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Business
AccountingIntermediate Accounting: Reporting And Analysis3rd Edition

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Chapter 2, Problem 2MC
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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

Solutions

Chapter
Section
Problem 1GI
Problem 2GI
Problem 3GI
Problem 4GI
Problem 5GI
Problem 6GI
Problem 7GI
Problem 8GI
Problem 9GI
Problem 10GI
Problem 11GI
Problem 12GI
Problem 13GI
Problem 14GI
Problem 15GI
Problem 16GI
Problem 17GI
Problem 18GI
Problem 19GI
Problem 20GI
Problem 21GI
Problem 22GI
Problem 23GI
Problem 24GI
Problem 25GI
Problem 26GI
Problem 27GI
Problem 28GI
Problem 29GI
Problem 1MC
Problem 2MC
Problem 3MC
Problem 4MC
Problem 5MC
Problem 6MC
Problem 7MC
Problem 8MC
Problem 9MC
Problem 10MC
Problem 1E
Problem 2E
Problem 1C
Problem 2C
Problem 3C
Problem 4C
Problem 5C
Problem 6C
Problem 7C
Problem 8C
Problem 9C
Problem 10C
Problem 11C
Problem 12C
Problem 13C
Problem 14C
BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Which of the following is considered a constraint on useful information by Statement of Financial Accounting Concepts No. 8?

  1. a. benefits > costs
  2. b. conservatism
  3. c. timeliness
  4. d. verifiability

To determine

Identify the option that is considered to be constraint on useful information by Statement of Financial Accounting Concepts No.8

Explanation

Accounting Information:

Accounting information helps in measuring and communicating economic events in business. Accounting concepts and accounting information guides the enterprise in managing the business activities and helps in monitoring the method of invest the money and receiving money.

Justification for incorrect answer:

Option b:

Conservatism is an accounting assumption, it is as an approach used by the accountants to avoid the overstating of net assets and net income when the amounts are uncertain. Therefore, Option b is an incorrect answer.

Option c and d:

Timeliness and verifiability are one of the characteristics of the accounting information that helps in enhancing the decision useful of information that is relevant and faithful...

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Chapter 2 Solutions

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Ch-2 P-1GICh-2 P-2GICh-2 P-3GICh-2 P-4GICh-2 P-5GICh-2 P-6GICh-2 P-7GICh-2 P-8GICh-2 P-9GICh-2 P-10GI
Ch-2 P-11GICh-2 P-12GICh-2 P-13GICh-2 P-14GICh-2 P-15GICh-2 P-16GICh-2 P-17GICh-2 P-18GICh-2 P-19GICh-2 P-20GICh-2 P-21GICh-2 P-22GICh-2 P-23GICh-2 P-24GICh-2 P-25GICh-2 P-26GICh-2 P-27GICh-2 P-28GICh-2 P-29GICh-2 P-1MCCh-2 P-2MCCh-2 P-3MCCh-2 P-4MCCh-2 P-5MCCh-2 P-6MCCh-2 P-7MCCh-2 P-8MCCh-2 P-9MCCh-2 P-10MCCh-2 P-1ECh-2 P-2ECh-2 P-1CCh-2 P-2CCh-2 P-3CCh-2 P-4CCh-2 P-5CCh-2 P-6CCh-2 P-7CCh-2 P-8CCh-2 P-9CCh-2 P-10CCh-2 P-11CCh-2 P-12CCh-2 P-13CCh-2 P-14C

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