Which measure(s) of materiality consider(s) quantitative considerations? Planning Yes Yes No No A. B. C. D. Evaluation Yes No Yes No
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Which measure(s) of materiality consider(s) quantitative considerations? Planning Yes Yes No No A. B. C. D. Evaluation Yes No Yes No
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- Which of the following is the least acceptable measurement for a provision? a. average of a given range of values b. weighted probability of outcomes c. best reasonable estimate from an expert d. actual settlement amount known after release of financial statementsAt which step or steps in the decision-making process do qualitative considerations generally have the greatest impact?a. Specifying the criterion and identifying the alternatives. b. Developing a decision model. c. Collecting the data. d. Making a decision. e. Identifying the alternativesComparability, understandability, timeliness, and verifiability are enhancing qualitative characteristics that contribute to: Relevance Faithful Representation a. Yes No b. No No c. No Yes d. Yes Yes
- Financial information that is capable of making a difference in a decision is a) relevat b) faithfully representative c) convergent d) generally acceptedDistinguish between quantitative and qualitative factors in decision making.If an information provides feedback about previous evaluations, it is said to have: a. Relevant value b. Confirmatory value c. Futuristic value d. Predictive value
- Which of the following are characteristics that should be present in Criteria, which are benchmarks used to evaluate or measure the subject matter. I. Understandable II. Reliable III. Comparable Group of answer choices: I and II only I, II, and III I and III only II and III onlyFactors in a decision problem that cannot be expressed in numerical terms are: a. qualitative in nature. b. quantitative in nature. c. predictive in nature. d. sensitive in nature. e. uncertain in nature.An information which provides feedback about previous evaluations is regarded as having. a. Futuristic value b. Predictive value c. Confirmatory value d. Relevant value
- Identify, which of the following will be included in different types of review engagements A. Risk assessment reports B. Review of internal controls C. System reliability reports D. Value for money reviews Both D and C Both A and B Only A A , B , C and DWhich of the following is not part of the planning stage in the decision-making process? Deciding on the optimal way in which an object might be achieved Identifying ways which might contribute to the achievement of specific objectives Obtaining data about actual results. Identifying goals or objectiveWhich of the following qualitative characteristics may have to be sacrificed in order to achieve timeliness? a. Relevance b. Reliability c. Comparability d. Predictive value