Homework Answers
The first characteristic is I.e. Relevant is written by caption feature- Reduces uncertainty, improves the decision making,or confirm or corrects the prior expectation because this information, or figures are useful to the actual users and they are written to attract the attention of users and save the time for taking any further action by considering this information and users can also take decision on the basis of such information. This information has unique importance for the actual user.They can make the future planning and implementation process based on such information.
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to Question #2:" and formally answer the following question: Of the seven characteristics of information in...
Sam Jones has been the controller of Downtown Tires for 25 years. Ownership of the firm...
Sam Jones has been the controller of Downtown Tires for 25 years. Ownership of the firm recently changed hands and the new owners are conducting an audit of the financial records. The audit has been unable to obtain the firm's financial statements that were prepared by Sam. While there is no evidence of wrongdoing, the auditors are not able to complete the audit. Which of the following characteristics of useful information is absent in the situation described above? Choose only...
Question 1 (0.2 points) The control principle for accounting information systems requires that the: Benefits from...
Question 1 (0.2 points) The control principle for accounting information systems requires that the: Benefits from an activity outweigh the costs of the activity. System report useful, understandable, timely, and pertinent information for effective decision making, System must have methods and procedures allowing managers to control and monitor business activities. System is able to adjust to changes in the company, business environment, and needs of decision makers. System conforms to a company's activities, personnel, and structure.
help 1.4. Matching Match the description listed in the right column with the information characteristic listed...
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1.4. Matching Match the description listed in the right column with the information characteristic listed in the left column. 1. Relevant The report was carefully designed so that the data contained in the report became information to the reader. The manager was working one weekend and needed to find some information about production requests for a certain customer. He was able to find the report on the company's network. a. 2. Reliable b. 3. Complete The data in a...
In 2015, Singh Manufacturing implemented a Web-based information system that allows all employees to access mission-critical...
In 2015, Singh Manufacturing implemented a Web-based information system that allows all employees to access mission-critical information. The intention was to increase production efficiency. Unfortunately, it had the opposite effect, as deliveries fell behind schedule and costs increased. Shaman Gupta, the director of information technology services, asked Ashlee Wells to come in and talk with him about the system. Ashlee is a long-time employee of Singh, and her opinion is valued by her peers and by her supervisor. "So Ashlee,...
Exercise 2-35 Qualitative Characteristics Listed below are the fundamental and enhancing qualitative characteristics that make accounting...
Exercise 2-35 Qualitative Characteristics Listed below are the fundamental and enhancing qualitative characteristics that make accounting information useful. • Relevance • Faithful representation • Comparability • Verifiability • Timeliness • Understandability Required: 1. Match the appropriate qualitative characteristic with the statements below (items can be used more than once). a. When information is provided before it loses its ability to influence decisions, it has this characteristic. b. When several accountants can agree on the measurement of an activity, the information...
please answer quickly 37) After graduating from university with a communications degree, Sylvia Placer experienced some...
please answer quickly
37) After graduating from university with a communications degree, Sylvia Placer experienced some difficulty in finding full-time employment. She freelanced during the summer as a writer and then started a blog in the fall. Shortly thereafter she was contacted by Clickadoo Online Services, who offered to pay her to promote their clients by mentioning them in her blog and linking to their websites. She set up several more blogs for this purpose and is now generating a...
Here are some fundamental and enhancing qualitative characteristics of useful financial information:
Here are some fundamental and enhancing qualitative characteristics of useful financial information:1. Comparability2. Completeness3. Confirmatory value4. Faithful representation5. Freedom from error6. Materiality7. Neutrality8. Predictive value9. Relevance10. Timeliness11. Understandability12. VerifiabilityMatch each characteristic to one of the following statements.(a)- Accounting information cannot be selected, prepared, or presented to favor one set of interested users over another.(b)- Accounting information must be available to decision makers before it loses its ability to influence their decisions.(c)- Accounting information is prepared on the assumption that users...
The following is a list of qualitative characteristics of useful accounting information identified in the FASB's...
The following is a list of qualitative characteristics of useful accounting information identified in the FASB's and the IASB's Statement of Financial Accounting Concepts No. 8 and statements describing the qualities. A. Comparability B. Decision usefulness C. Relevance D. Faithful representation E. Predictive value F. Confirmatory value G. Verifiability H. Neutrality I. Free from error J. Consistency K. Materiality L. Timeliness M. Understandability N. Completeness Required: Select the appropriate letter identifying each quality on the statement describing the quality. 1....
QUESTION 15 Match the following terms with the appropriate definition. a. Financial accounting b. Ethics C....
QUESTION 15 Match the following terms with the appropriate definition. a. Financial accounting b. Ethics C. Recordkeeping d. Internal users e. Accounting f. Certifled Public Accountant (CPA) g. Fraud triangle h. Managerial accounting I. External users 1. An information and measurement system that identifies, records and communicates relevant reliable and comparable Information about an organization's business activities. 2. The part of accounting that involves recording transactions and events, either electronically or manually. 3. Persons using accounting information who are not...
ACC206: Financial Reporting MCQ 1. International Financial Reporting Standards (IFRSs) are; a. currently issued and administrated...
ACC206: Financial Reporting MCQ 1. International Financial Reporting Standards (IFRSs) are; a. currently issued and administrated by the International Financial Reporting Interpretation Committee (IFRIC). b. currently issued and administrated by the Financial Accounting Standards Board (FASB), an independent standard-setting board based in US. c. currently issued and administrated by the International Federation of Accountants (IFAC). d. currently issued and administrated by the International Accounting Standards Board (IASB), an independent standard-setting board based in London. 2. Which ONE of the following...
Question 1 (0.2 points) The control principle for accounting information systems requires that the: Benefits from an activity outweigh the costs of the activity. System report useful, understandable, timely, and pertinent information for effective decision making, System must have methods and procedures allowing managers to control and monitor business activities. System is able to adjust to changes in the company, business environment, and needs of decision makers. System conforms to a company's activities, personnel, and structure.
help
1.4. Matching Match the description listed in the right column with the information characteristic listed in the left column. 1. Relevant The report was carefully designed so that the data contained in the report became information to the reader. The manager was working one weekend and needed to find some information about production requests for a certain customer. He was able to find the report on the company's network. a. 2. Reliable b. 3. Complete The data in a...
Exercise 2-35 Qualitative Characteristics Listed below are the fundamental and enhancing qualitative characteristics that make accounting information useful. • Relevance • Faithful representation • Comparability • Verifiability • Timeliness • Understandability Required: 1. Match the appropriate qualitative characteristic with the statements below (items can be used more than once). a. When information is provided before it loses its ability to influence decisions, it has this characteristic. b. When several accountants can agree on the measurement of an activity, the information...
please answer quickly
37) After graduating from university with a communications degree, Sylvia Placer experienced some difficulty in finding full-time employment. She freelanced during the summer as a writer and then started a blog in the fall. Shortly thereafter she was contacted by Clickadoo Online Services, who offered to pay her to promote their clients by mentioning them in her blog and linking to their websites. She set up several more blogs for this purpose and is now generating a...
QUESTION 15 Match the following terms with the appropriate definition. a. Financial accounting b. Ethics C. Recordkeeping d. Internal users e. Accounting f. Certifled Public Accountant (CPA) g. Fraud triangle h. Managerial accounting I. External users 1. An information and measurement system that identifies, records and communicates relevant reliable and comparable Information about an organization's business activities. 2. The part of accounting that involves recording transactions and events, either electronically or manually. 3. Persons using accounting information who are not...
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