Homework Answers
Correct answer is d i.e faithful representation
Conceptual framework information free from material error or biasness has more reliability thus, ensuring faithful representation of the framework of accounting.
Financial statements are always at a high risk of less faithfully represented thus, a proper code of conduct is laid down by the board of accounting standards to ensure error free and biasness free preparation of financial statements.
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According to the Conceptual Framework information that is free from material error and bias has greater:...
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...
Match the items selected from the conceptual framework shown below by entering the appropriate code letter....
Match the items selected from the conceptual framework shown
below by entering the appropriate code letter.
A.
Relevance
B.
Comparability
C.
Materiality
D.
Timeliness
E.
Verifiability
F.
Understandability
1.
Information that has a bearing on a decision.
2.
An item important enough to influence a prudent investor.
3.
Different companies using the same accounting principles.
4.
Different knowledgeable and independent users can reach a
consensus that the information is faithfully represented.
5.
Information must be available to decision-makers before it...
The main objective of financial reporting is: A to provide useful information for decision-making. B to...
The main objective of financial reporting is: A to provide useful information for decision-making. B to produce financial statements as quickly as possible C to provide only relevant information D all of the above Financial information must be a faithful representation of the economic reality of the events. Faithful representation is achieved when the information is: A complete B neutral C free from material error D all of the above
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...
According to the Conceptual Framework which of these is not an essential characteristic of an asset?...
According to the Conceptual Framework which of these is not an essential characteristic of an asset? Select one: O a. The future economic benefits can be reliably measured. O b. There must be future economic benefit O c. The entity must have control over the future economic benefits. O d. It must have a re-sale value.
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...
I am having trouble understanding the questions blank. 1. Conceptual Framework Matching: Full-Disclosure A. The long...
I am having trouble understanding the questions blank.
1. Conceptual Framework Matching: Full-Disclosure A. The long life of a company can be broken into a series of shorter time periods H Revenue B. The assumption that a company will continue to operate indefinitely. Periodicity Transactions of the business are separate from transactions of the owners. B Going Concern D. All relevant information should be provided to users. 6 E. Consensus among different measurers. Historical Cost Verifiability Small amounts unlikely to...
Question 1 - 5 Multiple Choice - Write your answer on the Response line 1. If...
Question 1 - 5 Multiple Choice - Write your answer on the Response line 1. If accounting information has predictive value, it will help users (a) prepare for future Canada Revenue Agency audits. (b) make predictions about future events. (c) make predictions about foreign currency exchange rates. (d) confirm or correct previous predictions or expectations. Response 2. The measurement principle that says assets are reported at its past purchase price (a) current value. (b) historical cost. (c) materiality. (d) going...
Must have these be completenes Aeroy-free 3 unbiased Which of the following statements is correct with...
Must have these be completenes Aeroy-free 3 unbiased Which of the following statements is correct with respect to faithful representation ? i. Faithful representation is one of the enhancing qualitative characteristics as per the Sonceptual framework published by IASB. For faithful representation, information must be complete, neutral and free from errors. Changing accounting policies is an example of failing to provide faithful representation of financial information. iv. Substance over form is implied in faithful representation a. (i) and (ii) b....
Match the items selected from the conceptual framework shown
below by entering the appropriate code letter.
A.
Relevance
B.
Comparability
C.
Materiality
D.
Timeliness
E.
Verifiability
F.
Understandability
1.
Information that has a bearing on a decision.
2.
An item important enough to influence a prudent investor.
3.
Different companies using the same accounting principles.
4.
Different knowledgeable and independent users can reach a
consensus that the information is faithfully represented.
5.
Information must be available to decision-makers before it...
According to the Conceptual Framework which of these is not an essential characteristic of an asset? Select one: O a. The future economic benefits can be reliably measured. O b. There must be future economic benefit O c. The entity must have control over the future economic benefits. O d. It must have a re-sale value.
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...
I am having trouble understanding the questions blank.
1. Conceptual Framework Matching: Full-Disclosure A. The long life of a company can be broken into a series of shorter time periods H Revenue B. The assumption that a company will continue to operate indefinitely. Periodicity Transactions of the business are separate from transactions of the owners. B Going Concern D. All relevant information should be provided to users. 6 E. Consensus among different measurers. Historical Cost Verifiability Small amounts unlikely to...
Question 1 - 5 Multiple Choice - Write your answer on the Response line 1. If accounting information has predictive value, it will help users (a) prepare for future Canada Revenue Agency audits. (b) make predictions about future events. (c) make predictions about foreign currency exchange rates. (d) confirm or correct previous predictions or expectations. Response 2. The measurement principle that says assets are reported at its past purchase price (a) current value. (b) historical cost. (c) materiality. (d) going...
Must have these be completenes Aeroy-free 3 unbiased Which of the following statements is correct with respect to faithful representation ? i. Faithful representation is one of the enhancing qualitative characteristics as per the Sonceptual framework published by IASB. For faithful representation, information must be complete, neutral and free from errors. Changing accounting policies is an example of failing to provide faithful representation of financial information. iv. Substance over form is implied in faithful representation a. (i) and (ii) b....
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