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- 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 valueWhich 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 processWhich 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
- Materiality is an entity-specific aspect of which of the qualitative characteristics of financial information? Select one: a. Understandibility b. Timeliness C. Relevance d. VerifiabilityRatios are an input into which step in the financial statement analysis framework? a. Collect input data b. Process data c. Analyze/interpret the processed dataExplain the following and describe its impact on the financial statements: a. cost principle b. conservatism c. time period assumption
- 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 comparabilityWhat 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 concernThe relevance of providing information in financial statements is subject to the constraint of a.Faithful representation b.Cost-benefit c.Comparability d.Reliability
- . 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 basisWhich one of the following is not a type of measure used in the Balance scorecard? Select one: a. Subjective b. Financial c. Analytical d. LeadWith regard to a qualitative characteristic of useful financial information, two fundamental qualitative characteristics. What are these two characteristics, and explain the meaning of these characteristics, and provide practical example for each of them? 1. Fundamental qualitative characteristics (first one) 2. practical example for the first one? 4 3. Fundamental qualitative characteristics (second one) 4. practical example for the second one?
