FIN. ACCT.-TOOLS FOR BUS.DEC.MAKING-CODE
9th Edition
ISBN: 9781119595724
Author: Kimmel
Publisher: WILEY C
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Students have asked these similar questions
The reporting of accounting theory is related to ........
Select one : a . Principles b . Regulation c . Financial Information d . Hypothesis
Subject: Financial Accounting and Reporting
What is the correct and complete answer to the following?
MULTIPLE CHOICE. Choose the best answer among the following choices.
6. The financial statements should be stated in terms of a common financial denominator.
A. Accrual
B. Going Concern
C. Time Period
D. Stable Monetary Unit
7. The principle of objectivity includes the concept of
A. Summarization
B. Verifiability
C. Classification
D. Conservatism
8. The financial accounting information is directed toward the common needs of users and is
independent of presumptions about particular needs and desires of specific users.
A. Completeness
B. Verifiability
C. Relevance
D. Neutrality
9. The attribute of relevance include ALL EXCEPT:
A. Predictive value
B. Feedback value
C. Materiality
D. Neutrality
10. The assumption that an entity will continue to operate for the foreseeable future is called
A. Accrual basis
B. Comparability
C. Going concern
D. Cash basis
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- According to Statement of Financial Accounting Concepts No. 8, to be relevant an earnings report is expected to have which of the following?arrow_forwardWhich of the following is considered a constraint on useful information by Statement of Financial Accounting Concepts No. 8? a. benefits costs b. conservatism c. timeliness d. verifiabilityarrow_forwarda.How does the Accounting cycle facilitate financial statement reporting? how are accounting managers involved in each step. please elaborate .b.what are the two determing factors influencing the choice of GAAP and IFRS financial reporting standard?arrow_forward
- 1. How does the Accounting cycle facilitate financial statement reporting? how are accounting managers involved in each step. please elaborate. 2. what are the two determing factors influencing the choice of GAAP and IFRS financial reporting standard?arrow_forwardin the conceptual framework for financial reporting what provides "the why" —the goals and purposes of accounting 1. elements of the financial statements 2. Object is a financial reporting 3. measurement and recognition concepts such as assumptions and principles 4. qualitative characteristics of accounting informationarrow_forward1.Fully describe the following financial accounting statements a. Cash flow statement b. Profit and loss statement C.balance sheetarrow_forward
- Explain the usefulness of Financial statement information to the following stakeholders: i. Financial Analyst ii. Employee iii. Debtors iv .Government Agency y s gencyarrow_forward.What is the conceptual framework of Accounting ? 2.Identify the characteristics that make financial statements useful to its users 3.What are the constraints faced in providing useful information ? 4.What assumptions are made in financial reporting ?arrow_forwardThe synonyms of financial statements are?a. Financial analysisb. Financial reportsc. Financial statisticsd. Financial managementarrow_forward
- Discuss the major approaches to accounting theory and their implications for financial reporting.arrow_forwardStatement of Financial Accounting Concepts No. 5 identifiesfour characteristics that an item must have before it is recognizedin the financial statements. What are these fourcharacteristics?arrow_forwardAnalysis relevant to the role of Accounting Theory in Financial Reporting; Issues clearly defined. Links madebetween theory and issues of the project.arrow_forward
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