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- 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. verifiabilityWhich one of the following is not one of the perspectives of the Balance scorecard? Select one: a. Financial b. Customer c. Breakeven calculation d. Internal processA 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 search
- The following question pertain to the financial statement assertions enumerated below: T- Existence or Occurrence Il - Completeness III - Cut-off IV - Valuation and Allocation V- Accuracy VI - Rights and Obligations VII – Presentation and Disclosure and ClassificationMateriality is an entity-specific aspect of which of the qualitative characteristics of financial information? Select one: a. Understandibility b. Timeliness C. Relevance d. VerifiabilityExplain the following and describe its impact on the financial statements: a. cost principle b. conservatism c. time period assumption
- Which 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-recognitionWhich of the following is not an accounting assumption? Select one: a.Integrity. b.Economic entity. c. Going concern. d. Periodicity.. MULTIPLE CHOICE. Choose the best answer among the following choices. Time Dor SLUIC Monetary Unit 7. The principle of objectivity includes the concept of A. Summarization B. Verifiability C. Classification D. Conservatism 8. The financial accounting information is directed toward the common needs of users and is independent of presumptions about particular needs and desires of specific users. A. Completeness B. Verifiability C. Relevance D. Neutrality 9. The attribute of relevance include ALL EXCEPT: minator. A. Predictive value B. Feedback value C. Materiality D. Neutrality 10. The assumption that an entity will continue to operate for the foreseeable future is called A. Accrual basis B. Comparability C. Going concern D. Cash basis
- 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 aounts reflected in the statement of financial position do not reflect the liquadation value of the assets. Which of the following concepts is this applicable to? A. Consistency B Materiality C Conservatism D Going-concern95 Conceptual Framework Information that is capable of making a difference in the decisions made by users has this qualitative characteristic. a. Relevance b. Faithful representation 2. c. Timeliness d. Verifiability 3. When making materiality judgments, the overriding consideration is a. the ability of the item being judged to influence users' decisions. b. the size of the impact of the item being judged. the characteristics of the item being judged. C. d. cand d 4. This qualitative characteristic is unique in the sense that it necessarily requires at least two items. a. Verifiability b. Faithful representation c. Timeliness d. Comparability 5. Which of the following enhances the comparability of information? a. Making unlike things look alike. b. Making like things look different. c. Using different methods to account for similar transactions from period to period. d. Consistent application of accounting policies from period to period. 6. Information has this qualitative…
