Which of the following statement best explains the need for a regulatory framework? A regulatory framework is required Select one: а. To encourage a variety of accounting presentation of transactions to emerge b. To enable accounting standards to develop in a more coherent fashion С. To ease the task of developing and implementing standards d. To enhance relevance and reliability of financial information in order to meet the information needs of the users

Which of the following statement best explains the need for a regulatory framework? A regulatory framework is required Select one: а. To encourage a variety of accounting presentation of transactions to emerge b. To enable accounting standards to develop in a more coherent fashion С. To ease the task of developing and implementing standards d. To enhance relevance and reliability of financial information in order to meet the information needs of the users

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter1: Accounting As A Tool For Managers

Section: Chapter Questions

Problem 10MC: Which of the following statements is incorrect? The practice of management accounting is fairly...

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Which of the following statements is incorrect? The practice of management accounting is fairly flexible. The information gathered from management accounting is not required by law. Management accounting focuses mainly on the internal user. Reports produced using management accounting must follow GAAP.
Indicate whether each statement describes financial accounting or managerial accounting. The information is directed at external users who are making decisions pertaining to investing, extending credit, and other decisions. The principal users are the organizations managers. The key focus is on the entity as a whole. The rules and principles are very flexible. The information gathered is usually available after an independent audit has been completed.
Which of the following is the first step within hierarchy of guidance to which management refers, and whose applicability at considers, when selecting accounting policies? A. Apply the requirements in PFRS dealing with similar and related issues B. Apply a standard from PFRS if it specifically relates to the transaction, event, or condition C. Consider the applicability of the definitions, recognition criteria, and measurement concepts in the Conceptual Framework D. Consider the most recent pronouncements of other standard-setting bodies to the extent they do not conflict with PFRS or the Conceptual Framework?
Which of the following disclosures regarding new accounting standards provides the most meaningful information to an analyst? C . Management is still evaluating the impact.
“A key component of the Accounting Conceptual Framework (ACF) is the qualitative characteristics of useful financial information that includes relevance, faithful representation, and other enhancing qualities for identifying and disclosing financial information.” Requirements: By reviewing IFRS 15 and/or IFRS 16, critically evaluate how accounting regulators and practitioners reflect the qualitative characteristics in practice. Your analysis may also highlight any advantages and challenges in respect of applying the qualitative characteristics in any context(s). Your answer must clearly mention the IFRS(s) chosen and support your critical evaluation by drawing on evidence and arguments from credible, verifiable, and accessible sources e.g., peer-reviewed academic journals, professional publication, books etc.