Making notes atements to explain the justification of valuation changes and other financial decisions would be an example of: O A. consistency. OB. prudence. OC. full disclosure. O D. materiality. ...
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- A recognition test assists with deciding whether items should be included in the financial statements. Which characteristic of a financial statement does this refer to? O A. Reliable O B. Complete OC. Material O D. Neutral Type here to searchThe relevance of providing information in financial statements is subject to the constraint of a.Faithful representation b.Cost-benefit c.Comparability d.ReliabilityWhich of the following sets includes only accounting assumptions and conventions? a. timeliness, prudence, historical cost, and neutrality b. matching, comparability, period of timem and reliability c. monetary unit, going concern, relevance, and materiality d. monetary unit, entity, going concern, and realization-recognition
- 3. Financial information that is capable of making a difference in a decision is a. faithfully representative. b. relevant. c. convergent. d. generally accepted.Which comes the EARLIEST in valuation procedures? a. Determine the premise of value b. Analyze the company's financial information c. Gather information about the company's assets d. Understand the client's use of the valuationThe statement of financial position Select one: a. Makes very limited use of judgments and estimates. b. Uses fair value for most assets and liabilities. C. All of the choices are correct regarding the statement of financial position. d. Omits many items that are of financial value.
- Under Qualitative Characteristics of Useful Financial Information, which ofthe following is a qualitative characteristic associated with faithfulrepresentation:a. Completenessb. Free from errorc. Neutralityd. All the above2. Explain the following concept used in the preparation of financial statement i. Relevance ii. Reliability iii. Faithfull representation iv. Neutrality v. Completeness vi. ComparabilityWhich of the following best describes what we mean when we refer to the quality of financial statements? O A. Showing only revenue from product sells. B. Presenting all relevant information in a fair and complete manner. O C. Listing all assets in alphabetical order. OD. All of the above.
- The following question pertain to the financial statement assertions enumerated below: T- Existence or Occurrence Il - Completeness III - Cut-off IV - Valuation and Allocation V- Accuracy VI - Rights and Obligations VII – Presentation and Disclosure and ClassificationWhat is meant by comparability when discussing Qualitative Characteristicsof Useful Financial Information:a. Information has predictive or confirmatory value.b. Information is reasonably free from error.c. Information that is measured and reported in a similar fashion acrosscompanies.d. Information is timely.What is not a financial statement assertion are:a. Accuracyb. Completenessc. Presentation and disclosured. Occurrence