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 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)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 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
- Is externally reported financial information always preciseand accurate?What is XBRL? How does XBRL helps improve quality of financial reporting?Choose the incorrect statement:a.) The objective of the external financial statements is to communicate the economic effects of completed transactions and other events on the entity.b.) The practice of accounting requires considerable professional judgment.c.) Security analysis use information form financial statements and other sources to projects future earnings.d.) The assessment of earning quality has become an exact science.
- Explain what is meant by relevance, reliability and comparability and how they make financial information useful.Management is a user of financial analysis. Which of the following comments does not represent a fair statement as to the management perspective? A. Management is always interested in maximum profitability. B. Management is interested in the view of investors. C. Management is interested in the financial structure of the entity. D. Management is interested in the asset structure of the entityWhy is continuity assumption,separate entity assumption and cost principle so important for statement of financial position reporting?