ACCOUTING PRIN SET LL INCLUSIVE
ACCOUTING PRIN SET LL INCLUSIVE
14th Edition
ISBN: 9781119815327
Author: Weygandt
Publisher: WILEY
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Question 1 a.) Should financial Accounting be the same everywhere? Discuss this question with respect to the usefulness of Financial Reporting Standards for Business Analysis and Valuation. b.) Explain how the qualitative criteria relevance, timeliness and comparability contribute to the usefulness of financial information. c.) Discuss the shortcomings of a statement of financial position as a proxy for company value.
Match each concept with the definition that best describes it. Expense recognition principle (matching [ Choose] principle) [ Choose ] Accounting basis in which companies record transactions that change a company's financial statements in the periods in which the events occur. Accounting basis in which companies record revenue when they receive cash and an expense when they pay out cash. The principle that companies recognize revenue in the accounting period in which the performance obligation is satisfied. Information that accurately depicts what really happened. The principle that companies recognize expense in the period in which they make efforts (consume assets or incur liabilities) to generate revenue. An assumption that accountants can divide the economic life of a business into artificial time periods. Monthly or quarterly accounting time periods. An accounting period that extends from January 1 to December 31. Revenue recognition principle Time period assumption Calendar year…
Chapter 2 introduces you to the foundational principles and qualitative characteristics of accounting, which are as follows:  a) Economic entity assumption b) Going concern assumption c) Monetary unit assumption d) Periodicity assumption e) Historical cost principle f) Revenue recognition principle g) Matching principle h) Full disclosure principle i) Relevance j) Reliability k) Comparability l) Representational faithfulness   For each situation that follows, identify the foundational principle of accounting or qualitative characteristics that are most applicable. Hint: Each item may be used more than once or not at all. The earning process is completed and realized or realizable: __________ Quarterly financial reports: __________ The use of accruals and deferrals in adjusting the accounts: __________ Useful standard measuring unit for business transactions: __________ Including explanatory notes as part of the financial statements: __________ The affairs of the business are…
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