How does business model evolution affect accounting adaptation? a) Changing operations require modified recording approaches b) Traditional methods fit forever c) Evolution creates problems d) Standard rules never change

What are the implications of a change in accounting standards? For example, what kinds of changes to data calculation and information reportingare likely to occur with a transition to a new standard?

The two primary qualities that make accounting information useful for decision making are: comparability and consistency. materiality and timeliness. relevance and reliability. reliability and comparability. Information is neutral if it: provides benefits which are at least equal to the costs of its preparation. can be compared with similar information about an enterprise at other points in time. would have no impact on a decision maker. d. is free from bias toward a predetermined result.

1. An accounting information system should be designed to provide information that is useful. To be useful the information must be: a. qualitative rather than quantitative. b. unique and unavailable through other sources. c. historical in nature and not purport to predict the future. d. marginal between two alternatives. e. relevant, accurate, and timely.