Select correct answer 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 financial…

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
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
What are interim financial statements? Do accounts thatappear in a company’s interim balance sheet require anyspecial computations to be reported correctly? Explain.
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,…
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
please answer correct with reason
MCQ
A change in accounting estimate is An adjustment of the carrying amount of an asset or liability, or related expense, resulting from reassessing the expected future benefits and obligations associated with that asset or liability. A change in the specific principles, bases, conventions, rules and practices applied b an entity in preparing and presenting financial statements. Omission from, and misstatement in an entity's financial statements for one or more prior periods arising from a failure to use, or misuse of, reliable information that was available and could reasonably be expected to have been obtained and taken into account in preparing those statements. All of the above.
Required information [The following information applies to the questions displayed below.] Execusmart Consultants has provided business consulting services for several years. The company has been using the percentage of credit sales method to estimate bad debts but switched at the end of the first quarter this year to the aging of accounts receivable method. The company entered into the following partial list of transactions. a. During January, the company provided services for $270,000 on credit. b. On January 31, the company estimated bad debts using 1 percent of credit sales. c. On February 4, the company collected $135,000 of accounts receivable. d. On February 15, the company wrote off a $500 account receivable. e. During February, the company provided services for $220,000 on credit. f. On February 28, the company estimated bad debts using 1 percent of credit sales. g. On March 1, the company loaned $14,000 to an employee, who signed a 9% note due in 3 months. h. On March 15, the…

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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