 million. The president would like to report the difference as a gain. The write-up would represent a violation of which accounting assumption or principle?
a.   Revenue recognition.
b.   Going concern.
c.   Historical cost.
d.   Monetary unit.

109.     Which of the following is a constraint in presenting financial information?
a.   Cost-benefit relationship.
b.   Full disclosure.
c.   Relevance.
d.   Consistency.

110.     All of the following represent costs of providing financial information except
a.   preparing.
b.   disseminating.
c.   accessing capital.
d.   auditing.



111.     Which of the following is a benefit of providing financial information?
a.   Potential litigation.
b.   Auditing.
c.   Disclosure to competition.
d.   Improved allocation of resources.

112.     Where is materiality not used in providing financial information?
a.   Applying the revenue recognition principle.
b.   Determining what items to include in the financial statements.
c.   Applying the going concern assumption.
d.   Determining the level of disclosure.

113.     What is prudence or conservatism?
a.   Understating assets and net income.
b.   When in doubt, recognizing the option that is least likely to overstate assets and income.
c.   Recognizing the option that is least likely to overstate assets and income.
d.   Recognizing revenue when earned and realized.

114.     Expensing the cost of copy paper when the paper is acquired is an example
a.   materiality.
b.   expense recognition.
c.   conservatism.
d.   industry practices.

115.     Which of the following statements concerning the cost-benefit relationship is not true?
a.   Business reporting should exclude information outside of management's expertise.
b.   Management should not be required to report information that would significantly harm the company's competitive position.
c.   Management should not be required to provide forecasted financial information.
d.   If needed by financial statement users, management should gather information not included in the financial statements that would not otherwise be gathered for internal use.

116.     Which of the following relates to both relevance and faithful representation?
a.   Cost constraint
b.   Predictive value
c.   Verifiability
d.   Neutrality

117.     Charging off the cost of a wastebasket with an estimated useful life of 10 years as an expense of the period when purchased is an example of the application of the
a.   consistency characteristic.
b.   expense recognition principle.
c.   materiality quality.
d.   historical cost principle.
     


118.     Which of the following statements about materiality is correct?
a.   An item must make a difference or it need not be disclosed.
b.   Materiality is a matter of relative size or importance.
c.   An item is material if its inclusion or omission would influence or change the judgment of a reasonable person.
d.   All of these answers are correct.

119.     Which of the following is considered a pervasive constraint by Statement of Financial Accounting Concepts No. 8?
a.   Conservatism
b.   Timeliness
c.   Verifiability
d.   Cost-constraint

120.     The basic accounting concept that refers to the tendency of accountants to resolve uncertainty in favor of understating assets and revenues and overstating liabilities and expenses is known as
a.   prudence or conservatism.
b.   the materiality concept.
c.   the substance over form principle.
d.   the industry practices concept.

121.     The second level of the conceptual framework includes each of the following except
a.   elements.
b.   principles.
c.   enhancing qualities.
d.   fundamental qualities.

122.     Trade-offs between the characteristics that make information useful may be necessary or beneficial. Issuance of interim financial statements is an example of a trade-off between
a.   relevance and faithful representation.
b.   faithful representation and periodicity.
c.   timeliness and materiality.
d.   understandability and timeliness.

123.     Allowing firms to estimate rather than physically count inventory at interim (quarterly) periods is an example of a trade-off between
a.   verifiability and faithful representation.
b.   faithful representation and comparability.
c.   timeliness and verifiability.
d.   neutrality and consistency.

P124.   In matters of doubt and great uncertainty, accounting issues should be resolved by choosing the alternative that has the least favorable effect on net income, assets, and owners' equity. This guidance comes from
a.   the cost constraint.
b.   the industry practices constraint.
c.   prudence or conservatism.
d.   the full disclosure principle.



Multiple Choice Answers—Conceptual
Item
Ans.
Item
Ans.
Item
Ans.
Item
Ans.
Item
Ans.
Item
Ans.
Item
Ans.
21.
c
37.
c
53.
a
69.
d
85.
d
101.
d
117.
c
22.
d
38.
a
54.
c
70.
c
86.
c
102.
c
118.
d
23.
c
39.
b
55.
d
71.
d
87.
d
103.
a
119.
d
24.
d
40.
d
56.
b
72.
c
88.
d
104.
d
120.
a
25.
d
41.
a
57.
b
73.
b
89.
d
105.
c
121.
b
26.
d
42.
d
58.
d
74.
b
90.
c
106.
a
122.
a
27.
a
43.
a
59.
d
75.
a
91.
b
107.
d
123.
c
28.
d
44.
c
60.
c
76.
c
92.
b
108.
c
124.
c
29.
a
45.
b
61.
c
77.
c
93.
b
109.
a


30.
a
46.
b
62.
d
78.
d
94.
b
110.
c


31.
a
47.
d
63.
b
79.
a
95.
c
111.
d


32.
b
48.
c
64.
d
80.
b
96.
a
112.
c


33.
c
49.
d
65.
b
81.
a
97.
d
113.
b


34.
c
50.
b
66.
a
82.
d
98.
b
114.
a


35.
a
51.
d
67.
b
83.
d
99.
c
115.
d


36.
d
52.
c
68.
a
84.
a
100.
a
116.
a



Solutions to those Multiple Choice questions for which the answer is “none of these answers are correct.”
                                  
  55.     a company changes its inventory method every few years in order to maximize reported income (other answers are possible).
  58.     comparability.
  62.     change in equity of an entity during a period from transactions and other events and circumstances from nonowner sources.
  82.     going concern assumption.
  87.     the performance obligation is satisfied.


Multiple Choice—CPA Adapted

125.     According to the FASB's conceptual framework, predictive value is an ingredient of
          Relevance        Faithful Representation
a.            Yes                         No
b.            Yes                        Yes
c.             No                         Yes
d.             No                         No

126.     According to the FASB's conceptual framework, which of the following relates to both relevance and faithful representation?
       Comparability           Neutrality
a.            Yes                        Yes
b.            Yes                         No
c.             No                         Yes

d.             No                         No


CHAPTER 2

Conceptual Framework for
Financial Reporting



ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC)



Topics


Questions
Brief Exercises

Exercises
  Concepts
for Analysis
1.
Conceptual framework–general.
1, 7


1, 2
2.
Objective of financial reporting.
2

1, 2
3
3.
Qualitative characteristics of accounting.
3, 4, 5, 6, 8
1, 2, 3, 4
2, 3, 4
4, 9
4.
Elements of financial statements.
9, 10, 11
6, 10, 12
5

5.
Basic assumptions.
12, 13, 14
5, 7
6, 7

6.
Basic principles:
a.  Measurement.
b.  Revenue recognition.
c.  Expense recognition.
d.  Full disclosure.

15, 16, 17, 18
19, 20, 21, 22, 23
24
25, 26, 27

8, 9, 11
8
8, 11
8, 11

6, 7
7
6, 7
6, 7, 8

5
5
5, 6, 7, 8, 10
10
7.
Accounting principles–comprehensive.


9, 10

8.
Cost constraint.
28, 29, 30

3, 6, 7
11
9.
Assumptions, principles, and constraints.

10
6, 7





ASSIGNMENT CLASSIFICATION TABLE (BY LEARNING OBJECTIVE)


 

Learning Objectives

Questions

 

Brief Exercises

 

Exercises

Concepts for Analysis

1.      Describe the usefulness of a conceptual framework.
1

1, 2
CA2-1
2.      Describe the FASB’s efforts to construct a conceptual framework.



CA2-1, CA2-2, CA2-3
3.      Understand the objectives of financial reporting.
2

1, 2
CA2-2, CA2-3
4.      Identify the qualitative characteristics of accounting information.
3, 4, 5, 6, 8
1, 2, 3, 4, 5
2, 3, 4
CA2-4, CA2-5
5.      Define the basic elements of financial statements.
7, 10, 11, 26, 27
6, 12
5

6.      Describe the basic assumptions of accounting.
9, 12, 13, 14, 25
7, 10, 11
6, 7

7.      Explain the application of the basic principles of accounting.
15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 26, 27, 28, 29, 30
8, 9, 11
6, 7, 8, 9, 10
CA2-5, CA2-6, CA2-7, CA2-8, CA2-9, CA2-10, CA2-11
8.      Describe the impact that the cost constraint has on reporting accounting information.
28, 29, 30
11
3, 6, 7
CA2-11




ASSIGNMENT CHARACTERISTICS TABLE

 



Item

 


Description

Level of Difficulty

Time
(minutes)

E2-1

 

Usefulness, objective of financial reporting.

Simple


15–20

E2-2

 

Usefulness, objective of financial reporting, qualitative characteristics.

Simple

15–20

E2-3

 

Qualitative characteristics.

Moderate

25–30

E2-4

 

Qualitative characteristics.

Simple

15–20

E2-5

 

Elements of financial statements.

Simple

15–20

E2-6

 

Assumptions, principles, and constraint.

Simple

15–20

E2-7

 

Assumptions, principles, and constraint.

Moderate

20–25

E2-8

 

Full disclosure principle.

Complex

20–25

E2-9

 

Accounting principles–comprehensive.

Moderate

20–25

E2-10

 

Accounting principles–comprehensive.

Moderate

20–25

 

 


 

 

CA2-1

 

Conceptual framework–general.

Simple

20–25

CA2-2

 

Conceptual framework–general.

Simple

25–35

CA2-3

 

Objective of financial reporting.

Moderate

25–35

CA2-4

 

Qualitative characteristics.

Moderate

30–35

CA2-5

 

Revenue recognition principle.

Complex

25–30

 

 

 

 

 

CA2-6

 

Expense recognition principle.

Complex

20–25

CA2-7

 

Expense recognition principle.

Moderate

20–25

CA2-8

 

Expense recognition principle.

Moderate

20–30

CA2-9

 

Qualitative characteristics.

Moderate

20–30

CA2-10

 

Expense recognition principle.

Moderate

20–25

CA2-11

 

Cost Constraint.

Moderate

30–35

 



SOLUTION TO CODIFICATION EXERCISES


CE2-1

(a)    The master glossary provides three definitions of fair value that are found in GAAP:

        Fair Value—The amount at which an asset (or liability) could be bought (or incurred) or settled in a current transaction between willing parties, that is, other than in a forced or liquidation sale.

        Fair Value—The fair value of an investment is the amount that the plan could reasonably expect to receive for it in a current sale between a willing buyer and a willing seller, that is, other than in a forced or liquidation sale. Fair value shall be measured by the market price if there is an active market for the investment. If there is no active market for the investment but there is a market for similar investments, selling prices in that market may be helpful in estimating fair value. If a market price is not available, a forecast of expected cash flows, discounted at a rate commensurate with the risk involved, may be used to estimate fair value. The fair value of an investment shall be reported net of the brokerage commissions and other costs normally incurred in a sale.

        Fair Value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

(b)    Revenue—Revenue earned by an entity from its direct distribution, exploitation, or licensing of a film, before deduction for any of the entity’s direct costs of distribution. For markets and territories in which an entity’s fully or jointly-owned films are distributed by third parties, revenue is the net amounts payable to the entity by third party distributors. Revenue is reduced by appropriate allowances, estimated returns, price concessions, or similar adjustments, as applicable.

        The glossary references a revenue definition for the SEC: (Revenue (SEC))—See paragraph
942-235-S599-1, Regulation S-X Rule 9-05(c)(2), for the definition of revenue for purposes of Regulation S-X Rule 9-05.

        This definition relates to segment reporting requirements for public companies.

(c)    Comprehensive Income is defined as the change in equity (net assets) of a business entity during a period from transactions and other events and circumstances from nonowner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.


CE2-2

The FASB Codification’s organization is closely aligned with the elements of financial statements, as articulated in the Conceptual Framework. This is apparent in the lay-out of the “Browse” section, which has primary links for Assets, Liabilities, Equity, Revenues, and Expenses.




ANSWERS TO QUESTIONS



1.   A conceptual framework is a coherent system of interrelated objectives and fundamentals that can lead to consistent standards and that prescribes the nature, function, and limits of financial account­ing and financial statements. A conceptual framework is necessary in financial accounting for the following reasons:
(1)    It enables the FASB to issue more useful and consistent standards in the future.
(2)    New issues will be more quickly solvable by reference to an existing framework of basic theory.
(3)    It increases financial statement users’ understanding of and confidence in financial reporting.
(4)    It enhances comparability among companies’ financial statements.

2.   The basic objective is to provide financial information about the reporting entity that is useful to present and potential equity investors, lenders, and other creditors in making decisions about providing resources to the entity.

3.   “Qualitative characteristics of accounting information” are those characteristics which contribute to the quality or value of the information. The overriding qualitative characteristic of accounting infor­mation is usefulness for decision making.

4.   Relevance and faithful representation are the two primary qualities of useful accounting information. For information to be relevant, it should should be capable of making a difference in a decision by helping users to form predictions about the outcomes of past, present, and future events or to confirm or correct expectations. Faithful representation of a measure rests on whether the numbers and descriptions match what really existed or happened.

5.   The concept of materiality refers to the relative significance of an amount, activity, or item to informative disclosure, proper presentation of financial position, and the results of operations. Materiality has qualitative and quantitative aspects; both the nature of the item and its relative size enter into its evaluation.

An accounting misstatement is said to be material if knowledge of the misstatement will affect the decisions of the average informed reader of the financial statements. Financial statements are misleading if they omit a material fact or include so many immaterial matters as to be confusing. In the examination, the auditor concentrates efforts in proportion to degrees of materiality and relative risk and disregards immaterial items.

The relevant criteria for assessing materiality will depend upon the circumstances and the nature of the item and will vary greatly among companies. For example, an error in current assets or current liabilities will be more important for a company with a flow of funds problem than for one with adequate working capital.

The effect upon net income (or earnings per share) is the most commonly used measure of materiality. This reflects the prime importance attached to net income by investors and other users of the statements. The effects upon assets and equities are also important as are misstatements of individual accounts and subtotals included in the financial statements. The auditor will note the effects of misstatements on key ratios such as gross profit, the current ratio, or the debt/equity ratio and will consider such special circumstances as the effects on debt agreement covenants and the legality of dividend payments.



Questions Chapter 2 (Continued)

There are no rigid standards or guidelines for assessing materiality. The lower bound of materiality has been variously estimated at 5% to 20% of net income, but the determination will vary based upon the individual case and might not fall within these limits. Certain items, such as a questionable loan to a company officer, may be considered material even when minor amounts are involved. In contrast a large misclassification among expense accounts may not be deemed material if there is no misstatement of net income.

6.   Enhancing qualities are qualitative characteristics that are complementary to the fundamental qualitative characteristics.  These characteristics distinguish more-useful information from less-useful information.  Enhancing characteristics are comparability, verifiability, timeliness, and understandability.

7.   In providing information to users of financial statements, the Board relies on general-purpose financial statements. The intent of such statements is to provide the most useful information possible at minimal cost to various user groups. Underlying these objectives is the notion that users need reasonable knowledge of business and financial accounting matters to understand
the information contained in financial statements. This point is important. It means that in the preparation of financial statements a level of reasonable competence can be assumed; this has an impact on the way and the extent to which information is reported.

8.   Comparability facilitates comparisons between information about two different enterprises at a particular point in time. Consistency, a type of comparability, facilitates comparisons between information about the same enterprise at two different points in time.

9.   At present, the accounting literature contains many terms that have peculiar and specific meanings. Some of these terms have been in use for a long period of time, and their meanings have changed over time. Since the elements of financial statements are the building blocks with which the statements are constructed, it is necessary to develop a basic definitional framework for them.

10.   Distributions to owners differ from expenses and losses in that they represent transfers to owners, and they do not arise from activities intended to produce income. Expenses differ from losses in that they arise from the entity’s ongoing major or central operations. Losses arise from peripheral or incidental transactions.

11.   Investments by owners differ from revenues and gains in that they represent transfers by owners to the entity, and they do not arise from activities intended to produce income. Revenues differ from gains in that they arise from the entity’s ongoing major or central operations. Gains arise from peripheral or incidental transactions.

12.   The four basic assumptions that underlie the financial accounting structure are:
        (1)   An economic entity assumption.
        (2)   A going concern assumption.
        (3)   A monetary unit assumption.
        (4)   A periodicity assumption.

13.   (a)   In accounting it is generally agreed that any measures of the success of an enterprise for periods less than its total life are at best provisional in nature and subject to correction. Measurement of progress and status for arbitrary time periods is a practical necessity to serve those who must make decisions. It is not the result of postulating specific time periods as measurable segments of total life.


No comments:

Post a Comment

Related Posts Plugin for WordPress, Blogger...