The objective of general purpose financial reporting as described in the Conceptual Framework is to: (See...
The objective of general purpose financial reporting as described in the Conceptual Framework is to: (See paragraph 1.2)
A. Provide information to regulators
B. Support the entity's tax return
C. Meet the information needs of an entity's stakeholders
D. Provide financial information about the reporting entity that is useful to existing and potential investors, lenders and other creditors in making decisions relating to providing resources to the entity
Homework Answers
Answer D) is correct
General purpose financial reporting as described in the conceptual framework is to Provide financial information about the reporting entity that is useful to existing and potential investors, lenders and other creditors in making decisions relating to providing resources to the entity. If the financial statements are not reported as per general purpose financial reporting then they may mislead the decisions of the investors.
Financial statements are used by external users like investors to make decisions whether to invest in that company or not. These decisions will be correct and apt when they use the financial statements prepared by following general purpose financial reporting
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The objective of general purpose
financial reporting as described in the Conceptual
Framework is to: (See...
that is the whole question, It is not incompletr 4. The IASB/FASB joint conceptual framework for...
that is the whole question, It is not incompletr
4. The IASB/FASB joint conceptual framework for financial reporting articulates the following as the objective of financial reporting: a. Providing management with useful information necessary to make decisions about future firm-wide courses of action, including international investment. b. Providing information that is useful to investors and creditors in decisions about providing resources to a firm. C. Providing management, investors, and creditors with information regarding long-term investment opportunities. d. Providing information that...
Question 2 2 pts Which of the following statements is true? O According to the objective...
Question 2 2 pts Which of the following statements is true? O According to the objective of general purpose financial reporting, the reporting entity need not be a legal entity. O The best justification for recording a liability at the high end of an estimate is prudence. O The objective of general purpose financial reporting only addresses the needs of existing investors and creditors. O The Periodicity assumption best justifies using the different measurement bases described in the Conceptual Framework....
Q1 What is the objective purpose of general-purpose financial reporting? Q2 Users of financial statements can...
Q1 What is the objective purpose of general-purpose financial reporting? Q2 Users of financial statements can face different questions about the recognition and measurement of financial items. To help develop the type of financial information that can be used to answer these questions financial accounting and reporting rules are based on a conceptual framework. Requirements: 1. What are the basic components of the Conceptual Framework? 2. What are your views about the success of the conceptual framework?
One element of the objective of financial reporting is to provide A. Information about the liquidation...
One element of the objective of financial reporting is to provide A. Information about the liquidation value of the resources held by the entity. B. Information that will attract new investors. C. Information about the investors in the business entity. D. Information that is useful in assessing cash flow prospects.
Discussion on general-purpose financial reporting based on the Conceptual Framework. Use income, expense.etc be an example....
Discussion on general-purpose financial reporting based on the Conceptual Framework. Use income, expense.etc be an example. 10mark.
QUESTIONS 1. What is a conceptual framework? Why is a conceptual framework necessary in financial accounting?...
QUESTIONS 1. What is a conceptual framework? Why is a conceptual framework necessary in financial accounting? 2. What is the primary objective of financial reporting? 3. What is meant by the term "qualitative characteristics of accounting information"? 4. Briefly describe the two fundamental qualities of useful accounting information
Why do we need a Conceptual Framework? What is the objective of Financial Reporting?
Why do we need a Conceptual Framework? What is the objective of Financial Reporting?
The Case The FASB has been working on a conceptual framework for financial accounting and reporting...
The Case The FASB has been working on a conceptual framework for financial accounting and reporting and has issued several statements of financial accounting concepts. These SFACs are intended to set forth objectives and fundamentals that will be the basis for developing financial accounting and reporting standards. The objectives identify the goals and purpose of financial reporting. The fundamentals are the underlying concepts of financial accounting – concepts guide the selection of transactions, events, and circumstances to be accounted for;...
6. Whether a business is successful and thrives is determined by a. markets. b. free enterprise....
6. Whether a business is successful and thrives is determined by a. markets. b. free enterprise. c. competition. d. all of these. 7. An effective capital allocation process a. promotes productivity. b. encourages Innovation. S provides an efficient market for buying and selling securities. d all of these. 8. Which of the following is not a major challenge facing the accounting profession? a. Nonfinancial measurements. b. Timeliness. Accounting for hard assets. d. Forward-looking Information. 9. What is the objective of...
QUESTION 17 The financial information included within the financial statements reflects only the financial performance of...
QUESTION 17 The financial information included within the financial statements reflects only the financial performance of the entity as determined by applying the guidance and rules incorporated within the Conceptual Framework and within applicable accounting standards: they do not provide a means of assessing the performance of the entity. legal O technological O social or environmental O political QUESTION 18 Which among the following is not a current value measurement? Fair value Value in use for assets) or fulfilment value...
that is the whole question, It is not incompletr
4. The IASB/FASB joint conceptual framework for financial reporting articulates the following as the objective of financial reporting: a. Providing management with useful information necessary to make decisions about future firm-wide courses of action, including international investment. b. Providing information that is useful to investors and creditors in decisions about providing resources to a firm. C. Providing management, investors, and creditors with information regarding long-term investment opportunities. d. Providing information that...
Question 2 2 pts Which of the following statements is true? O According to the objective of general purpose financial reporting, the reporting entity need not be a legal entity. O The best justification for recording a liability at the high end of an estimate is prudence. O The objective of general purpose financial reporting only addresses the needs of existing investors and creditors. O The Periodicity assumption best justifies using the different measurement bases described in the Conceptual Framework....
QUESTIONS 1. What is a conceptual framework? Why is a conceptual framework necessary in financial accounting? 2. What is the primary objective of financial reporting? 3. What is meant by the term "qualitative characteristics of accounting information"? 4. Briefly describe the two fundamental qualities of useful accounting information
6. Whether a business is successful and thrives is determined by a. markets. b. free enterprise. c. competition. d. all of these. 7. An effective capital allocation process a. promotes productivity. b. encourages Innovation. S provides an efficient market for buying and selling securities. d all of these. 8. Which of the following is not a major challenge facing the accounting profession? a. Nonfinancial measurements. b. Timeliness. Accounting for hard assets. d. Forward-looking Information. 9. What is the objective of...
QUESTION 17 The financial information included within the financial statements reflects only the financial performance of the entity as determined by applying the guidance and rules incorporated within the Conceptual Framework and within applicable accounting standards: they do not provide a means of assessing the performance of the entity. legal O technological O social or environmental O political QUESTION 18 Which among the following is not a current value measurement? Fair value Value in use for assets) or fulfilment value...
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