Which of the following is being applied when, under certain conditions, the value recorded for an...
Which of the following is being applied when, under certain conditions, the value recorded for an asset is adjusted to a different amount?
A) Comparability
B) Timeliness
C) Mixed-attribute
D) Understandability
Homework Answers
Option A - Comparability
Comparability concept requires that users of financial reports should be able to compare these reports with previous years’ reports and with reports of other entities in the same industry.
It means that the accounting standards and policies are applied consistently each year.
This is very important so that users can compare financial statements reliably.
Add Answer to:
Which of the following is being applied when, under certain
conditions, the value recorded for an...
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....
Save of 10 questions saved ge 1 Question 3 (1 point) Which of the following is...
Save of 10 questions saved ge 1 Question 3 (1 point) Which of the following is not considered an asset? 1) Equipment 2) Dividends 4) Inventory Save Question 4 (1 point) The two fundamental qualities of useful intermation are d Response ed Response em 1) relevance and faithful representation. 2) verifiability and timeliness 3) comparability and flexibility 4) understandability and consistency
Under which of the following is sales tax collected from guests recorded? a. revenue b. expense...
Under which of the following is sales tax collected from guests recorded? a. revenue b. expense c. current liability d. current asset
A gene array used to determine which genes are being transcribed under certain experimental conditions contains...
A gene array used to determine which genes are being transcribed under certain experimental conditions contains 500 genes. A genetic algorithm is used to determine which promoters most likely resulted in the pattern of gene array data found in an experiment. This algorithm requires selection (randomly) of a list of 20 genes out of the 500 genes on the array. (No gene can appear more than once in a single list, and the order of the list is not important.)...
Under fair-value accounting for an equity investment, which of the following statements is false? a. An...
Under fair-value accounting for an equity investment, which of the following statements is false? a. An entity may choose the fair value election for an equity investment only if it is irrevocable. b. Under the fair value option, changes in fair value are recorded in earnings. c. Under the fair value option, the Investment account would be adjusted for the change in fair value. d. Under the fair value option, the entity would reduce the investment account for its share...
When a chemical process occurs under standard conditions, which of the following conditions always apply? 1....
When a chemical process occurs under standard conditions, which of the following conditions always apply? 1. Gaseous species are at a pressure of 1 bar. 2. Solution concentrations species are 1 molal. 3. The temperature is 298.15 K. a.) 1 only b.) 2 only c.) 3 only d.) 1 and 2 e.) 1, 2, and 3
Under which of the following conditions will transcription of the lac operon occur when the bacteria...
Under which of the following conditions will transcription of the lac operon occur when the bacteria are originally inoculated in a medium containing both glucose and lactose? a) Lactose present/glucose present b) Lactose present/glucose used up c) Lactose absent/glucose present d) Lactose absent/glucose used up e) a and b
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...
Which of the following is the least likely treatment of an asset under U.S. GAAP? Group...
Which of the following is the least likely treatment of an asset under U.S. GAAP? Group of answer choices a. The carrying value of an asset is recorded as $18,000 when the value of future cash flows from the asset is $19,000. b. A cost of $100,000 incurred in the development of software to improve the operating efficiency is capitalized. c. A loss of $100 is recognized when the fair value of the equipment falls from $250 to $150.
Save of 10 questions saved ge 1 Question 3 (1 point) Which of the following is not considered an asset? 1) Equipment 2) Dividends 4) Inventory Save Question 4 (1 point) The two fundamental qualities of useful intermation are d Response ed Response em 1) relevance and faithful representation. 2) verifiability and timeliness 3) comparability and flexibility 4) understandability and consistency
Under which of the following is sales tax collected from guests recorded? a. revenue b. expense c. current liability d. current asset
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...
Most questions answered within 3 hours.
-
When Maria Acosta bought a car 2 and a half
years ago, she borrowed $11,000 for...
asked 4 minutes ago -
package rectangle;
public class Rectangle {
private int height;
private int width;
public...
asked 6 minutes ago -
The Yankee's have a contract with their newly hired manager that
requires a lump sum payment...
asked 25 minutes ago -
A travelling salesman sells milkshake mixing machines and on
average sells 8.9 machines per month. He...
asked 30 minutes ago -
what's the danger in the fact that the market value of a stock
is based on...
asked 44 minutes ago -
Describe how do you feel about the post below and
why?
Listening to the podcast reaffirmed...
asked 53 minutes ago -
To start an avalanche on a mountain slope, an artillery shell is
fired with an initial...
asked 1 hour ago -
The population of bacteria in a culture can be modeled by P left
parenthesis t right...
asked 1 hour ago -
Which factors can prevent permanent fixation of an allele (i.e.
maintain genetic diversity)? Hint: You're going...
asked 1 hour ago -
Compare a two-year bond with two successive one-year bonds in a
situation in which an investor...
asked 1 hour ago -
Chapter 6
Search the internet and find a newspaper example of a price
ceiling, price floor...
asked 1 hour ago -
Sarah Bates, calendar year taxpayer, started a new business on
October 8th. A number of start-up...
asked 1 hour ago