Answered: Which of the following is NOT a…

Which of the following is NOT a characteristic of effective information? a. relevance b. accuracy c. summarization d. precision

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter2: Financial Reporting: Its Conceptual Framework

Section: Chapter Questions

Problem 29GI

See similar textbooks

Related questions

Q: What are the characteristics of good or useful information?

Q: 6. Which qualitative characteristic is an ingredient of relevance? a. Verifiability b. Timeliness c.…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: The two characteristics of the appropriateness of evidence are a. relevance and reliability. b.…

A: The management of the company is the main responsible for preparing the financial statements which…

Q: Explain what is meant by information risk, and give at least two (2) causes of this risk.

A: Information risk reflects the possibility that the information upon which the business risk decision…

Q: Discuss the differences between the attest function and assurance services.

A: Auditing is a gathering of information and evaluation of evidence as to report on the degree of…

Q: For information to be relevant, it has to possess: Only predictive value Both predictive and…

A: Relevance is a Fundamental characteristic of useful Financial information. Relevant information can…

Q: Difference Between Traceability and Controllability?

A: Following is the answer to the given question

Q: When there is agreement between a measure or description and the phenomenon it purports to…

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: A problem statement is an unstructured set of statements that describes the purpose of an effort in…

A: Introduction: A problem statement is important in a process improvement project since it helps…

Q: Which answer below is the result of this error?

A: In the given case, the journal entry is recorded incorrectly. Due to which the service revenue will…

Q: uncertainty?

A: Answer - Option D Relevance is where the information is useful and appropriate , predictive or…

Q: What is Materiality?

A: Audit is the examination conducted by the professional (auditor) on the financial statements and…

Q: Which of the following is not a characteristic of a coherent fi nancial reporting framework? B .…

A: Coherent financial reporting framework is a reporting framework which requires that a reporting…

Q: Which of the following relationships between types of analytical procedures and sources of…

Q: which of the following is not a qualitative characteristic associated with Relevance? a.…

A: Financial statements should be true and fair, for presenting true and fair financial information;…

Q: What kind of information is gathered from a valid and trusted source and can be depended upon to be…

A: Accounting information is very useful information which is being collected for the purpose of…

Q: Neutrality of information in the fi nancial statements most closely contributes to which qualitative…

A: The qualitative characteristic of the financial information refers to that attribute of the…

Q: What makes information irrelevant to decision making?

A: Irrelevant information is a part of the information collected for decision-making from various…

Q: Distinguish between AIS and MIS.

A: Accounting Information System: The system which helps to gather, store and process the accounting…

Q: the following qualitative characteristics may have to be sacrificed in order to achieve timeliness?…

Q: What is one objective of an appraisal program? a. having tho

A: What is the one Objective of an appraisal program ? a. having the employee feel more valued b.…

Q: What criterion should be used to evaluate trade-offs between information characteristics?

A: Financial accounting: It refers to the process of recording the financial transactions of the…

Q: What is meant by (a) vouching, (b) tracing, and (c) scanning? What is the difference betweenvouching…

A: Vouching: Vouching is a method by which an auditor traces the transactions to its origin. The…

Q: Which among the following is a form related attribute of good information? a. Relevance b.…

A: The attribute of good information are: Accuracy Completeness Consistency Uniqueness Timeliness

Q: Why is the reporting of segment information required? Justify your response. Why is the reporting of…

A: Segment reporting deals with in-detail segment-wise financial reporting in the financial statements…

Q: Interpretation of reported information involves each of the following except limitations of reported…

A: Reported Information are those information which is available to all for general understanding or…

Q: The following are qualitative characteristics of presentation, except O Uniformity O…

A: Uniformity- It is the quality of being homogeneous. Understandability-The information must be…

Q: What is meant by each of the following potential characteristics of information: relevant, accurate,…

Q: The fundamental qualitative characteristic of faithful representation has the components of;

A: The answer for the multiple choice question and relevant explanation are presented hereunder : The…

Q: Which qualitative characteristic is an ingredient of relevance? O understandability O materiality O…

A: Answer

Q: Which of these statements are true about information? Check all that apply. O Data that has been…

A: In the given case the following statements are true.. Data that has been processed is Information...…

Q: define the following relevance, reliability,comparability, verifiability and understandability

A: There are some qualitative characteristics which accounting information should possess while…

Q: Which of the following is not considered to be an analytical procedure?

A: Answer: Comparisons of financial statements accounts with source documents

Q: What is the difference in a data and findings?

A: Data is the combination of raw facts which is used for providing information and conclusions to the…

Q: What is a MIS report, why is it prepared?

A: MIS is Management Information System. Management information system is an integrated collection of…

Q: When information about two different entities has been prepared and presented in a similar manner,…

A: Comparability The characteristics comparability of financial statements can be achieved by following…

Q: The underlying theme of the conceptual framework is: a. decision usefulness. b. understandability.…

A: CONCEPTUAL FRAMEWORK DESCRIBE HOW THE INFORMATION SHOULD BE PRESENTED AND DISCLOSED IN FINANCIAL…

Q: Answer of the following question related to these characteristics and constraints. When there is…

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: Difference Between Traceability and Controllability? Explain briefly in points.

A: Traceability and controllability are two concepts used in cost accounting. These are the forms of…

Q: Explain Prepayment Assumptions?

A: Prepayment model : In simple words, A prepayment model is employed in banking to forecast the amount…

Q: Explain what is meant by the audit expectation gap.

A: Audit expectation gap refers to the difference between public expectation about the auditor's role…

Question

Which of the following is NOT a characteristic of effective information?
a. relevance
b. accuracy
c. summarization
d. precision

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 3 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Which among the following is a form related attribute of good information? a. Relevance b. Presentation c. Accuracy d. Brevity
Which qualitative characteristic is an ingredient of relevance? a. Verifiability b. Timeliness c. Neutrality d. Representational Faithfulness
Answer of the following question related to these characteristics and constraints. When there is agreement between a measure or description and the phenomenon it purports to represent, information possesses which characteristic?
The two characteristics of the appropriateness of evidence are a. relevance and reliability. b. relevance and timeliness. c. relevance and accuracy. d. reliability and accuracy.
Difference Between Traceability and Controllability? Explain briefly in points.
Neutrality of information in the fi nancial statements most closely contributes to which qualitative characteristic? C . Faithful representation.
The underlying theme of the conceptual framework is: a. decision usefulness. b. understandability. c. reliability. d. comparability.
What is the term used for information that should be collected from a source which can be verified, for example, the Nation News? a. Reliability b. Completeness c. Accuracy d. Bias
The fundamental qualitative characteristic of faithful representation has the components of; a- Comparability, consistency, and confirmatory value b- Predictive value and confirmatory value. c- Completeness, neutrality, and freedom from error d- Understandability, predictive value, and reliability.
Which of the following qualitative characteristics may have to be sacrificed in order to achieve timeliness? a. Relevance b. Reliability c. Comparability d. Predictive value
Which is affected by measurement inconsistency and measurement uncertainty?
What is the term given for information that should NOT be taken from one source as the collectors of the information may have collected this for a specific purpose? a. Accuracy b. REliability c. Completeness d. Bias