Homework Answers
Answer :-
- The upgrading characteristics of helpful budgetary data are Comparability, Verifiability, Timeliness and Understandability.
- The most imperative trademark is Comparability which empowers outside clients to contrast data of various periods or and comparative organizations.
- Consistency is a piece of Comparability which implies that a similar bookkeeping strategies and methodology are utilized either from period to period inside the organization or in a solitary period crosswise over organizations.
- The least essential quality is Timeliness which implies budgetary data is accessible convenient anyway convenience alone does not make data valuable.
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FASB & IASB developed a framework that states that accounting information should be relevant and that...
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;...
The AASB Conceptual Framework (2.12-2.19) refers to ‘faithful representation’ as being necessary for financial information to...
The AASB Conceptual Framework (2.12-2.19) refers to ‘faithful representation’ as being necessary for financial information to be useful. This section of the AASB Conceptual Framework also makes reference to ‘neutrality’ (eg. 2.16). Define what is meant by ‘faithful representation’ and ‘neutrality’. Do you believe it is possible for financial reports to be 'representationally faithful' and 'neutral'? Justify your position. In your response, evaluate why you think the IASB (and AASB) include these terms within the Conceptual Framework. \
The United States uses accounting standards developed by the Financial Accounting Standards Board (FASB) known as...
The United States uses accounting standards developed by the Financial Accounting Standards Board (FASB) known as the generally accepted accounting principles (GAAP). This system relies on rules and regulations and thus is said to be a rules-based system. The rest of the world follows accounting standards developed by the International Accounting Standards Board (IASB) known as the international accounting financial reporting standards (IFRS). This system relies more on principles than rules. There is a movement to have one global standard,...
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
Brief Exercise 2-08 The accompanying chart shows the qualitative characteristics of useful accounting information. Fill in...
Brief Exercise 2-08 The accompanying chart shows the qualitative characteristics of useful accounting information. Fill in the blanks. Fundamental Qualities Enhancing Qualities Usefulness Relevance Understandability Faithful Representation Neutral Open Show Work Click if you would like to Show Work for this question:
tal and enhancing qualitative characteristics of accounting information. The conceptual framework indicates the desired Several constraints...
tal and enhancing qualitative characteristics of accounting information. The conceptual framework indicates the desired Several constraints impede achieving these desired characteristics. Answer each of the following questions related to these characteristics and constraints Which component would allow a large company to record the purchase of a $120 printer as an expense rather than capitalizing the printer as an asset? Donald Kirk, former chairman of the FASB, once noted that there must be public confidence that the standard-setting system is credible,...
Which of the following items is NOT included in FASB's conceptual framework of accounting theory? qualities...
Which of the following items is NOT included in FASB's conceptual framework of accounting theory? qualities of useful accounting information fundamental principles and assumptions that guide financial accounting and reporting O objectives of financial reporting All of these choices are included in the conceptual framework Question 36 3 pts Which of the following statements about the FASB Accounting Standards Codification is true? It only exists as an electronic database: paper copies are not available. When the Codification was adopted in...
Accounting History and FASB Codification 1. Why accounting students should know something about the history and...
Accounting History and FASB Codification 1. Why accounting students should know something about the history and development of accounting standards? Explain. 2. Is the accounting profession responded in a timely, comprehensive and effective manner to stakeholders and business current challenges? Explain 3. Explain some of the major challenges financial accountants are facing today. Can these challenges have an effect in the accounting professionals' ethical decisions? 4. This fist unit of the course illustrates the dynamics of the standard setting process...
6. Preparation of consolidated financial statements when a parent-subsidiary relationship exists is an example of the...
6. Preparation of consolidated financial statements when a parent-subsidiary relationship exists is an example of the Select one: a. relevance characteristic b. comparability characteristic c. economic entity d. neutrality characteristic 7. Measurement uncertainty can affect.... Select one: a, relevance characteristic b. faithful representation and relevance characteristic c. understandability characteristic d. faithful representation characteristic 8. Erin Company applies the same accounting treatment to similar events from period to period. Erin Company is exhibiting which of the following qualities as described by...
JICES Exercise 2-1 The conceptual framework has been created to make accounting information useful Indicate whether...
JICES Exercise 2-1 The conceptual framework has been created to make accounting information useful Indicate whether the following statements about the conceptual framework are true or false (a) Accounting standards that rely on a body of concepts will result in useful and consistent pronouncements () General purpose financial reports are most useful to company insiders in making strategic business decisions. (c) Accounting standards based on individual conceptual frameworks wil generally result in consistent and comparable accounting reports. (d) Capital providers...
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
Brief Exercise 2-08 The accompanying chart shows the qualitative characteristics of useful accounting information. Fill in the blanks. Fundamental Qualities Enhancing Qualities Usefulness Relevance Understandability Faithful Representation Neutral Open Show Work Click if you would like to Show Work for this question:
tal and enhancing qualitative characteristics of accounting information. The conceptual framework indicates the desired Several constraints impede achieving these desired characteristics. Answer each of the following questions related to these characteristics and constraints Which component would allow a large company to record the purchase of a $120 printer as an expense rather than capitalizing the printer as an asset? Donald Kirk, former chairman of the FASB, once noted that there must be public confidence that the standard-setting system is credible,...
Which of the following items is NOT included in FASB's conceptual framework of accounting theory? qualities of useful accounting information fundamental principles and assumptions that guide financial accounting and reporting O objectives of financial reporting All of these choices are included in the conceptual framework Question 36 3 pts Which of the following statements about the FASB Accounting Standards Codification is true? It only exists as an electronic database: paper copies are not available. When the Codification was adopted in...
Accounting History and FASB Codification 1. Why accounting students should know something about the history and development of accounting standards? Explain. 2. Is the accounting profession responded in a timely, comprehensive and effective manner to stakeholders and business current challenges? Explain 3. Explain some of the major challenges financial accountants are facing today. Can these challenges have an effect in the accounting professionals' ethical decisions? 4. This fist unit of the course illustrates the dynamics of the standard setting process...
JICES Exercise 2-1 The conceptual framework has been created to make accounting information useful Indicate whether the following statements about the conceptual framework are true or false (a) Accounting standards that rely on a body of concepts will result in useful and consistent pronouncements () General purpose financial reports are most useful to company insiders in making strategic business decisions. (c) Accounting standards based on individual conceptual frameworks wil generally result in consistent and comparable accounting reports. (d) Capital providers...
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