Financial Accounting: Why does qualitative characteristic sequencing matter in financial reporting? (1) Enhancement precedes fundamental qualities (2) All qualities hold equal importance (3) Sequence never affects reporting (4) Primary qualities must be satisfied before enhancing characteristics
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- How can the enhancing characteristic understandability be improved in high-quality accounting information? Do not simply repeat what it is, provide suggestions as to how a particular part of the enhancing characteristic could be improved. Please provide different answers and explanations than copy and pasting: “Information that is understandable to the average user of financial statements is highly desirable.”Which of the following is considered a constraint on useful information by Statement of Financial Accounting Concepts No. 8? a. benefits costs b. conservatism c. timeliness d. verifiabilityStatement 1: If financial information is to be useful, it must be relevant or faithfully represent what it purports to represent.Statement 2: Cost is a pervasive constraint on the reporting entity's ability to provide useful financial information. a Statement 1 is true, Statement 2 is false b Both are false c Both are true d Statement 1 is false, Statement 2 is true
- 1. An accounting information system should be designed to provide information that is useful. To be useful the information must be: a. qualitative rather than quantitative. b. unique and unavailable through other sources. c. historical in nature and not purport to predict the future. d. marginal between two alternatives. e. relevant, accurate, and timely.The Multi-Dimensional Statements Approach of Social Accounting was proposed to extend financial statements into multi-dimensional statements with all events related to each other via a monetary measure of their resource costs and benefits. But this approach suffers with which of the following hindrance? a. The multidimensional nature creates problems in measurement and quantification. b. The multidimensional approach of social accounting fails to measure the social impact in quantitative terms. c. The multidimensional approach maximizes the profit within the constraints of existing legal and ethical framework acting in the best interest of the society d. The multidimensional approach mixes with the assets and liabilities of the regular accounting and therefore shows wrong financial position of an entityWhich of the following is not a major challenge facing the accounting profession? a. Nonfinancial measurements. b. Timeliness. c. Accounting for hard assets. d. Forward-looking information.
- Which of the following is a major challenge facing the accounting profession? O A. Accounting for hard assets O B. Backward-looking information O. Financial measurements O D. TimelinessWhat is XBRL? How does XBRL helps improve quality of financial reporting?6. How and why would the accounting profession use the results of behavioural research in accounting?7. From a behavioral theory perspective, why does it matter how assets and liabilities are measured? 8. Briefly explain the Brunswik Lens Model and its relevance to explaining the various facts of the decision making process.
- Qualitative Characteristics The following is a list of qualitative characteristics of useful accounting information identified in the FASB's and the IASB's Statement of Financial Accounting Concepts No. 8 and statements describing the qualities. A. Comparability B. Decision usefulness C. Relevance D. Faithful representation E. Predictive value F. Confirmatory value G. Verifiability H. Neutrality I. Free from error J. Consistency K. Materiality L. Timeliness M. Understandability N. Completeness Required: Select the appropriate letter identifying each quality on the statement describing the quality. 1. Different knowledgeable and independent observers can reach consensus that a particular representation is faithful. 2. Making information available to decision makers before it loses its capacity to influence decisions. 3. Capacity to make a difference in a decision, enabling users to predict future outcomes and/or confirm prior expectations. 4. Overall objective of…What qualitative characteristic defines, the underlying influence in the preparation of financial statements is the weighing of costs and benefits regarding the presentation of information A) Materiality Cost constraints Faithful representation D Going concernFair Value Accounting: Q. How does fair value accounting differ from historical cost accounting? Discuss the advantages and challenges of using fair value in financial reporting