What are the two fundamental qualitative characteristics identified by the Financial Accounting Standards Board’s (FASB) conceptual framework? a. Relevance and faithful representation.b. Materiality and efficiency.c. Comparability and consistency.d. Costs and benefits.

Q: 16- Which of the following is the second level in the conceptual framework of Accounting? a.…

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Q: Evaluate the strengths and weaknesses of interpretive accounting theory

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Q: Which of the following are considered secondary characteristics of accounting information? a.…

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Q: Explain the costbenefits principles and how this affects the reliability and relevance of the…

A: Relevance refers to the concept or an idea that whatever information that is provided by the…

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Q: quality of accounting standards?

A: Accounting standards determine thee accounting information must have relevance, must be reliable and…

Q: Determine the second level in the conceptual framework of accounting. a. Qualitative characteristics…

A: A conceptual framework of accounting is a system of ideas and major goal which lead to the making of…

Q: The Accounting research division of Accounting principle board (Apb) in it's research recommendation…

A: Financial statements are those statements which depicts the information related to the business over…

Q: he following is a list of qualitative characteristics of useful accounting information identified in…

A: SOLUTION-  AN INDEPENDENT BODY OR ORGANIZATION WHICH IS INVOLVED IN PREPARATION OF FINANCIAL…

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Q: What is meant by the term “qualitative characteristics of accounting information”?

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

Q: The following is a list of qualitative characteristics of useful accounting information identified…

A: An independent body or organization which is involved in the preparation of financial accounting and…

Q: (Usefulness, Objective of Financial Reporting, Qualitative Characteristics) Indicate whether the…

A:

Q: Under Qualitative Characteristics of Useful Financial Information, the ability through consensus of…

A: Faithful representation requires that transactions and events should be accounted for in a manner…

Q: Which is the first step within the hierarchy of guidance when selecting accounting policies? a.…

A: Accounting Policies - These are the fixed principles, concepts, rules, etc. which are used by a…

Q: Which of the following are considered secondary characteristics of accounting information? a.…

A: Secondary Qualitative Characteristics of accounting information is how useful the information is.…

Q: Which of the following is a qualitative characteristic of financial information included in the…

A: Qualitative characteristics are metrics or attributes that are helpful in decision making while…

Q: are the two fundamental qualities that make accounting information useful for decision making. a.…

A: solution concept Relevance means the information that are relevant for the users of the financial…

Q: Discuss the assumptions underlying accounting measurement and explain their significance.

A: Accounting can be defined as the process of measuring the monetary business transaction for the…

Q: Which of the following is most closely linked to accounting conservatism? a. Lower-of-cost-or-market…

A:

Q: What are the two of the qualitative characteristics of accounting information that contribute to its…

A:

Q: Discuss about the accounting policies, selection, relevance, reliability, faithful representation…

A: Accounting policies are specific principle procedures and measures that are used to record,…

Q: Explain how to develop financial accounting and reporting standards.

A: The financial accounting and reporting standards are created by IASB

Q: The qualitative characteristics of relevance, reliability and comparability identified in the IASB’s…

A: financial statement should have sufficient information in relation to quality and quantity so as to…

Q: What does the conceptual framework intend to establish? a. the objectives and cocepts foruse in…

A: Accounting framework defines the rules and framework which depicts the rules, standards that were…

Q: The accompanying chart shows the qualitative characteristics of useful accounting information. Fill…

A: The usefulness of Accounting Information: Accounting information is used by various entities such as…

Q: impact of measurement bases in the usefulness of accounting report.

A: Measurement bases are values used to measure particular items in the financial statements.

Q: State the accounting assumption, principle, qualitative characteristic, or constraint that is most…

A: State the accounting assumption, principal qualitive characteristic or constraint that is most…

Q: The framework identifies certain qualities that make the information presented on financial…

A: The financial statement includes: Income statement  Balance Sheet Cash flow statement Statement of…

Q: Which of the following pars of items are the two fundamental qualitative characteristics of a useful…

A: Qualitative Characteristics of financial statements are the attributes with which the investors to…

Q: Why does the IASB’s Conceptual Framework consider the relevance and faithful representation to be…

A: Accounting concepts are formulated based on assumptions, rules, guidelines, and principles etc.…

Q: In general, what is the conceptual framework that underlies accounting principles, and how  does it…

A: A conceptual framework can be defined as a system of ideas and objectives that lead to the creation…

Q: Describe briefly the following characteristics of useful accounting information.  Comparability…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: The fundamental qualitative characteristics that financial information must possess to be useful to…

A: a) An example where information is relevant but not faithfully represented - Merchandised Inventory…

Q: Which is the first step within the hierarchy of guidance when selecting accounting policies? A.…

A: Accounting policy is the rule or method which is adapted by any entity to determine the error free…

Q: The fundamental qualitative characteristics that financial information must possess to be useful to…

A: The Financial information should be provided to outside users for their benefit. So it is mandatory…

Q: What two primary qualitative characteristics make accounting information useful?   Predictive…

A: Relevance: In accounting, the term relevance means it will make a difference to a decision maker.…

Q: Identify the second level in the conceptual framework of accounting. a. Objectives b. Recognition…

A: The conceptual framework consists of ideas and objectives that helps to create consistent rules and…

Q: The fundamental qualitative characteristics that financial information must possess to be useful to…

A: Accounting principle: These are the guidelines that are to be applied while preparing accounting…

Q: for financial reporting infromation to be useful it has to possess certain qualitataive attributes.…

A: The question is based on the concept of qualitative characters of financial reporting used for…

Q: The fundamental qualitative characteristics that financial information must possess to be useful to…

A: The two fundamental qualitative characteristics that financial statement possess are as follows:…