When there is agreement between a measure or description and the phenomenon it purports to represent,information possesses which characteristic?

Q: What analytical procedures might be informative regarding the existence assertion?

A: The existence of assertion is the assertion that liabilities, assets and shareholders equity…

Q: Difference Between Traceability and Controllability?

A: Following is the answer to the given question

Q: what does measurement focus mean?

A: Accounting: It is the process of recording, classifying, summarizing all transactions of a business…

Q: Define what is meant by a tick mark. What is its purpose?

A:

Q: What is the IPSASB and reason(s) it was established?

A: IPSASB : INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS BOARD (IPSASB). It plays a significant…

Q: What is meant by cardinality in entity relationship diagrams?

A: An entity relationship diagram is a representation of all the resources that are associated with the…

Q: When is nonfinancial information relevant?

A: Non-Financial information: Non- Financial decisions are qualitative in nature and do not include…

Q: Explain in detail, using examples where possible, the difference between hedging, speculation

A: In the world of finance and investments hedging and speculation are important concepts. Many…

Q: What is the purpose of physical contols

A: Physical controls are basically to safeguard the assets of the entity which are highly valuable. It…

Q: uncertainty?

A: Answer - Option D Relevance is where the information is useful and appropriate , predictive or…

Q: What is a statement of circumstances?

A: The external auditor is expected to lodge a statement of circumstances at the company's registered…

Q: is a “look through entity”

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

Q: What is the distinction between comparability and consistency?

A: Comparability means to make comparison between or among the companies according to their status…

Q: What is an estoppel? Why is it used?

A: Estoppel is the legal principle which is helpful for any future contradiction. It means that…

Q: Neutrality of information in the fi nancial statements most closely contributes to which qualitative…

A: The qualitative characteristic of the financial information refers to that attribute of the…

Q: explain the specific identification approach

A: Introduction:   Inventory valuation is an accounting practice used by businesses to determine the…

Q: Can two different entities have the same defining attributes? Explain.

A: Entity in the context of database management implies anything regarding which data is required to be…

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: Explain the status and purpose of the Conceptual Framework.

A: Solution The purpose of conceptual framework for financial reporting is to assist the IASB in the…

Q: What are the characteristics of a confirmation? Distinguish betweena confirmation and external…

A: Auditing: The process of critical examination and evaluation of the accounting information recorded…

Q: Which among the following is a form related attribute of good information? a. Relevance b.…

A: The attribute of good information are: Accuracy Completeness Consistency Uniqueness Timeliness

Q: Which of the following are substantive tests?

A: For identifying whether the following are substantive tests or not we need to first identify what is…

Q: Distinguish between association and cardinality.

A: Definition: Database management: Database management refers to the management of databases held…

Q: What is meant by a unit of comparison? Why is it important?

A: Fixed assets:   These are the types of assets owned by the business that is expected to provide an…

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 ESG reporting and why does it matter?

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

Q: What does it mean for a source to be objective?

A: Objective means anything which is free from emotions, personal prejudices or bias.

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: Which of the following is related to science systems of maintaining account?

A: a) Single Entry System: A single entry system of accounting is a method of maintaining book keeping…

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: Name the assumption relates to the qualitative characteristic of timeliness? Explain it.

A:

Q: When information about two different entities has been prepared and presented in a similar manner,…

A: Comparability The characteristics comparability of financial statements can be achieved by following…

Q: Which of the following is NOT a characteristic of effective information? a. relevance b. accuracy c.…

A:

Q: What are the different comparison standards that can be used by the entities?

A: Net profit analysis .. Significant ratios and trends with the competitor and previous year…

Q: Why are the realization and matching principles important? Only the importance

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

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

A:

Q: tiveness to knowledge? Also mention empirical evidence.

A: Inventiveness : The ability to create something new or to innovate and imagine is called…

Q: Explain the Abstract and Opinion Method?

A: Abstract and Opinion method is an approach of assuring of property’s title. Abstract and Opinion…

Q: Why are the realization and matching principles important?

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