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
- The fundamental qualitative characteristics that financial information must possess to be useful to theprimary users of general purpose financial reports—identified in the Conceptual Framework are‘relevance’ and ‘faithful representation’.Required:a) Provide one example where information is relevant but not faithfully represented. b) Provide one example where information is not relevant but is faithfully represented. c) Provide one example where information is relevant and faithfully represented. please expalin in your own words.The fundamental qualitative characteristics that financial information must possess to be useful to the primary users of general purpose financial reports—identified in the Conceptual Framework are ‘relevance’ and ‘faithful representation’. Required: a) Provide one example where information is relevant but not faithfully represented. (explain) b) Provide one example where information is not relevant but is faithfully represented. (explain) c) Provide one example where information is relevant and faithfully represented. (breifly explain)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.
- Which of the following pars of items are the two fundamental qualitative characteristics of a useful financial information? a. Relevance and prudence b. Relevance and faithful representation c. Faithful representation and materiality d. Faithful representation and comparabilityThe 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 entityExplain why financial statements are important to the decision-making process in financial analysis. Also, identify and discuss some of their limitations for analysis purposes
- Theory of financial accountingWhich 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. Timeliness