Most of the accounting research begins with the researchet by a. Testing of hypothesis Ob. Developing theory O c Making observation O d. Background research
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- ACCOUNTING PROCESS Match the following steps of the accounting process with their definitions. Analyzinga. Telling the results Recordingb. Looking at events that have taken place and thinking about how they affect the business Classifying Summarizingc. Deciding the importance of the various reports Reportingd. Aggregating many similar events to provide information that is easy to understand Interpretinge. Sorting and grouping like items together f. Entering financial information into the accounting systemList the three basic questions that must be answered when analyzing the effects of a business transaction on the accounting equation.The metrics based on financial numbers produced by the accounting system are ________. A. quantitative factors B. qualitative factors C. stakeholders D. stockholders
- Indicate whether each statement describes financial accounting or managerial accounting. The information is directed at external users who are making decisions pertaining to investing, extending credit, and other decisions. The principal users are the organizations managers. The key focus is on the entity as a whole. The rules and principles are very flexible. The information gathered is usually available after an independent audit has been completed.Companies need to report both monetary and nonmonetary data and information. A. Define these two terms and provide examples of each. B. Discuss what sources are available that provide companies with both types of data and information.To understand and use accounting information in makingeconomic decisions, you must understand: a. The nature of economic activities that accounting infor-mation describes. b. The assumptions and measurement techniques involvedin developing accounting information.c. Which information is relevant for a particular type ofdecision that is being made.d. All of the above.
- 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…The basic function of financial accounting is to Select one: a. Interpret financial data b. Record all business transactions c. No correct answer d. Assist the management in performing functions effectively Accounting is also defined as an "Information System" because? Select one: a. The function of accounting is to provide quantitative information, primarily financial in nature about economic entities. b. All of the answers are correct c. Accounting provides required information for anyone seeking it d. It is a system which provide information Public accounting, as a sub-discipline of accounting, includes: Select one: a. Internal auditing b. Management accounting c. Management advisory services d. Cost accountingChapter 3 of the text focuses on The Accounting Framework, which includes a discussion of the qualitative characteristics of financial information. While much of this discussion is beyond what a student taking an introductory course really needs to be concerned with, there are a few considerations that all business students should have a basic understanding; Discuss a scenerio where Cost vs. Benefit, Materiality or Prudence would be considered. Your example should focus on one of the three characteristics.
- The collection and observation of accounting data was related to ........ Select one : a . Scientific method b . Deductive approach c . Inductive approach d . Pragmatic approachWhich of the following statements is not true? a. Management accounting practices are laid down by Accounting Standards Board (ASB) b. Management accounting is future oriented c. Management accounting information is primarily prepared for internal use d. Management accounting provides quantitative as well as qualitative informationFor which type of learning outcomes would be the essay test be least useful?A. Understanding of accounting principlesB. Thinking skillsC. Organization of ideasD. Knowledge of factsE. Application of accounting principles