Why does representational depth affect accounting measurement choices? a) Complex economic events demand multi-level measurement approaches b) Simple measures capture all events c) Surface measurements suffice always d) Depth considerations waste time
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- Depth affect accountingThe Multi-Dimensional Statements Approach of Social Accounting was proposed to extend financial statements into multi-dimensional statements with all events related to each other via a monetary measure of their resource costs and benefits. But this approach suffers with which of the following hindrance? a. The multidimensional nature creates problems in measurement and quantification. b. The multidimensional approach of social accounting fails to measure the social impact in quantitative terms. c. The multidimensional approach maximizes the profit within the constraints of existing legal and ethical framework acting in the best interest of the society d. The multidimensional approach mixes with the assets and liabilities of the regular accounting and therefore shows wrong financial position of an entityTraditional accounting systems record only actual transac-tions. As a result, how can opportunity costs be important in incremental decisions?
- Answer this financial accounting problemMatch each of the following terms with the best definition. A. Theory of constraints B. Sunk cost C. Differential analysis D. Opportunity cost - Strategy that focuses on reducing bottlenecks. - Revenue forgone from an alternative use of an asset. - Not relevant to future decisions. - Evaluation of how income will change based on an alternative course of action.The definition of Materiality is: c. accuracy is always the most important consideration regardless of cost a. amount is large enough to have a significant impact on financial statements Od. IFRS is more authoritative than GAAP b. mistakes don't need to be corrected Sil
- What qualitative characteristic defines, the underlying influence in the preparation of financial statements is the weighing of costs and benefits regarding the presentation of information A) Materiality Cost constraints Faithful representation D Going concernMetrics that are early in the value chain are normally considered to be _____ indicators. a.value chain b.leading c.reciprocal d.laggingAnswer the following questions in multiple-choice answers: 1. The book value of the equipment currently owned by a firm is an example of a(n): a. future cost. b. differential cost. c. comparative cost. d. opportunity cost. e. sunk cost. 2. An accounting information system should be designed to provide information that is useful. To be useful the information must be: a. qualitative rather than quantitative. b. unique and unavailable through other sources. c. historical in nature and not purport to predict the future. d. marginal between two alternatives. e. relevant, accurate, and timely. 3. Factors in a decision problem that cannot be expressed in numerical terms are: a. qualitative in nature. b. quantitative in nature. c. predictive in nature. d. sensitive in nature. e. uncertain in nature. 4. An opportunity cost may be described as: a. a foregone benefit. b. a historical cost. c. a specialized…