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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9. Which of the following terms refers to the comprehensive system for collecting, analyzing, and communicating financial information? a) Accounting b) Auditing 0030828 C) Bookkeeping d) O Controlling O Leave blank Close
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
Which of the following is most associated with financial accounting reports? a.prepared in accordance with GAAP b.can have both objective and subjective information c.can be prepared for the entity or segment d.can be prepared periodically, or as needed
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
Which fundamental characteristic of requires that financial statements are prepared in a similar way year after year? Select one: a. Faithful representation b. Understandability c. Comparability d. Relevance
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
Accounting policies, methods, and estimates used in preparing fi nancial statements aremost likely found in the:A . auditor’s report.
1. These provide narrative description or disaggregation of items disclosed in the financial statements and information about items that do not qualify for recognition.a. Notes to Financial Statementsb. Accounting Policiesc. Nonfinancial Reportsd. Disclosures 2. Which is not a purpose of notes to financial statements? a. To present information about the basis of preparation of the financial statements and the specific accounting policies used.b. To disclose the information required by PFRS that is not presented elsewhere in the financial statements.c. To provide additional information which is not presented in the financial statements but that is necessary for a fair presentation.d. To provide information about the financial position, financial performance and cash flows of an entity that is useful to a wide range of users in making economic decisions. 3. Indicate the proper order of presenting the notes to financial statements.I. Statement of compliance with PFRSII. Other disclosures,…
IFRS requires companies to use which method for reporting changes in accounting policies? a. Cumulative effect approach. b. Retrospective approach. c. Prospective approach. d. Averaging approach.
please answer correct with reason
Accrued liabilities An adjusting journal entry Completeness Less Receiving report Related parties Representation Understatement Zero
Financial audit Q&A What is the name of accounts that has materiality limit of 1/2% to 1% applied?

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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