FNSACC311;312; BSBFIA401 Assignment Student 20211025

Auditing and Assurance Services T321 Which one of the following services provides a moderate level of assurance about the client's financial statements? Select one: O a. review O b. forecasts and projections O c. compliance O d. audit

95 Conceptual Framework Information that is capable of making a difference in the decisions made by users has this qualitative characteristic. a. Relevance b. Faithful representation 2. c. Timeliness d. Verifiability 3. When making materiality judgments, the overriding consideration is a. the ability of the item being judged to influence users' decisions. b. the size of the impact of the item being judged. the characteristics of the item being judged. C. d. cand d 4. This qualitative characteristic is unique in the sense that it necessarily requires at least two items. a. Verifiability b. Faithful representation c. Timeliness d. Comparability 5. Which of the following enhances the comparability of information? a. Making unlike things look alike. b. Making like things look different. c. Using different methods to account for similar transactions from period to period. d. Consistent application of accounting policies from period to period. 6. Information has this qualitative…

The revenue recognition principle dictates that revenue be recognized in the accounting period Select one: a. after it is earned. b. before it is earned. wh the performance obligation is satisfied. C. d. in which it is collected Previous page Next pa hp

Balance Sheet Assignment Overview The main purpose of this Module is to review the balance sheet in more detail. Is there a difference in approach to valuation by US GAAP and IFRS? Discuss and note two or three specific differences. Additionally, clearly Distinguish between an expense (expired cost) and an asset. Distinguish between current and long-term assets. Distinguish between current and long-term liabilities. Review Apple’s balance sheet and provide two examples of each of the above categories. Discuss retained earnings and how income or loss and dividends affect this account. Review Apple’s retained earnings account and explain how it changes between the two past years. Comment on at least three differences between Apple’s and Samsung’s balance sheets. Does Apple or Samsung have more debt? Which of the two companies is the bigger one? Explain your reasoning. Assignment Expectations The submission should be 3- to 5-pages and need to include answers to all…

Enhanced the credibility of the information about a subject matter ( such as the financial statement) by evaluating whether the subject matter conforms in all material respects with suitable criteria A. Compilation services B. Assurance Services C. Agreed-upon procedures engagement D. Limited Assurance Services

QUESTION ONE   Identify and fully explain any FOUR qualitative characteristics of useful financial information.                                                                                                                          Outline the recognition criteria for the following elements of financial statements:   Assets   Liabilities   Income   Expenses

1. This deals with the determination of the fairness of the accountin reports and whther they are in accordance with the generally accepted accounting principles a. management accountingb. cost accounting.c. financial accountingd. auditing 2.  which of the following journal entries can be eleminated?a. correcting entryb adjusting entryc. opening entryd. closing entry

QUESTION 49 Match the statements below with the accounting assumption, characteristic, or principle to which the statement relates. Assumptions/characteristics/principles may be used once, more than once, or not at all. V Recorded when the performance obligation is satisfied. a. Revenue recognition principle V The reason for recording accruals and deferrals in adjusting entries. b. Matching principle Valuing assets at amounts originally paid for them. C. Historical cost principle d. Entity assumed to have a long life Going concern assumption Description of significant accounting policies and unusual events. e. Full disclosure principle f. Information has predictive and confirmatory value. Relevance characteristic 8. Consistency characteristic

Accounting standard-setters use the following process in establishing accounting standards:a Research, exposure draft, discussion paper, standard.b. Discussion paper, research, exposure draft, standard.c. Research, preliminary views, discussion paper, standard.d. Research, discussion paper, exposure draft, standard.

Match the statements below with the accounting assumption, characteristic, or principle to which the statement relates. Assumptions/characteristics/principles may be used once, more than once, or not at all. Recorded when the performance obligation is satisfied. a. Revenue recognition principle V The reason for recording accruals and deferrals in adjusting entries. b. Matching principle Valuing assets at amounts originally paid for them. C. Historical cost principle Entity assumed to have a long life d. Going concern assumption Description of significant accounting policies and unusual events. e. Full disclosure principle v Information has predictive and confirmatory value. T. Relevance characteristic 8. Consistency characteristic

Which fundamental characteristic of requires that financial statements are prepared in a similar way year after year? Select one: a. Faithful representation b. Understandability c. Comparability d. Relevance

Multiple choice: 1. This qualitative characteristic requires at least two items. A. Timeliness B. Comparability C. Verifiability D. Understandability 2. It is the process of objectively evaluating evidence and expressing an opinion regarding the correspondence between management’s assertions and established criteria. A. Accounting education B. Tax accounting C. Auditing D. Accounting research

Distinguish between the revenue/expense and the asset/liability approaches to setting financial reportingstandards

Match the statements below with the accounting assumption, characteristic, or principle to which the statement relates. A once, more than once, or not at all. Recorded when the performance obligation is satisfied. a. Revenue recognition principle " The reason for recording accruals and deferrals in adjusting entries. b. Matching principle Valuing assets at amounts originally paid for them. C. Historical cost principle Entity assumed to have a long life d. Going concern assumption Description of significant accounting policies and unusual events. e. Full disclosure principle Information has predictive and confirmatory value. f. Relevance characteristic 8. Consistency characteristic

Which of the following is most associated with financial accounting reports? a.can be prepared for the entity or segment b.prepared in accordance with GAAP c.can be prepared periodically, or as needed d.can have both objective and subjective information

Explain these qualitative characteristicsof financial report as per IFRS: Relevance Faithful Representation Comparability Verifiability Timeliness Understandability

Account

After completing the preparation, the necessary credit adjustments are made to adjust the balances of the accounts shown in * the balance with a view to Photographing the compang's general profit and loss accounts and photographing the balance sheet Balance Sheet - Asset Side circulated Profit and loss account on the revenue side Administrative expenses statement