What are the components of relevant information? What are the components of faithful representation?

Q: What are the characteristics of good or useful information?

A:

Q: tutes an AD

A: Introduction : An ADT can be understood as the programmer-defined type having the following…

Q: What is the objective of a transaction log?

A: Auditing is a gathering of information and evaluation of evidence as to report on the degree of…

Q: What does the process of providing this information to external users is called? Describe about it…

A: Financial Reporting System:   It refers to monitoring the financial resources of an organization as…

Q: What can be concluded from the provided picture?

A: Statement of cash flow is the one prepared by the company to determine the cash position of the…

Q: What is a user view?

A: Database Management:  Database management refers to management of databases held within an…

Q: What are the relative merits of input from source documents and direct input?

A: Definition: Direct input: The data that are directly inserted into the system from the source data…

Q: What are the objectives of application controls?

A: An application control consists of compactness and validity checks, identification, authentication,…

Q: Define the term internal users.

A: Internal users are people within a business organization who use financial information. Examples of…

Q: What is internalization?

A: Internalization: It happens when an individual directs an exchange itself, as opposed to sending it…

Q: is a “look through entity”

A: Look-Through Entity: Look-Through Entity suggests that an individual that's registered under the…

Q: Define agency problems,

A: Agency problems occur when the managers use the firm's resources to invest in projects that may not…

Q: What is a semantic data model?

A:

Q: What is information system ? Elaborate and describe the details

A: Solution- Information systems-        AN system could be a collection of interconnected elements to…

Q: Highlight concept of faithful representation and is it valid or not?

A: The concept of Faithful representation advocates that the financial statements and information…

Q: What are two objectives that enable reports to be considered useful?

A: Report: It can be defined as the document that assists the users and the management in providing…

Q: What is a proxy statement? What information does it provide?

A: Definition:   Proxy statement: Proxy statement is a statement required for seeking shareholders’…

Q: what is the purpose of the conceptual framework?

A: The conceptual framework is comprised of six Financial Accounting Concepts statements that serve as…

Q: Example where information is relevant and faithfully represented

A: Relevance is the primary characteristic of financial information which says that the information…

Q: What criterion should be used to evaluate trade-offs between information characteristics?

A: Financial accounting: It refers to the process of recording the financial transactions of the…

Q: What is involved in the posting process?

A: Posting: Posting process means posting of all transactions of business into general ledgers. Every…

Q: Who are stakeholders?

A: Stock: It refers to a security issued in a form of certificate. It implies the right of ownership of…

Q: What are the functions of the conceptual framework under IFRS?

A: International Financial Reporting Standards:   IFRS (International Financial Reporting Standards) is…

Q: What is a CMO?

A: A collateralize mortgage obligation (CMO) refers to a type of mortgage-backed security that contains…

Q: What is an object, and what are its characteristics in the object-oriented approach? Give two…

A:

Q: What is ESG reporting and why does it matter?

A: Transparency on ecological and socially responsible actions is becoming more popular. Environmental,…

Q: What are the types of external user?

A: Entity needs to prepare a financial statement for the use of internal and external decisions making.…

Q: In general, relevant information possesses which qualities?

A: Relevance is an important characteristic of accounting information. It refers to how helpful the…

Q: What is meant by each of the following potential characteristics of information: relevant, accurate,…

A:

Q: Which qualitative characteristic is an ingredient of relevance? O understandability O materiality O…

A: Answer

Q: ability of the given information to provide a meaningful and useful result.

A: Second option is wrong because objectivity means the ability of the information to be impartial.…

Q: briefly, what is the role of the clearinghouse, and is it important?

A: Clearance is very important to meet buyers with sellers and to make transactions possible between…

Q: What is feedback and how is it useful in an information system?

A: Definition: Accounting information system: The system which helps to gather, store, and process the…

Q: Which qualitative characteristic is an ingredient of relevance? a. Verifiability b. Timeliness c.…

A: As per general accounting principal, financial statements of an entity should be true and fair. In…

Q: What does stewardship mean and what is its role in an information system?

A: Definition: Accounting information system: The system which helps to gather, store, and process the…

Q: What are the three components/aspects of relevance? What are the three components/aspects of…

A: Qualitative characteristics of Accounting Information System:   Qualitative characteristics are…

Q: Why is the content of a proxy statement considered to be so important?

A: Importance of content of a proxy statement: Most of the significant actions undertaken by a company…

Q: What is the role of the data Librarian?

A: Auditing means the inspection of financial accounts of the company to determine if the records are…

Q: Answer of the following question related to these characteristics and constraints. When there is…

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: What is the purpose of the FASB’s conceptual framework?

A:

Q: What information is required in a proxy statement?

A: A proxy statement is a document containing the information the Securities and Exchange Commission…

Q: Why are the realization and matching principles important?

A: Accounting principles: These are the assumption, concepts, and guidelines necessary to prepare and…

Q: What assertions are tests for transaction classes?

A: Management assertions are the claims made by the management about the items in the financial…