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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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,…
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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