Financial accounting information is characterized by all ofthe following except:a. It is historical in nature.b. It sometimes results from inexact and approximatemeasures.c. It is factual, so it does not require judgment to prepare.d. It is enhanced by management’s explanation.

Q: Financial accounting is one of the branches of accounting specialized in recording, classifying,…

A: Financial accounting is used to prepare financial statement which helps in calculating Revenue…

Q: Which one of the following statements is not correct regarding financial accounting and management…

A: Financial Accounting - This is a branch of accounting under which business transactions are recorded…

Q: Changes in accounting policies are always accounted for as prospective in application. TRUE or…

A: Accounting policies means rules, guidelines and procedures that are used for the preparation of…

Q: directed towards future and present, b) follows standards and norms, c) helps managers in decision…

A: Financial statements comprises of the following: Balance Sheet  Income statement  Statement of Cash…

Q: Which one of the following statements is not correct regarding financial accounting and management…

A: Financial accounting is the process of recording all the financial transactions into the books in…

Q: If the accounting information is not clearly presented, which of the qualitative characteristic of…

A: Introduction Information in the books of accounts need some qualities, which are to be fulfilled in…

Q: Which of the following is not an objective of the conceptual framework? O a. Provides guidance for…

A: A conceptual framework is a lucid arrangement of interrelated goals and fundamentals that can prompt…

Q: Accounting is categorized as a supporting process in managing operations of any organization O a.…

A: There are three processes in managing the operation of any organization Upper Management process…

Q: accounting cycle is the preparation of the financial

A: Financial statements: Financial statements are a collection of statements that convey to interested…

Q: 1) Management accounting is required to follow generally accepted accounting principles. Select…

A: Managerial accounting is an accounting system under which managers make decisions on the basis of…

Q: Indicate whether the following statements about the conceptual framework are true or false. If…

A: a. False Explanation: It is relevance and faithful representation. b. False Explanation: Relevant…

Q: An accountant need not assess compliance with independence rules duringa. An examination of…

A:

Q: Which of the following is not an advantage of accounting standards? Select one:   a. All of the…

A: Accounting standards are designed for thr purposes of standardisation of accoutning and reporting…

Q: What is an externality, and why do financial accounting practices typically ignore externalities?

A: Externality is the benefit or the cost caused through the producer that is not incurred financially…

Q: “Management accounting should not fit the straitjacket of financial accounting.” Explain and givean…

A: Financial accounting is concerned primarily with the financial data related to an organization…

Q: Which one of the following characteristics of accounting information is related to Objectivity? a.…

A: Accounting information means that relevant accounting and financial information that is useful for…

Q: State whether the following statement is true or false. "Accounting relies on inexact or approximate…

A: Financial Statements are the outcomes of accounting concepts and conventions combined with…

Q: One major difference between financial and management accounting is that A. financial accounting…

A: Financial accounting includes preparation and presentation of financial statements primarily to…

Q: Verifiability of financial accounting information is synonymous with: a.) faithful representation…

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: A financial statement user can not gain a complete understanding of the financial statements…

A: A Financial Statement is the Statement which company prepares to show their business activities and…

Q: If accounting information is timely, and has predictive as well as feedback value, then it is…

A: The accounting information is the data that is used by various stakeholders in order to make…

Q: The area of the accounting profession that deals with providing information to meet the needs of the…

A: Introduction:- Basic definitions as follows under:- i) Financial accounting provides information to…

Q: Choose the answer which is not true about the conceptual framework for financial reporting. a. the…

A: The conceptual framework for financial reporting is a theory that that provides the basic reasonings…

Q: All of the following is not correct about financial Accounting except: a. None of the given…

A: Financial accounting is the method of systematically tracking business transactions in the…

Q: Financial accounting is concerned with data gathering and compliance with established accounting…

A: Financial management and financial accounting are co related to each other.

Q: True or false: Studying the relationship of financial information with another information, whether…

A: The question is related to Auditing and is of Analytical procedure. It is the evaluation of…

Q: Accounting information provides useful information about business transactions and events. Those who…

A: SOLUTION- UNDERSTANDABILITY IS THE CONCEPT OF FINANCIAL INFORMATION SHOULD BE PRESENTED SO THAT A…

Q: True / False Determine whether each sentence is True or False: Financial accounting reports are…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: The performance of an attestation engagement on prospective financial information does not require…

A: Definition:

Q: When preparing financial statement, accountants or auditors will determine an amount which is not…

A: It is practically not possible for an auditor to audit all the transactions in an accounting system.…

Q: Qualitative characteristics of accounting information - Relevance - Reliability - Comparability…

A: The qualitative characteristics of accounting information is useful for decision and reporting…

Q: What are the two situations when management should not prepare financial statements using the going…

A: A going concern basis is a principle under which it is assumed that the company will continue its…

Q: Which of the following is not one of the basic concepts of accounting? A) RESPONSIBILITY B)…

A: Accounting:- It can be defined by recording the transactions in a systematic order and should be…

Q: Describe the accounting concepts and principals and explain what are the two most important concepts…

A: According to the "going concern" principle, you should proceed on the assumption that your company…

Q: Financial accounting data prepared in accordance with GAAP. But management accounting don’t follow…

A: The answer for the theory question on Financial Accounting vs Management Accounting is presented…

Q: How does the concept of consistency aid in the analysis of financial statements? Why type of…

A: General accepted accounting principles means those set of standards which is followed while…

Q: An accounting information system should be designed to provide information that is useful. To be…

A: The accounting is a process to identify and record day to day transactions of the business and…

Q: Technical analysts feel that financial accounting statements lack information, or report it in a way…

A: Technical analysis is a method to analyse the price movement of stocks and other securities for…

Q: The major objective of financial reporting is to provide information that is useful to management in…

A: Financial reporting consists of: Financial statements  Annual report Prospects issued to the…

Q: Why does the Accounting system used for financial statement preparation not always provide the…

A: Management needs detailed information for making a decision. Many times accounting systems do not…

Q: Discuss the types of errors in financial accounting and explain why some errors need to go through…

A: Accounting errors are the events which occur unintentionally and not for misleading the information…

Q: Consider the following short descriptions. Indicate whether each description more closely relates to…

A: Managerial  accounting is refers internal Financial process of entity. Financial accounting  refers…