Homework Answers
16. The financial information would not be providing information related to social or environmental aspect of the entity and this financial informations will just be limited to the financial performance.
Correct answer will be option (C) social and environmental.
17. The four primary qualitative character of AASB framework are materiality, faithful representation, understandability and comparability so the correct answer will be option (d)
Add Answer to:
QUESTION 16 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...
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...
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....
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...
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...
s/atofi/Documents/Chapt%202%20intermed%20f%20Oscan_0200921015150 pdf efault browser? Set as default + F A Read aloud Y Draw A) It...
s/atofi/Documents/Chapt%202%20intermed%20f%20Oscan_0200921015150 pdf efault browser? Set as default + F A Read aloud Y Draw 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 4. What is a purpose of having a conceptual framework? A) To make sure that economie activity can be...
Indicate the qualitative characteristic of financial information being described in each item below: (a) Financial statements...
Indicate the qualitative characteristic of financial information being described in each item below: (a) Financial statements should include all information necessary to portray the underlying transactions. (b) Financial information should make a difference in a user’s decision-making. (c) Financial information should not favour one user or stakeholder over another. (d) Financial information should reflect the economic substance of business events or transactions. (e) Financial information should help users assess the impact of past, present, or future events. (f) Financial information...
LO 1 Qualitative Characteristics and Accounting Conventions E2A. CONCEPT Each of the statements that follow violates...
LO 1 Qualitative Characteristics and Accounting Conventions E2A. CONCEPT Each of the statements that follow violates one or more accounting con- cepts. State which of these selected qualitative characteristics and accounting conventions- relevance, faithful representation, comparability, verifiability, timeliness, understandability, cost constraint, consistency, materiality, conservatism, or full disclosure-is (are) violated. 1. A company changes its method of accounting for depreciation. 2. The asset account for a pickup truck still used in the business is written down to what the truck could...
The conceptual framework identifies the fundamental and enhancing qualitative characteristics that make accounting information useful. Answer...
The conceptual framework identifies the fundamental and enhancing qualitative characteristics that make accounting information useful. Answer the following questions related to these qualitative characteristics. Choices for qualitative characteristic are: Feedback value, Freedom from material error or completeness , Comparability, Verifiability, Neutrality ,Understandability, Timeliness, Relevance, Predictive Value, Representation Faithfulness (a) Which quality of financial information makes it possible for users to confirm or correct prior expectations? select a qualitative characteristic (c) The U.S. Securities and Exchange Commission chairman once noted...
5. How is materiality (or immateriality) related to the proper presentation of financial statements? What factors...
5. How is materiality (or immateriality) related to the proper presentation of financial statements? What factors and measures should be considered in assessing the material- ity of a misstatement in the presentation of a financial statement? 6. What are the enhancing qualities of the qualitative charac- teristics? What is the role of enhancing qualities in the conceptual framework? 7. According to the FASB conceptual framework, the objec- tive of financial reporting for business enterprises is based on the needs of...
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 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...
s/atofi/Documents/Chapt%202%20intermed%20f%20Oscan_0200921015150 pdf efault browser? Set as default + F A Read aloud Y Draw 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 4. What is a purpose of having a conceptual framework? A) To make sure that economie activity can be...
LO 1 Qualitative Characteristics and Accounting Conventions E2A. CONCEPT Each of the statements that follow violates one or more accounting con- cepts. State which of these selected qualitative characteristics and accounting conventions- relevance, faithful representation, comparability, verifiability, timeliness, understandability, cost constraint, consistency, materiality, conservatism, or full disclosure-is (are) violated. 1. A company changes its method of accounting for depreciation. 2. The asset account for a pickup truck still used in the business is written down to what the truck could...
5. How is materiality (or immateriality) related to the proper presentation of financial statements? What factors and measures should be considered in assessing the material- ity of a misstatement in the presentation of a financial statement? 6. What are the enhancing qualities of the qualitative charac- teristics? What is the role of enhancing qualities in the conceptual framework? 7. According to the FASB conceptual framework, the objec- tive of financial reporting for business enterprises is based on the needs of...
Most questions answered within 3 hours.
-
The Pluralist Theory holds that large groups, instead of
the electorate, actually control the democratic process...
asked 1 minute ago -
Arduino programming
Write the syntax for the analogWrite() function in order to
output an effective 2V...
asked 8 minutes ago -
Tartaric acid is a diprotic acid we can represent as
H2T. Suppose a 100mL solution, which...
asked 8 minutes ago -
A bacteria has a doubling period of 6 days. If there are 3300
bacteria present now,...
asked 29 minutes ago -
Determine the PH of a 0.232M mg (OH)2 solution at 25 degree
Celsius.
asked 26 minutes ago -
A certain weak base has a Kb of 8.40 × 10-7. What concentration
of this base...
asked 34 minutes ago -
A company borrowed cash from the bank and signed a 6-year note
at 6% annual interest....
asked 35 minutes ago -
A farmer is planning his spring planting. He has 20 acres on
which he can plant...
asked 55 minutes ago -
Guidelines Prepare a PowerPoint Presentation based upon a Brics
and Mitsk Country: Indonesia
This Country has...
asked 1 hour ago -
a girl stands on the edge of a merry-go-round of radius 1.71m.
If the merry go...
asked 1 hour ago -
A mechanic sells a brand of automobile tire that has a life
expectancy that is normally...
asked 1 hour ago -
A new prototype of sunglasses are designed to help people with
colour blindness see with better...
asked 1 hour ago