Quèstion 8 Which of the following statements is not true with regard to the benefits derived from the FASB's conceptual framework of accounting? It serves as a guide in establishing standards for the FASB. The Statements of Financial Accounting Concepts is the primary source of GAAP for accountants. It establishes the objectives of financial reporting. It enhances comparability between different company's financial statements. A Moving to another guestion will save this response

Quèstion 8 Which of the following statements is not true with regard to the benefits derived from the FASB's conceptual framework of accounting? It serves as a guide in establishing standards for the FASB. The Statements of Financial Accounting Concepts is the primary source of GAAP for accountants. It establishes the objectives of financial reporting. It enhances comparability between different company's financial statements. A Moving to another guestion will save this response

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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13. If the financial statements provided by a company includes all information, depicted without any bias and are free from errors, which qualitative characteristics is assumed to be possessed by the financial statements? a. Relevance b. Faithful representation c. Comparability d. Understandability
8. What is meant by Generally Accepted Accounting Principles, and do these principles add to the integrity of financial accounting information. Mention all principles and conventions.
a) The IASB's Conceptual Framework for Financial Reporting lays out the objectives and fundamentals that will guide the development of financial accounting and reporting standards. The purpose of financial reporting is defined by its objectives. The characteristics or qualities of information discussed in the Conceptual Framework are the concepts that make information useful and the qualities to be sought when accounting choices are made. Required i. Explain the benefits that the firms derived from the Conceptual Framework in preparing their financial statements. ii. Explain the most essential quality for accounting information as stated in the Conceptuai Framework? Justify your answer with an example.
{Auditing} 19. Choose the statement/s, which explains the concept of true and fair view. a. All the options b. Accuracy in the accounting transaction and records c. Financial statements are free from material misstatement d. Presentation of financial statements according to accounting standards framework
Which of the following is not considered as external users of general purpose financial statements a. Government b. Lenders C. Rank and file employees of the company d. Investors This fundamental characteristic requires a piece of information to be complete, neutral, and free from material error a. Faithful representation b. Relevance c. Verifiability d. Comparability Which of the following is not an enhancing characteristic a. Verifiability b. Comparability c. Understandability d. Relevance
Which of the following statements is false? Select one: O A. Management accounting statements need not comply with Accounting regulations O B. Financial accounting statements normally reflect more detail than would be found in management accounting reports O C. Management accounting reports emphasise future activities and future costs O D. Financial accounting data are directed primarily at external users rather than internal users.
How can the enhancing characteristic comparability (consistency) 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: “Accounting information is comparable, if -it is with consistent accounting standards and policies applied throughout each accounting period, enables users to draw insightful conclusions about the trends and performance of the company over time.”
Answer the following question and provide detail examples to support your answer. Analyze and make an assessment of the International Accounting Standard Board's (ASB) Conceptual framework 2018 by highlighting its strength and flaws. Afterward, state how would improve it in order to further enhance the relevance and reliability of financial reporting. 2. a) Define the concept of research methodology in the context of accounting theory. Discuss the consequences of choosing an incorrect research methodology in accounting research, highlighting the strengths and limitations of quantitative and qualitative approaches to accounting research. b) Evaluate the role of accounting theories in guiding research in the field of accounting. Discuss how different accounting theories, such as agency theory, positive accounting theory, and institutional theory, influence research questions, hypotheses formulation, and empirical analysis are from each other, highlighting their strengths and…
Financial statements should be based on accounting principles alone and not serve the interests of any particular user group. Which characteristic of a good financial statement does this refer to? A. Reliability B. Relevant C. Comparable D. Neutral
6 Explain why financial statement information has characteristics of a public good. Include a definition of a public goods in your answer. What does this imply about using the extent of security market reaction to accounting information to guide accountants?
7. Which of the following best describes generally accepted accounting principles? A. The accounting principles have been formulated in the public sector. B. The accounting principles have been O developed on the basis of such factors as usage and practical necessity. C. The accounting principles are the same as laws. D. The accounting principles do not apply to SMES.