Principles of Accounting Volume 2
19th Edition
ISBN: 9781947172609
Author: OpenStax
Publisher: OpenStax College
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Clear lines of authority and responsibility are essential to establishing a responsibility accounting system.
tRUE OR fALSE
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- Explain what is meant by responsibility reporting and the role of management by exception in such a system.arrow_forwardDescribe briefly the following characteristics of useful accounting information. Comparability (consistency). Neutrality.arrow_forwardWhich of the following are considered secondary characteristics of accounting information? a. varifiability and feedback value b. predictive value and timeliness c. comparability and consistency d. representational faithfulness and neutralityarrow_forward
- Describe the concept of responsibility accounting.arrow_forwardWhich of the following is a fundamental quality of useful accounting information? Select one: Comparability Consistency Relevance Materialityarrow_forwardDescribe a strategic-based responsibility accounting system. How does it differ fromactivity-based responsibility accounting?arrow_forward
- Which of the following is not a fundamental quality of useful accounting information? Group of answer choices Faithful representation. Relevance. Faithful representation and Relevance. Materialityarrow_forwardOutline the technical benefits of a conceptual framework. What problems could occur if accounting standards were set without a conceptual framework?arrow_forwardManagement accounting considers these factors more important than others.a. verifiability, objectivity and accuracyb. relevance, flexibility and timelinessc. consistency and disclosured, authenticity and reliabilityarrow_forward
- Which of the following is a fundamental characteristic of accounting information? Select one: O A. Predictive Value O B. Completeness OC. Faithful Representation O D. Comparability Tin Finisharrow_forwardGive accounting Definationarrow_forwardThe primary qualities that make accounting information useful for decision-making are :(a) Relevance and freedom from bias(b) Reliability and comparability(c) Comparability and consistency(d) None of the abovearrow_forward
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