Liabilities Are things of value used by the business in its operation. O a. b. Are future economic benefits. O c. Possess service potential. d. Are existing debts and obligations.
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- The standards, procedures, and principles companies must follow when preparing their financial statements are known as which of the following? A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual frameworkWhich 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. verifiabilityThe independent, nonprofit organization that sets financial accounting and reporting standards for both public- and private-sector businesses that use generally accepted accounting principles (GAAP) in the United States is which of the following? A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual framework
- What accounting policies are disclosed in the notes accompanying a companys financial statements? Why is this disclosure important?The reporting of accounting theory is related to ........ Select one : a . Principles b . Regulation c . Financial Information d . HypothesisWho enforces requirements regarding financial products and services? A. CCA B. ACCC C. ASIC D. ACL
- Explain the importance of financial accounting information for external parties—primarilyinvestors and creditors—in terms of the objectives and the characteristics of that 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. TimelinessAn organization’s investors and creditors will primarily use information provided by:a. the organization’s financial accounting system.b. the organization’s managerial accounting system.c. the Internal Revenue Service.d. the Financial Accounting Standards Board.
- The Conceptual Framework The IASB's Framework for the preparation and presentation of financial statements, sets out the concepts that underlie the preparation and presentation of financial statements that external users are likely to rely on when making economic decisions about an entity. In addition the Framework sets out the recognition criteria for assets and liabilities, which is of particular importance. Required: a. Explain the purpose of the Framework b. Define assets and liabilities and explain the important aspects of their definitions. Explain why these definitions are of particular importance for the preparation of an entity's statement of financial position and income statement.Subject: Financial Accounting and Reporting What is the correct and complete answer to the following?The primary objective of management accounting is O A. to provide management with information useful for planning and control of operations. O B. to provide banks and other creditors with information useful in making credit decisions. O. C. to provide the relevant taxation authorities with information about taxable income. O D. to provide shareholders and potential investors with useful information for decision making.