DS-CO1-2301E-PC01.FG=RC+C+CD+NC+RC+NC

Multiple choice 1. A change in measurement basis is most likely a. change in accounting policy. c. error. b. change in accounting estimate. d. any of these 2. A correction of prior period error is accounted for by a. retrospective application. b. retrospective restatement. c. prospective application. d. impracticable application. 3. Which of the following is a change in accounting estimate? a. Change from the cost model to the fair value model of measuring investment property. b. Change in business model for classifying financial assets resulting to the reclassification of a financial asset from being measured at amortized cost to fair value. c. Change in the method of recognizing revenue from long term construction contracts. d. Change in the depreciation method, useful life or residual value of an item of property, plant and equipment. 4. These result from new information or new developments. a. Changes in accounting estimates b. Changes in accounting policies C.…

Choose the right

Prospective application of recognizing the effect of a change in an accounting estimate means A. correcting the recognition, measurement and disclosure of amounts of elements of financial statements as if a prior period error had never occured B. recognizing the effect of the change in the accounting estimate in the current and future periods affected by the change C. applying a new accounting policy to transactions other events and conditions as if the policy had always been applied D. Any of the choices

Pls help ASAP

The preliminary judgement about materiality is the ______________ amount by which the auditor believes the statements could be misstated and still not affect the economic decisions of users. The missing word in this sentence is:   a. Average b. Minimum c. Maximum d. Median

answer

ANSWER THIS PROBLEM

Which of the following services provides the lowest level of assurance on a financial statement Select one: a. Neither service provides assurance on financial statements b. review c. Each service provides the same level of assurance on financial statements d. audit

Qualitative Characteristics The following is a list of qualitativecharacteristics of useful accounting information identified in the FASB'sand the IASB's Statement of Financial Accounting Concepts No. 8 andstatements describing the qualities. A. ComparabilityB. Decision usefulnessC. RelevanceD. Faithful representation E. Predictive valueF. Confirmatory valueG. VerifiabilityH. NeutralityI. Free from error J. ConsistencyK. MaterialityL. TimelinessM. UnderstandabilityN. Completeness _ _ _ _ _ _1. Different knowledgeable and independent observers conreach consensus that a particular representation is faithful_ _ _ _ _ _2. Making information available to decision makers before itloses its capacity to influence decisions._ _ _ _ _ _3. Capacity to make a difference in a decision, enabling users to predict future outcomes and/or confirm prior expectations._ _ _ _ _ _4. Overall objective of financial information. _ _ _ _ _ _ 5. Absence of bias intended to influence financial statementusers'…

Financial reports of the lowest level of quality refl ect:A . fi ctitious events.B . biased accounting choices.C . accounting that is non-compliant with GAAP.

Which of the following approaches is used to determine the recognition of an impairment loss of financial assets? Select the best answer. a. O An approach that reflects the losses expected over the contractual life of the asset b. A loan is impaired if it is more likely than not that a creditor will be unable to collect all amounts due. c. A dual-measurement expected credit loss approach that is based on a financial asset's credit risk at inception and changes in credit risk from inception, as well as the applicability of certain practical expedients d. O Present value of contractual cash flows approach

Match the statements below with the accounting assumption, characteristic, or principle to which the statement relates. Assumptions/characteristics/principles may be used once, more than once, or not at all. Recorded when the performance obligation is satisfied. a. Revenue recognition principle V The reason for recording accruals and deferrals in adjusting entries. b. Matching principle Valuing assets at amounts originally paid for them. C. Historical cost principle Entity assumed to have a long life d. Going concern assumption Description of significant accounting policies and unusual events. e. Full disclosure principle v Information has predictive and confirmatory value. T. Relevance characteristic 8. Consistency characteristic

can you please explain this and provide an example its for homework I am struggling

6. Application of the full disclosure principle a. Is theoretically desirable but not practical. b. Is violated when important financial information je buried in the notes to financial statements. c. Is demonstrated by the use of supplementary information presenting the effects of changing prices.. d. Requires that the financial statements should be consistent and comparable. 7. Accounting policies disclosed in the notes to financial statements typically include all of the following, except a. The cost flow assumption b. The depreciation method c. Significant estimates d. Significant inventory purchasing policies 8. Significant accounting policies may not be a. Selected on the basis of judgment. b. Selected from existing acceptable alternatives. c. Unusual ór innovative in application. d. Omitted from financial statement disclosure. 9. An inventory accounting policy that should be disclosed in a summary of significant accounting policies is a. Composition of inventory into raw…

Using practical example discuss why current asset is not seen not part of the income statement b) Discuss with practical example how the absence double entry principle will significantly affect the preparation of trial balance c) Discuss using practical example to show the importance of a trial balance to the preparation of income statement Discuss with figures how you will detect errors if the trial balance does not agrees

Please answer numbers 1-10.

please answer correct with proper explanation

Accounting information is considered to be relevant when it:   Question 16 options:   is verifiable and neutral.   is understandable by reasonably informed users of accounting information.   is capable of making a difference in a decision by the user.   is received soon after events and transactions have occurred.     Net income represents:   Question 17 options:   revenues and gains less expenses and losses from continuing and discontinued operations.   net income plus/minus other comprehensive income.   revenues and gains less expenses and losses from continuing operations.   ongoing revenues and expenses before gains, losses, and discontinued operations.