Factors involved in communicating useful information is are: Multiple Choice Process by which the information is analyzed Purpose for which the information will be used Attributes of the users All of these answers are correct.

Factors involved in communicating useful information is are: Multiple Choice Process by which the information is analyzed Purpose for which the information will be used Attributes of the users All of these answers are correct.

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter3: Internal Control Over Financial Reporting: Responsibilities Of Management And The External Auditor

Section: Chapter Questions

Problem 22CYBK

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Concept explainers

Computerized Accounting System

The Computerized Accounting System is generally a system of maintaining accounts using computers. In this method of accounting system, the accounting transactions are processed through the use of hardware and software to generate the reports such as journals, ledgers, trial balance, trading account, P/L accounts, balance and other reports.

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Factors involved in communicating useful
information is are: Multiple Choice Process by
which the information is analyzed Purpose for
which the information will be used Attributes of
the users All of these answers are correct.

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. Decision makers vary widely in the types of decisions they make, the methods of decision making they employ, the information they already possess or can obtain from other sources, and their ability to process information. Consequently, for information to be useful there must be a linkage between these users and the decisions they make. This link is: a. relevance. b. reliability. c. understandability. d. materiality.
Information that has the ability to make a difference in the decision-making process is known to possess this quality? relevance verifiability understandability faithful representation
(c). Explain qualities (or characteristics) that users expect information that they produce to have, so as to be considered useful for decision-making; and give practical examples to illustrate your answer.
“Decision-usefulness approach focuses on the relevance of information being communicated.” Explain this statement.
For each of the following pairs of information characteristics, give an example of a situation in which one of the characteristics may be sacrificed in return for a gain in the other. Relevance and faithful representation. Relevance and consistency. Comparability and consistency. Relevance and understandability.
Select the best answer for each of the follwing items and give reasons for your choice. a. Which of the following best describes the relationship between assurance services and attest services? (1) While attest services involved financial data, assurance services involve nonfinancial data (2) While attest services require objectivity, assurance services do not require objectivity (3) All attest services require independence. (4) Attest and assurance services are different terms referring to the same types of services
Please study and complete the following table by stating whether the characteristics of the information supporting these decision-making types: (a) are ill-defined or well-defined; (b) use internal or external information; (c) use internal or external information sources; (d) use future-oriented or historical information; (e) are frequent or infrequent; (f) use more or less accurate information. In the final column of the table, please provide one (1) example for each type of decision-making that illustrates and confirms your assessment of the information characteristics for each decision type.
This enhancing characteristic requires that users be well-informed and diligent for information to be useful a. relevance b. reliability c. understandability d. comparability
Which among the following is a form related attribute of good information? a. Relevance b. Presentation c. Accuracy d. Brevity
Comparing relevance and reliability, which information quality is most important? Support your answer with examples. Discuss fully.
Operations research Please provide clear image and solution, interpretation. Thank you
Explain why there is a trade-off between information accuracy and information timeliness. Give an example to support your answer.