Q.1.1 - Q.1.2 Financial statements should always reflect a true and fair view of a business's affairs. It is the duty of accountants to ensure that the financial statements provide a faithful representation of the financial position of the organisation. To achieve this, certain qualitative characteristics are to be applied. In your own words describe what you understand by both fundamental qualitative characteristics and enhancing qualitative characteristics. Hint: Name each of the characteristics under each of the headings - Fundamental qualitative characteristics and Enhancing qualitative characteristics and provide a short description of each characteristic. Provide one actual example from the business world that supports the necessity for the use of good quality accounting information or the lack thereof (Hint: The Enron scandal of 2003 in the USA where the financial information had been falsified to mislead investors). (1) Q.1.3 Why has South Africa changed from the Accounting Standards known as GAAP (Generally Accepted Accounting Standards) to the IFRS (International Financial Reporting Standards), beyond the obvious reason that business is frequently done across national boundaries in the modern era? (2) Good to go Search i (14)

(Usefulness, Objective of Financial Reporting) Indicate whether the following statements about the conceptual framework are true or false. If false, provide a brief explanation supporting your position.(a) Accounting rule-making that relies on a body of concepts will result in useful and consistent pronouncements.(b) General-purpose financial reports are most useful to company insiders in making strategic business decisions.(c) Accounting standards based on individual conceptual frameworks generally will result in consistent and comparable accounting reports.(d) Capital providers are the only users who benefit from general-purpose financial reporting.(e) Accounting reports should be developed so that users without knowledge of economics and business can become informed about the financial results of a company.(f) The objective of financial reporting is the foundation from which the other aspects of the framework logically result.

The accounting system should provide information for: Select one: O A. Reporting actual performance to managers O B. Strategic decisions O C. Preparation of financial statements O D. All of the above.

. Indicate whether each statement describes financial accounting or managerial accounting. The information is directed at external users who are making decisions pertaining to investing, extending credit, and other decisions. The principal users are the organization’s managers. The key focus is on the entity as a whole. The rules and principles are very flexible. The information gathered is usually available after an independent audit has been completed. 2.  Identify the following as True or False: Managerial accounting reports must comply with the rules set in place by the FASB. Financial accounting reports are typically general-purpose reports. Financial accounting reports pertain to the entity as a whole, whereas managerial accounting focuses more on subunits of the organization. The main users of the financial accounting information are the internal users. Managerial reports are prepared on an as-needed basis. Financial accounting reports often must be audited at least annually…

**Objective Question:** In accounting, why are the principles of Objectivity and Neutrality important, and how do they contribute to the reliability and impartiality of financial information presented to stakeholders? **Choices:** A) By allowing subjective judgments and biases to influence financial reporting. B) By ensuring that financial information is prepared based on factual evidence and without bias. C) By prioritizing the interests of management over those of external stakeholders. D) By disregarding the need for transparency and accuracy in financial reporting.

Answer it precisely and clear format

The qualitative characteristics that make accounting information useful for decision-making purposes are as follows. Relevance   Neutrality   Verifiability Faithful representation   Completeness   Understandability Predictive value   Timeliness   Comparability Confirmatory value   Materiality   Free from error Instructions Identify the appropriate qualitative characteristic(s) to be used given the information provided below. a.    Qualitative characteristic being employed when companies in the same industry are using the same accounting principles. b.    Quality of information that confirms users’ earlier expectations. c.    Imperative for providing comparisons of a company from period to period. d.    Ignores the economic consequences of a standard or rule. e.    Requires a high degree of consensus among individuals on a given measurement. f.    Predictive value is an ingredient of this fundamental quality of information. g.    Four qualitative characteristics that are…

The most general and most important objective of financial reporting is to: A. Provide useful information for decision making B. Ensure management objectives are met C. Safeguard the company's assets D. Keep information summarized, simplified and condensed Reset Selection

The objectives of financial reporting for business enterprises are based on the need for conservative information the needs of the users of the information the need to report on management’s stewardship the need to comply with financial accounting standards

13.  Which of the following point is related to institutional factors that affect the accounting quality? Select one: a. Legal environment b. Managers' accounting discretion c. CEO's performance d. Internal auditing Clear my choice