Financial information that is capable of making a difference in a decision is a) relevat b) faithfully representative c) convergent d) generally accepted
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- The relevance of providing information in financial statements is subject to the constraint of a.Faithful representation b.Cost-benefit c.Comparability d.Reliability3. Financial information that is capable of making a difference in a decision is a. faithfully representative. b. relevant. c. convergent. d. generally accepted.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 concern
- Materiality is an entity-specific aspect of which of the qualitative characteristics of financial information? Select one: a. Understandibility b. Timeliness C. Relevance d. VerifiabilityWhich 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 comparabilityUnder Qualitative Characteristics of Useful Financial Information, which ofthe following is a qualitative characteristic associated with faithfulrepresentation:a. Completenessb. Free from errorc. Neutralityd. All the above
- From the following givven options,identify the characteristics which relevant to bisac qualitative charactertic of usefull financial information Verifiablty Understandability Timeliness Faithfull representionWhich 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. verifiabilityA situation in which one focuses on individual decisions rather than looking at them in the context of related decisions. Please match the description with the corresponding term below. A.Equity Premium B.Statistically Independent C.Equity Premium Puzzle D.Narrow Framing
- The IFRS Framework distinguishes between enhancing qualitative charactensticS and fundamental qualitatve charactensics of financial information.Which of the following are enhancing qualitative characteristics?A. Relevance and faithful representationB. Understandability and comparabilityC. Relevance and comparabilityD. Understandability and faithful representationA recognition test assists with deciding whether items should be included in the financial statements. Which characteristic of a financial statement does this refer to? O A. Reliable O B. Complete OC. Material O D. Neutral Type here to searchWhich of the following sets includes only accounting assumptions and conventions? a. timeliness, prudence, historical cost, and neutrality b. matching, comparability, period of timem and reliability c. monetary unit, going concern, relevance, and materiality d. monetary unit, entity, going concern, and realization-recognition