Why does measurement attribute selection affect reporting quality? a) Standards fit everything b) Single measures work universally c) Selection wastes time d) Different value bases serve varying information needs help me

Why does measurement attribute selection affect reporting quality? a) Standards fit everything b) Single measures work universally c) Selection wastes time d) Different value bases serve varying information needs help me

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter12: Balanced Scorecard And Other Performance Measures

Section: Chapter Questions

Problem 3Q: Should an organization focus on controllable or uncontrollable factors to effectively implement a...

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ANSWER
When should modified attribute mapping replace standard classification? (A) Complex characteristics demand specialized categorization (B) Simple categories work universally (C) Standards fit all situations (D) Modifications waste time. General accounting
WHEN
Should an organization focus on controllable or uncontrollable factors to effectively implement a successful performance measurement system? Explain your answer.
1. Decision makers vary widely in the types of decisions they make, the methods of decision making they employ, the information they already possess or can obtain from other sources, and their ability to process information. Consequently, for information to be useful there must be a linkage between these users and the decisions they make. This link is: a. relevance. b. reliability. c. understandability. d. materiality. 2. Which of the following is not a major challenge facing the accounting profession: a. Nonfinancial measurements b. Accounting for hard assets. c. Timeliness. d. Forward-looking information.
Information that has the ability to make a difference in the decision-making process is known to possess this quality? relevance verifiability understandability faithful representation
Answer this financial accounting problem
Match each of the components of faithful representation with its definition.Faithful Representation Definition1 . Freedom from error a. All information necessary to describe an item is reported. 2. Neutrality b. Information that does not bias the decision maker. 3. Completeness c. Reported amounts reflect the best available information.
Which statement is incorrect concerning the constraint on relevant and reliable information? * A. Information may be relevant but so unreliable in nature or representation that its recognition may be potentially misleading. B. The balance between benefit and cost is a pervasive constraint which means that the benefits derived from the information should exceed the cost of providing it. C. If there is undue delay in the reporting of information, it may lose its relevance and reliability. D. In achieving a balance between relevance and reliability, the overriding consideration is how best to satisfy the economic decision-making needs of users.
Do you think interim reporting enhances the quality of information or it distorts the quality of information?
NONE
What distinguishes information hierarchy from data collection? (a) All data holds equal importance (b) Structured relationships determine reporting significance (c) Collection methods define value (d) Hierarchies create confusion