The appropriate answer for the given statement

Question

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Answer 1

Question

Chapter 8, Problem 1QC

To determine

To identify: The appropriate answer for the given statement

Expert Solution & Answer

Answer to Problem 1QC

Option a. The false statement is relevant information is always financial in nature.

Explanation of Solution

Relevant Information

Relevant Information is the information which is useful for the managers to make decisions.

a.

Relevant information is always financial in nature.

Relevant information is not always financial in nature. It also considers nonfinancial aspects to take a decision. Thus, the given statement is false.

b.

Relevant information always regards the future.

This is one of the characteristics of the relevant information that it always considers future for taking the decisions. This is the true statement.

c.

Sunk costs are never relevant to a decision.

Sunk costs are the cost that is incurred in the past and cannot be changed in future. This means it doesn’t consider the future and hence is never relevant to a decision. Hence, the statement is true.

d.

Relevant information always differs among alternatives.

This is also one of the characteristics of relevant information that it is different for different alternative decisions. Therefore, the given statement is not false.

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Don't use ai given answer accounting question

During the current year, Magna Supplies sold merchandise for $78,000 cash and $422,000 on account. The cost of the merchandise sold is $375,000. What is the amount of the gross profit?

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Answer 2

Question

Chapter 8, Problem 1QC

To determine

To identify: The appropriate answer for the given statement

Expert Solution & Answer

Answer to Problem 1QC

Option a. The false statement is relevant information is always financial in nature.

Explanation of Solution

Relevant Information

Relevant Information is the information which is useful for the managers to make decisions.

a.

Relevant information is always financial in nature.

Relevant information is not always financial in nature. It also considers nonfinancial aspects to take a decision. Thus, the given statement is false.

b.

Relevant information always regards the future.

This is one of the characteristics of the relevant information that it always considers future for taking the decisions. This is the true statement.

c.

Sunk costs are never relevant to a decision.

Sunk costs are the cost that is incurred in the past and cannot be changed in future. This means it doesn’t consider the future and hence is never relevant to a decision. Hence, the statement is true.

d.

Relevant information always differs among alternatives.

This is also one of the characteristics of relevant information that it is different for different alternative decisions. Therefore, the given statement is not false.

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Answer 3

Question

Chapter 8, Problem 1QC

To determine

To identify: The appropriate answer for the given statement

Expert Solution & Answer

Answer to Problem 1QC

Option a. The false statement is relevant information is always financial in nature.

Explanation of Solution

Relevant Information

Relevant Information is the information which is useful for the managers to make decisions.

a.

Relevant information is always financial in nature.

Relevant information is not always financial in nature. It also considers nonfinancial aspects to take a decision. Thus, the given statement is false.

b.

Relevant information always regards the future.

This is one of the characteristics of the relevant information that it always considers future for taking the decisions. This is the true statement.

c.

Sunk costs are never relevant to a decision.

Sunk costs are the cost that is incurred in the past and cannot be changed in future. This means it doesn’t consider the future and hence is never relevant to a decision. Hence, the statement is true.

d.

Relevant information always differs among alternatives.

This is also one of the characteristics of relevant information that it is different for different alternative decisions. Therefore, the given statement is not false.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 8, Problem 1QC

To determine

To identify: The appropriate answer for the given statement

Expert Solution & Answer

Answer to Problem 1QC

Option a. The false statement is relevant information is always financial in nature.

Explanation of Solution

Relevant Information

Relevant Information is the information which is useful for the managers to make decisions.

a.

Relevant information is always financial in nature.

Relevant information is not always financial in nature. It also considers nonfinancial aspects to take a decision. Thus, the given statement is false.

b.

Relevant information always regards the future.

This is one of the characteristics of the relevant information that it always considers future for taking the decisions. This is the true statement.

c.

Sunk costs are never relevant to a decision.

Sunk costs are the cost that is incurred in the past and cannot be changed in future. This means it doesn’t consider the future and hence is never relevant to a decision. Hence, the statement is true.

d.

Relevant information always differs among alternatives.

This is also one of the characteristics of relevant information that it is different for different alternative decisions. Therefore, the given statement is not false.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 8, Problem 1QC

To determine

To identify: The appropriate answer for the given statement

Expert Solution & Answer

Answer to Problem 1QC

Option a. The false statement is relevant information is always financial in nature.

Explanation of Solution

Relevant Information

Relevant Information is the information which is useful for the managers to make decisions.

a.

Relevant information is always financial in nature.

Relevant information is not always financial in nature. It also considers nonfinancial aspects to take a decision. Thus, the given statement is false.

b.

Relevant information always regards the future.

This is one of the characteristics of the relevant information that it always considers future for taking the decisions. This is the true statement.

c.

Sunk costs are never relevant to a decision.

Sunk costs are the cost that is incurred in the past and cannot be changed in future. This means it doesn’t consider the future and hence is never relevant to a decision. Hence, the statement is true.

d.

Relevant information always differs among alternatives.

This is also one of the characteristics of relevant information that it is different for different alternative decisions. Therefore, the given statement is not false.

Answer 6

Chapter 8, Problem 1QC

To determine

To identify: The appropriate answer for the given statement

Expert Solution & Answer

Answer to Problem 1QC

Option a. The false statement is relevant information is always financial in nature.

Explanation of Solution

Relevant Information

Relevant Information is the information which is useful for the managers to make decisions.

a.

Relevant information is always financial in nature.

Relevant information is not always financial in nature. It also considers nonfinancial aspects to take a decision. Thus, the given statement is false.

b.

Relevant information always regards the future.

This is one of the characteristics of the relevant information that it always considers future for taking the decisions. This is the true statement.

c.

Sunk costs are never relevant to a decision.

Sunk costs are the cost that is incurred in the past and cannot be changed in future. This means it doesn’t consider the future and hence is never relevant to a decision. Hence, the statement is true.

d.

Relevant information always differs among alternatives.

This is also one of the characteristics of relevant information that it is different for different alternative decisions. Therefore, the given statement is not false.

Answer 7

Chapter 8, Problem 1QC

To determine

To identify: The appropriate answer for the given statement

Answer 8

Expert Solution & Answer

Answer to Problem 1QC

Option a. The false statement is relevant information is always financial in nature.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Relevant Information

Relevant Information is the information which is useful for the managers to make decisions.

a.

Relevant information is always financial in nature.

Relevant information is not always financial in nature. It also considers nonfinancial aspects to take a decision. Thus, the given statement is false.

b.

Relevant information always regards the future.

This is one of the characteristics of the relevant information that it always considers future for taking the decisions. This is the true statement.

c.

Sunk costs are never relevant to a decision.

Sunk costs are the cost that is incurred in the past and cannot be changed in future. This means it doesn’t consider the future and hence is never relevant to a decision. Hence, the statement is true.

d.

Relevant information always differs among alternatives.

This is also one of the characteristics of relevant information that it is different for different alternative decisions. Therefore, the given statement is not false.

Answer 12

Ch. 8 - Prob. 1QC Ch. 8 - (Learning Objective 1) Keys to making short-term...Ch. 8 - (Learning Objective 2) Which is true of...Ch. 8 - (Learning Objective 3) Which of the following...Ch. 8 - Prob. 5QC Ch. 8 - Prob. 6QC Ch. 8 - (Learning Objective 4) A segment margin is the a....Ch. 8 - (Learning Objective 5) When resources are...Ch. 8 - (Learning Objective 6) Which of the following is...Ch. 8 - Prob. 10QC

The appropriate answer for the given statement

To identify: The appropriate answer for the given statement

Answer to Problem 1QC

Explanation of Solution

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Chapter 8 Solutions