directed towards future and present, b) follows standards and norms, c) helps managers in decision making calculations are directed towards future and present follows standards and norms helps managers in decision making none of the alternatives is correct
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Which of the following describes financial accounting the best: a) calculations are directed towards future and present, b) follows standards and norms, c) helps managers in decision making
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calculations are directed towards future and present
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follows standards and norms
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helps managers in decision making
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none of the alternatives is correct
Step by step
Solved in 2 steps
- 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. verifiabilityWhich among the following is a tool of management accounting? a. Risk analysis b. Budgeting c. Responsibility accounting d. All the options listedPROBLEM Below is a list of the qualitative characteristics identified in FASB Statement of Financial Accounting Concepts No. 2. Following the list is a series of descriptive phrases. a. feedback value b. relevance c. decision usefulness d. reliability e. comparability f. predictive value g. varifiability h. consistency i. representational faithfulness j. timeliness k. neutrality _____ 1. When information can make a difference in a decision. _____ 2. Making information available when it is needed. _____ 3. When accounting policies and procedures are unchanged from period ro period. _____ 4. When information is verifiable and neutral. _____ 5. Occurs when the measurement results can be duplicated. _____ 6. The overall qualitative characteristics accounting information should possess. _____ 7. When information enables decision makers to confirm prior expectations. _____ 8. When accounting information is reported the same way by different companies. Required: Match each characteristic…
- PROBLEM Below is a list of the qualitative characteristics identified in FASB Statement of Financial Accounting Concepts No. 2. Following the list is a series of descriptive phrases. a. feedback value b. relevance c. decision usefulness d. reliability e. comparability f. predictive value g. varifiability h. consistency i. representational faithfulness j. timeliness k. neutrality _____ 4. When information is verifiable and neutral. _____ 5. Occurs when the measurement results can be duplicated. _____ 6. The overall qualitative characteristics accounting information should possess. _____ 7. When information enables decision makers to confirm prior expectations. _____ 8. When accounting information is reported the same way by different companies. Required: Match each characteristic with the appropiate phrase.Which of the following statements correctly distinguishes between management and financial accounting? A. Financial accounting is oriented toward the future. B. Management accounting is oriented more toward the planning and control aspects of management. C. Financial accounting is primarily concerned with providing information for internal users. D. Management accounting reports on the whole organization. Reset SelectionWhich of the following statements correctly distinguishes between management accounting and financial accounting? O A. Financial accounting is oriented toward the future. O B. Financial accounting is primarily concerned with providing information for internal users. OC. Management accounting is oriented more toward the planning and control aspects of management. OD. Management accounting reports on the whole organization.
- Which among the following is concerned with Management Accounting? a. Preparation of financial statements b. Book keeping c. Providing useful information for strategic planning d. Taking decisionsUnder Qualitative Characteristics of Useful Financial Information, the abilitythrough consensus of measures to ensure that information represents what itpurports to represent is an example of the concept of:a. Relevanceb. Verifiabilityc. Faithful representationd. Feedback valueForward-looking information Includes the following except Select one: a. Measurement and communication of information O b. Prospective information about future economic performance or position c. Forecasts of revenues, income, cash flows, capital expenditures O d. Statements of management's plans and objectives for future operations
- Describe the nature and scope of management accounting? Nature of management accounting:. 1.Provids financial data: Management accounting provides financial data to the management and information so collected is used by the management for taking policy decisions. 2.Decision making: The management accounting supplies necessary information to the management, basing on which decision are taken. Scope of management of accounting:. 1.Financi accounting. 2.Cost accounting. 3.Revaluatiom accounting. 4.Budgetary control.Which of the following adequately describes Management Accounting? It is the process of identifying, measuring and: a. analysing financial information b. accumulating information developed for external users c. analysing information d. accumulating information developed for managersWhich of the following BEST describes Financial Condition Analysis (FCA)? Group of answer choices it mainly uses financial information in analysis it is a daily assessment of financial performance it evaluates the costs and benefits of financial analysis it assesses the impact of socioeconomic/organizational factors on financial condition