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- Which of the following is considered a constraint on useful information by Statement of Financial Accounting Concepts No. 8? a. benefits costs b. conservatism c. timeliness d. verifiabilityThe standards, procedures, and principles companies must follow when preparing their financial statements are known as which of the following? A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual frameworkList the three basic questions that must be answered when analyzing the effects of a business transaction on the accounting equation.
- What accounting policies are disclosed in the notes accompanying a companys financial statements? Why is this disclosure important?Match the correct term with its definition. A. Financial Accounting Standards Board FASB) i. used by the FASB, which is a set of concepts that guide financial reporting B. generally accepted accounting principles (GAAP) ii. independent, nonprofit organization that sets financial accounting and reporting standards for both public- and private-sector businesses that use generally accepted accounting principles (GAAP) here in the United States C. Securities and Exchange Commission SEC) iii. standards, procedures, and principles companies must follow when preparing their financial statements D. conceptual framework iv. assumes a business will continue to operate in the foreseeable future E. going concern assumption v. independent federal agency protecting the interests of investors, regulating stock markets, and ensuring companies adhere to GAAP requirements F. time period assumption vi. companies can present useful information in shorter time periods such as years, quarters, or monthsAccording to Statement of Financial Accounting Concepts No. 8, to be relevant an earnings report is expected to have which of the following?
- Which area of accounting needs a computerized accounting information system the most—payroll, tax, or preparing financial statements?Course: Accounting What is reason that financial statements are prepared for a general purpose? Reflect on that and also on company's stakeholders. Please detailsWhich of the following is a major challenge facing the accounting profession? O A. Accounting for hard assets O B. Backward-looking information O. Financial measurements O D. Timeliness
- Sub = Accounting Discuss the concept of materiality in accounting theory and its implications for financial reporting.The reporting of accounting theory is related to ........ Select one : a . Principles b . Regulation c . Financial Information d . Hypothesis.What is the conceptual framework of Accounting ? 2.Identify the characteristics that make financial statements useful to its users 3.What are the constraints faced in providing useful information ? 4.What assumptions are made in financial reporting ?
