ACCT 370 Discussion 1

What are the latest trends and developments in the field of accounting and finance, and how can organizations leverage them to improve financial management practices? Provide examples to support your answer

Identify the following statements and match it with the one of the qualitative characteristics of financial statement. Submitted Answers Prompts Choose a match The information provided to user to determine the company's growth or future potential Neutrality The financial Statements most be produced within a certain period that users can take advantage of information to make Predictive Value informative decision. Financial Statement is complete, neutral and free of material O Faithful represented statement, it means that it is.. Timeliness The information provided in the financial statement should not be biased to specific group of users.

The underlying purpose of the conceptual framework for financial reporting includes which of the following? I. increase financial statement users' understanding of and confidence in financial reporting. II. enhance comparability amohg companies' financial statements. II. allow new and emerging practical problems to be more quickly solved. Il only a. O b. I, Il and II Oc. I and II only O d. Ionly

Which statement is correct:   Select one: a. Management accounting’s focus and emphasis is on past-oriented reports. b. The purpose of financial information in management accounting is to communicate organization's financial position to investors, banks, regulators, and suppliers. c. All statements are correct. d. Management accounting focuses on measuring, analyzing, and reporting financial and nonfinancial information to help managers estimate future revenue, costs, and other measures to forecast activities and formulate strategies to increase the competitive advantage of the organization. e.   In management accounting, rules of measurement reporting require financial statements, e.g. prepared for the budgeting purpose, to be prepared in accordance of GaAAP.

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PROBLEM Below is a list of the qualitative characteristics identified in FASB Statement of Financial Accounting Concepts No. 2. Following the list is a series of descriptive phrases. a. feedback value b. relevance c. decision usefulness d. reliability e. comparability f. predictive value g. varifiability h. consistency i. representational faithfulness j. timeliness k. neutrality _____ 1. When information can make a difference in a decision. _____ 2. Making information available when it is needed. _____ 3. When accounting policies and procedures are unchanged from period ro period. _____ 4. When information is verifiable and neutral. _____ 5. Occurs when the measurement results can be duplicated. _____ 6. The overall qualitative characteristics accounting information should possess. _____ 7. When information enables decision makers to confirm prior expectations. _____ 8. When accounting information is reported the same way by different companies.  Required: Match each characteristic…

According to Conceptual Framework, what is the primary objective of financial reporting?   Select one: Provide information about those investing in the entity Provide information that is useful to management Provide information that is useful to those making investing and credit decisions All of these answer choices are correct

he underlying purpose of the conceptual framework for financial reporting includes which of the following? I. increase financial statement users' understanding of and confidence in financial reporting. II. enhance comparability amohg companies' financial statements. II. allow new and emerging practical problems to be more quickly solved. O a. Il only O b. I, Il and III Oc. I and Il only O d. I only

Questions ? 1. What assumptions are made in financial reporting  2. What are characteristics  that  make financial statements useful to its users ? 3. What are the constraints faced in providing useful information ?

Analysis relevant to the role of Accounting Theory in Financial Reporting; Issues clearly defined. Links madebetween theory and issues of the project.

Discuss the descriptive approach in financial accounting theory. What are the limitations of this approach? “Decision-usefulness approach focuses on the relevance of information being communicated.” Explain this statement.

Explain the usefulness of Financial statement information to the following stakeholders:   i. Financial Analyst ii. Employee iii. Debtors  iv .Government Agency y  s gency

The Conceptual Framework for Financial Reporting addresses fundamental issues including Group of answer choices The objective of financial reporting All of these Characteristics that make financial information useful Definition, recognition, derecognition, measurement, presentation and disclosure of the elements of financial statements

Conceptual Framework:

An enhancing qualitative characteristics of financial accounting information is that: Information must be decision-useful to all potential users of financial reporting. General-purpose financial reporting is the primary source of information for users. Users need reasonable knowledge of business and financial accounting matters to understand the information contained in the financial statements. All of the choices are correct.

PROBLEM Below is a list of the qualitative characteristics identified in FASB Statement of Financial Accounting Concepts No. 2. Following the list is a series of descriptive phrases. a. feedback value b. relevance c. decision usefulness d. reliability e. comparability f. predictive value g. varifiability h. consistency i. representational faithfulness j. timeliness k. neutrality _____ 4. When information is verifiable and neutral. _____ 5. Occurs when the measurement results can be duplicated. _____ 6. The overall qualitative characteristics accounting information should possess. _____ 7. When information enables decision makers to confirm prior expectations. _____ 8. When accounting information is reported the same way by different companies.  Required: Match each characteristic with the appropiate phrase.

Disclosure notes are an integral part of the information provided in financial statements. In what ways are thenotes critical to understanding the financial statements and to evaluating the firm’s performance and financialhealth?

Answer it precisely and clear format

The qualitative characteristics of relevance, reliability and comparability identified in the IASB’s Framework for the preparation and presentation of financial statements (Framework) are some of the attributes that make financial information useful to the various users of financial statements.Required:Explain what is meant by relevance, reliability and comparability and how they make financial information useful.

Explain the key functions of financial intermediaries and further discuss the main issues they address in the financial market. Use academic references or practical examples to discuss.

Discuss the four basic Assumptions that underline the financial Accounting Structures with example.          b) Match the qualitative characteristics below with the following statements. I. Relevance VI. Comparability II.Faithful representation VII.Completeness III. Predictive value VIII.Neutrality IV.Confirmatory value IX.Timeliness V. Free from error X. Understandability (i) Quality of information that permits users to identify similarities in and differences between two sets of economic phenomena. (ii) Having information available to users before it loses its capacity to influence decisions. (iii) Information about an economic phenomenon that has value as an input to the processes used by capital providers to form their own expectations about the future.

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

Important components of the financial environment and a developed financial system include: a. Investment and financial management b. Financial markets and bond markets c. Security markets and financial institution d. Financial institution & markets, investment, and financial management Please provide me the correct answer and don't reject this question as I need a help on this important question. &&&&&&&&&&&&#$$$$$$$$$$$$$$$$$$$$$

How do you distinguish between Financial Reporting for GAAP, and full Disclosure. What is Management Discussion and Analysis. Access a public company annual report and analyze its MD&A section and how it helps the investors in their decision making process.

Discuss five ways in which financial professionals can significantly impact the financial statements of an organization by the use of estimates, assumptions, alternative valuation methods and other accepted accounting practices.

Explain what you understand by the following framework in relation to Financial Reporting process: Integrated Reporting framework. Sustainability Reporting and Corporate. Social Responsibility Report.