According to Statement of Financial Accounting Concepts No. 8, which of the following is not considered...
According to Statement of Financial Accounting Concepts No. 8, which of the following is not considered a qualitative characteristic of accounting?
Respectability
Relevance
Timeliness
Reliability
Homework Answers
Ans : Option (a) respectability
Relevance , timeliness and reliability are qualitative characteristics of accounting. Respectability is not regarded as qualitative characteristic.
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According to Statement of Financial Accounting
Concepts No. 8, which of the following is not considered...
1.) Under Statement of Financial Accounting Concepts No. 8, which of the following relates to both...
1.) Under Statement of Financial Accounting Concepts No. 8, which of the following relates to both relevance and faithful representation? A.)Materiality B.) Neutrality C.) Timeliness D.) Predictive value 2.) An item is considered material if: The cost of reporting the item is greater than its benefits It doesn’t cost a lot of money. it is of a tangible good.
Under Statement of Financial Accounting Concepts No. 8, which of the following is an ingredient of...
Under Statement of Financial Accounting Concepts No. 8, which of the following is an ingredient of the primary quality of relevance? a. Neutrality b. Materiality c. Understandability d. Verifiability
According to Statements of Financial Accounting Concepts, neutrality is an ingredient of: Reliability Relevance Consistency Conservatism
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In the Statement of Financial Accounting Concepts (SFAC) No. 8. SFAC No. 8 the position about...
In the Statement of Financial Accounting Concepts (SFAC) No. 8. SFAC No. 8 the position about materiality is that: Multiple Choice It should always be determined only through qualitative evaluations It should always be determined through quantitative evaluations It should always be determined by considering whether the amount affects past financial statements It should be determined by how the magnitude of the item would be viewed by a reasonable person
Which of the following best represents a characteristic of managerial accounting? Multiple Choice Information is based...
Which of the following best represents a characteristic of managerial accounting? Multiple Choice Information is based on estimates and is bounded by relevance and timeliness. Information is characterized by reliability and objectivity. Information is historically based and reported annually. Information is regulated by the Securities and Exchange Commission.
Under Statement of Financial Accounting Concepts No. 8, which of the following is an ingredient of...
Under Statement of Financial Accounting Concepts No. 8, which of the following is an ingredient of the primary quality of faithful representation? A.) Completeness B.)Materiality C.) Predictive value D.) Understandability 2.) Business organizations have long recognized that primarily using financial measures such as sales or profitability to measure performance often fails to provide information about the factors that result in success. One of these factors is sustainability. Which of the following is not a pillar of sustainability identified in chapter...
Q1, Which financial statement is not prepared primarily with the accrual basis of accounting in mind?...
Q1, Which financial statement is not prepared primarily with the accrual basis of accounting in mind? a, All the financial statements required under generally accepted accounting principles are prepared primarily with the accrual basis of accounting in mind. b, Statement of financial position c, Statement of cash flows d, Statement of comprehensive income Q2, According to the FASB conceptual framework, which of the following situations violates the fundamental characteristic of relevance? a, Financial statements are issued 50 days after the...
QUESTION 16 The financial information included within the financial statements reflects only the financial performance of...
QUESTION 16 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 technological social or environmental political QUESTION 17 Which of the following are considered in the AASB Framework as primary qualitative characteristics? Relevance, faithful representation, materiality and comparability Relevance, faithful representation,...
When viewing the FASB Statement of Financial Accounting Concepts No. 8 and reviewing the Objective, Usefulness,...
When viewing the FASB Statement of Financial Accounting Concepts No. 8 and reviewing the Objective, Usefulness, and Limitations of General Purpose Financial Reporting. How does having a standard set of generally accepted accounting principles support these concepts?
The trend toward fair value accounting By J Russell Madray, CPA The Debate Critics contend that GAAP is seriously flawed...
The trend toward fair value accounting By J Russell Madray, CPA The Debate Critics contend that GAAP is seriously flawed. Some in the accounting profession go so far as to pronounce financial statements almost completely irrelevant to the financial analyst community. The fact that the market value of publicly traded firms on the New York Stock Exchange is an average of five times their asset values serves to highlight this deficiency. Many reformers, including FASB chairman Robert Herz, believe that...
Under Statement of Financial Accounting Concepts No. 8, which of the following is an ingredient of the primary quality of relevance? a. Neutrality b. Materiality c. Understandability d. Verifiability
According to Statements of Financial Accounting Concepts, neutrality is an ingredient of: Reliability Relevance Consistency Conservatism
In the Statement of Financial Accounting Concepts (SFAC) No. 8. SFAC No. 8 the position about materiality is that: Multiple Choice It should always be determined only through qualitative evaluations It should always be determined through quantitative evaluations It should always be determined by considering whether the amount affects past financial statements It should be determined by how the magnitude of the item would be viewed by a reasonable person
Which of the following best represents a characteristic of managerial accounting? Multiple Choice Information is based on estimates and is bounded by relevance and timeliness. Information is characterized by reliability and objectivity. Information is historically based and reported annually. Information is regulated by the Securities and Exchange Commission.
QUESTION 16 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 technological social or environmental political QUESTION 17 Which of the following are considered in the AASB Framework as primary qualitative characteristics? Relevance, faithful representation, materiality and comparability Relevance, faithful representation,...
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