What characterizes the faithful representation principle in accounting? a) Only positive financial events are reported b) Information must always be presented in detail c) All transactions must be verified by auditors d) Information represents actual economic events without bias
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- Which of the following is not a major challenge facing the accounting profession? a. Nonfinancial measurements. b. Timeliness. c. Accounting for hard assets. d. Forward-looking information.please answer correct with reasonFinancial 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
- Which of the following is not an advantage of accounting standards? Select one: a. All of the given answers are correct. b. It reduces the reliability of financial statements. c. It helps to attain uniformity in accounting. d. It provides guidance on the content and presentation of financial statements.Which one of the following statements is not correct regarding financial accounting and management accounting? O a. Financial accounting reports need to be audited to verify their accuracy unlike management accounting reports which do not need to be audited. O b. Only financial accounting involves the use of accounting information. Management accounting information emphasize supporting decisions that affect the future unlike financial accounting information, which focus on the consequences of past activities of the organization. O c. O d. None of the given answers Financial accounting needs to follow specific set of rules called accounting standards unlike management accounting O e.The performance of an attestation engagement on prospective financial information does not require which of the following?a. If the basis of the prospective financial information is different from the financial statements, a reconciliation of the two must be provided.b. Management must disclose all significant assumptions used in generating the prospective financial information.c. Management must disclose significant accounting policies and procedures used in generating the prospective financial information.d. Management must disclose the probability of obtaining the results included in the prospective financial information.
- True (t) or False (f) ______ Financial accounting is the process of identifying, measuring, analyzing, and communicating financial information needed by management to plan, evaluate, and control an organiza-tion's operations.Which is a correct statement below? A. An example of an obscured material information is the information is scattered throughout the financial statements.B. Potential investors are not considered as primary users of financial information.C. An information is immaterial if it will affect the decision of the primary users of the financial statements.D. Going concern assumption means that the accounting entity is viewed as continuing in operation definitely.Which one of the following statements is not correct regarding financial accounting and management accounting? Both financial accounting and management accounting involve the use of accounting information. a. b. None of the given answers Financial accounting information emphasize supporting decisions that affect the future unlike management accounting information, which focus on the consequences of past activities of the С. organization. d. Financial accounting reports need to be audited to verify their accuracy unlike management accounting reports which do not need to be audited. Financial accounting needs to follow specific set of rules called accounting standards unlike Management accounting e.
- Which one of the following statements is not correct regarding financial accounting and management accounting ? a . None of the given answers b. Financial accounting information emphasize supporting decisions that affect the future unlike management accounting information , which focus on the consequences of past activities of the organization . c. Financial accounting needs to follow specific set of rules called accounting standards unlike Management accounting d. Both financial accounting and management accounting involve the use of accounting information . e. Financial accounting reports need to be audited to verify their accuracy unlike management accounting reports which do not need to be audited .Which of the following is the best description of reliability in relation to information in financial statements? Comprehensibility to users Influence on the economic decisions Freedom from material error and bias Inclusion of degree of caution of users**Objective Question:** In accounting, why are the principles of Objectivity and Neutrality important, and how do they contribute to the reliability and impartiality of financial information presented to stakeholders? **Choices:** A) By allowing subjective judgments and biases to influence financial reporting. B) By ensuring that financial information is prepared based on factual evidence and without bias. C) By prioritizing the interests of management over those of external stakeholders. D) By disregarding the need for transparency and accuracy in financial reporting.