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- Under Qualitative Characteristics of Useful Financial Information, which ofthe following is a qualitative characteristic associated with faithfulrepresentation:a. Completenessb. Free from errorc. Neutralityd. All the aboveWhich of the following facilitates the comparison of financial performance with one period to another period is possible ? O a. Historical cost concept O b. Going concern Assumption O c. Matching Concept O d. Consistency PrincipleWhich 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. verifiability
- Under Qualitative Characteristics of Useful Financial Information, the abilitythrough consensus of measures to ensure that information represents what itpurports to represent is an example of the concept of:a. Relevanceb. Verifiabilityc. Faithful representationd. Feedback valueNon financial measures are related to elements of result control Select one: O a. Market condition Ob. Clear goals O c. Objectives O d. Financial performanceBest choice
- A 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 searchThe 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 ClassificationFinancial information that is capable of making a difference in a decision is a) relevat b) faithfully representative c) convergent d) generally accepted
- In conducting a B/C analysis, (a) why is it usually necessary to take a specific viewpoint in categorizing cost, benefit, disbenefit estimates; and (b) what are two specific viewpoints that you can identify if the situation is a financial transaction between you and another person? Between your company and an international customer?Explain the following and describe its impact on the financial statements: a. cost principle b. conservatism c. time period assumptionWhich 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
