4 points financial accounting Why does measurement attribute selectionaffect reporting quality?a) Standards fit everythingb) Single measures work universallyc) Selection wastes timed)Different value bases serve varyinginformation needs

Explanation of Measurement Attributes: Measurement attributes are the specific characteristics or…

Answered: Why does measurement attribute…

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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Which of the following is NOT a characteristic of effective information? a. relevance b. accuracy c. summarization d. precision
Should an organization focus on controllable or uncontrollable factors to effectively implement a successful performance measurement system? Explain your answer.
Which is affected by measurement inconsistency and measurement uncertainty?
Question
The inputs to a model may have different roles. Among the choices, which should be excluded? Choices: A.decision variables B.intermediate calculation C.No choice given D.conversion factors E.historical data
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
describe mechanisms that discipline fi nancial reporting quality and the potential limitationsof those mechanisms;
Do you think interim reporting enhances the quality of information or it distorts the quality of information?
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.
For each of the following pairs of information characteristics, give an example of a situation in which one of the characteristics may be sacrificed in return for a gain in the other. Relevance and faithful representation. Relevance and consistency. Comparability and consistency. Relevance and understandability.
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.

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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