Which characteristic is applicable to financial statements when provision is made for all known expenses and losses, whether the amount is known for certain or just an estimate? O A. Completeness OB/Reliability O/C. Relevance D. Prudence
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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 above1. Management of current liabilities arises, in part, because of a concern over a. (profitability).b. (liquidity).c. (relevance)d. (reliability).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 search
- 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 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. verifiabilityMateriality is an entity-specific aspect of which of the qualitative characteristics of financial information? Select one: a. Understandibility b. Timeliness C. Relevance d. Verifiability
- What is probably the greatest single reason conventional financial statements are inadequate for analysis? a. Accrual accounting b. Historical cost c. Matching rule d. Going concern conceptWhat is not a financial statement assertion are:a. Accuracyb. Completenessc. Presentation and disclosured. OccurrenceWhat is the Financial Performance and Financial Position for:-a. Liquidityb. Profitabilityc. Leverage
- Q. Distinguish between financial assets and real assets for each of the following characteristics. i. Divisibility ii. Marketability iii. Holding period iv. Information availabilityWhich 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-recognitionThe statement of financial position is useful for analyzing all of the following exceptA. ProfitabilityB. SolvencyC. LiquidityD. Financial Flexibility