Which of the following is not considered as external users of general purpose financial stateme a. Government b. Lenders Rank and file employees of the company d. Investors This fundamental characteristic requires a piece of information to be complete, neutral, and fre material error Faithful representation b. Relevance c. Verifiability d. Comparability Which of the following is not an enhancing characteristic a. Verifiability b. Comparability c. Understandability d. Relevance

Which of the following is not considered as external users of general purpose financial stateme a. Government b. Lenders Rank and file employees of the company d. Investors This fundamental characteristic requires a piece of information to be complete, neutral, and fre material error Faithful representation b. Relevance c. Verifiability d. Comparability Which of the following is not an enhancing characteristic a. Verifiability b. Comparability c. Understandability d. Relevance

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter5: Professional Auditing Standards And The Audit Opinion Formulation Process

Section: Chapter Questions

Problem 34MCQ: Which management assertion addresses whether the components of the financial statements arc properly...

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Which management assertion addresses whether the components of the financial statements arc properly classified, described, and disclosed? a. Completeness. b. Existence. c. Rights and obligations. d. Presentation and disclosure. c. None of the above address whether the components of the financial statements arc properly classified, described, and disclosed.
Which is a correct statement below? A. An example of an obscured material information is the information is scattered throughout the financial statements.B. Potential investors are not considered as primary users of financial information.C. An information is immaterial if it will affect the decision of the primary users of the financial statements.D. Going concern assumption means that the accounting entity is viewed as continuing in operation definitely.
Financial statements should be based on accounting principles alone and not serve the interests of any particular user group. Which characteristic of a good financial statement does this refer to? A. Reliability B. Relevant C. Comparable D. Neutral
Which of the given options, is a limitation of financial reporting? (choose one answer only) a. financial reports can only provided all information needed by its primary users not other users b. financial reports are based on estimates and judgments rather that exact depiction c. financial reports can only provide information to help primary users estimate the value of the entity d. all of these are limitations of financial reporting
The performance of an attestation engagement on prospective financial information does not require which of the following?a. If the basis of the prospective financial information is different from the financial statements, a reconciliation of the two must be provided.b. Management must disclose all significant assumptions used in generating the prospective financial information.c. Management must disclose significant accounting policies and procedures used in generating the prospective financial information.d. Management must disclose the probability of obtaining the results included in the prospective financial information.
Something is deemed to be 'material' if its omission, non-disclosure or misstatement is likely to affect economic decisions or other evaluations made by users entitled to rely on the financial statements. Select one alternative: True False
Which of the following statements is consistent with the principle of control as defined by IFRS 10 Consolidated Financial Statements? a. The investor must be exposed to a return from the investee. b. The investor has the ability to use its power over the investee to affect the amount of the returns from the investee. c. An investor yet to direct the relevant activities of an investee has no power over the investee. d. An investor cannot have control over an investee if another investor has existing rights to participate in the direction of the relevant activities.
do not copy What are financial statements and explain different types of users of finanacial statement including their interests?
do not copy from bartleby What are financial statements and explain different types of users of finanacial statement including their interests?
The fundamental qualitative characteristics that financial information must possess to be useful to theprimary users of general purpose financial reports—identified in the Conceptual Framework are‘relevance’ and ‘faithful representation’.Required:a) Provide one example where information is relevant but not faithfully represented. b) Provide one example where information is not relevant but is faithfully represented. c) Provide one example where information is relevant and faithfully represented. please expalin in your own words.
do not copy from chegg What are financial statements and explain different types of users of finanacial statement including their interests?
Which is correct about financial information? a. Financial information’s purpose is only to comply with needs external users such as the government, investors and external stakeholders. b. Financial information can be used for forecasting and budgeting. c. Financial information deviates from the actual thus it justifies erroneous management decisions. d. Financial information is used by line managers to evaluate performance of staff positions. e. b & d f. All of the above g. None of the above