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- Which 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 PrincipleUnder 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 valueBest choice
- 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 aboveNon financial measures are related to elements of result control Select one: O a. Market condition Ob. Clear goals O c. Objectives O d. Financial performanceFrom the following givven options,identify the characteristics which relevant to bisac qualitative charactertic of usefull financial information Verifiablty Understandability Timeliness Faithfull represention
- 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. verifiabilityIn the percentage of sales approach of financial forecasting, the balancing of assets and liabilities sides in a pro forma statement of financial position is achieved by the use of a _______ variable. Multiple Choice Slug. Chug. Balancing. Glug. PlugRatios are an input into which step in the financial statement analysis framework? a. Collect input data b. Process data c. Analyze/interpret the processed data
- Explain the following and describe its impact on the financial statements: a. cost principle b. conservatism c. time period assumptionWhich balance sheet might be most useful to an investor? a. U.S. GAAP balance sheet b. IFRS GAAP balance sheet using cost model c. IFRS GAAP balance sheet using revaluation modelA 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