Activity 1.1.1 Name two (2) types of non-reporting entities. For each type of non-reporting entity, describetheir key characteristics.Type of non-reporting entityKey characteristics1.2 What are the differences between non-reporting entities and reporting entities when it comes tofinancial reporting?1.3 What is the purpose of preparing financial statements for non-reporting entities?

1.1 Types of Non-Reporting Entities and Key CharacteristicsSmall Private Companies:These are…

Answered: Activity 1. 1.1 Name two (2) types of…

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 6MC

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What is the qualitative characteristic of financial statements according to the Framework? a. Qualitative characteristics are broad classes of financial effects of transactions and other events b. Qualitative characteristics are the attributes that make the information provided in financial statements useful to others c. Qualitative characteristics measure the extent to which an entity has complied with all relevant standards. d. Qualitative characteristics are non-quantitative aspects of an entity’s position and performance and changes in financial position.
A recognition test assists with deciding whether items should be included in the financial statements. Which characteristic of a financial statement does this refer to? O A. Reliable O B. Complete OC. Material O D. Neutral Type here to search
‏The reporting of accounting theory is related to ........ Select one : a . Principles b . Regulation c . Financial Information d . Hypothesis
a.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?
Questions ? 1. What assumptions are made in financial reporting 2. What are characteristics that make financial statements useful to its users ? 3. What are the constraints faced in providing useful information ?
Which of the following is not an objective of the conceptual framework? O a. Provides guidance for transactions not addressed in existing accounting standards O b. Enables implementation of one universal set of accounting standards O c. Enables consistency of qualitative characteristics in financial reports O d. Addresses the common needs of users of financial reports
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?
.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 ?
1.1.7 Which one of the following best helps users of the financial statements when they need to compare information on the financial statements of the same entity and/or the financial statement of different entities? A. Matching principle. B. Accrual concept. c. Consistency principle. D. Prepaid concept 1.1.8 The principle that any personal transactions undertaken by the owner of a business entity must be kept separate from that business entity is known as: A. Principle of duality. B. Entity concept. c. Consistency principle D. Accrual concept. 1.1.9 Complete the following sentence. The purpose of the statement of changes in equity is to; A. Express the financial position at a given point in time. B. Reconcile the net worth of an entity at the beginning of the year to the net worth at the end of the year. C. Measure the performance of the entity by determining the profit or loss for the period. D. Measure the ability of an entity to generate, manage and use cash efficiently.
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Q.1.1 Provide the best word/s to describe each of the statements below. In your answer book you need only write the number of the question and then the relevant word/s: Q.1.1.1 In order for financial statements to be useful to the different users, it should represent the financial performance, financial position and cash flows of the reporting entity. Q.1.1.2 Information in the financial statements is relevant when it influences the economic decisions of users by helping them evaluate past, present of future events relating to an entity and by confirming or correcting past evaluations they have made. Q.1.1.3 Users must be able to compare the financial statements of an entity over time, so that they can identify trends in its financial position and performance. Q.1.1.4 The expense incurred when trading inventory previously purchased is sold. Q.1.1.5 A = O+ L Q.1.1.6 According to this principle, the books of account should not…
Question 12 What is the objective of financial reporting? Answers: Provide information that clearly portrays nonfinancial transactions. Provide information that excludes claims to the resources. Provide information about the reporting entity that is useful to present and potential equity investors, lenders, and other creditors. Provide information that is useful to management in making decisions.

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