Right answer please Assignment: [Financial Accounting]What distinguishes forward-looking information from currentfinancial data? [2 points]a) It requires disclosure of assumptions and uncertaintiesb) It never needs to be disclosedc) It only includes past eventsd) It must be audited quarterly

Explanation of Forward-Looking Information: Forward-looking information refers to any data,…

Answered: Assignment: [Financial Accounting] What…

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 5MC

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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
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
A change in accounting policy requires what kind of adjustment to thefinancial statements? A. Current period adjustmentB. Prospective adjustmentC. Retrospective adjustmentD. Current and prospective adjustment
1. This deals with the determination of the fairness of the accountin reports and whther they are in accordance with the generally accepted accounting principles a. management accountingb. cost accounting.c. financial accountingd. auditing 2. which of the following journal entries can be eleminated?a. correcting entryb adjusting entryc. opening entryd. closing entry
The change in accounting estimate should be treated currently and prospectively. True or false
Using IFRS, how should prior period errors that are discovered in a subsequent reporting period be recognized in the financial statements? a. As an adjustment to beginning retained earnings for the reporting period in which the error was discovered. b. As a note in the financial statements that the error was previously made but has since been corrected. c. In the current period if it’s not considered practicable to report it retrospectively. d. In the statement of comprehensive income.
What are interim financial statements? Do accounts thatappear in a company’s interim balance sheet require anyspecial computations to be reported correctly? Explain.
Liabilities are Select one: O a. deferred credits that are recognized and measured in conformity with generally accepted accounting principles. O b. any accounts having credit balances after closing entries are made. O c. obligations to transfer ownership shares to other entities in the future. O d. present obligations arising from past events and results in an outflow of resources.
Which of the following accounting changes is always accounted for prospectively? correction of an error change in accounting estimate change in accounting principle change in reporting entity
10. Which of the following should be disclosed in a summary of significant accounting policies? a. Type of executory contract b. Cumulative effect of change in accounting policy c. Claims of equity holders d. Depreciation method
corrections of errors that occurred on a previous period’s financial statements are called?
Which of the following is an assumption made in the preparation of the financial statements? Select one: a. The current market value is assumed to be less relevant than the original cost paid. b. Financial statements are prepared for a specific entity that is distinct from the entity's owners. c. The preparation of financial statements for a specific time period assumes that the balance sheet covers a designated period of time. d. Financial statements are prepared assuming that inflation

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Assignment: [Financial Accounting] What distinguishes forward-looking information from current financial data? [2 points] a) It requires disclosure of assumptions and uncertainties b) It never needs to be disclosed c) It only includes past events d) It must be audited quarterly