Which of the following are considered secondary characteristics of accounting information? a. verifiability and feedback value b. predictive value and timeliness c. comparability and consistency d. representational faithfulness and neutrality

Which of the following are considered secondary characteristics of accounting information? a. verifiability and feedback value b. predictive value and timeliness c. comparability and consistency d. representational faithfulness and neutrality

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter17: Other Services Provided By Audit Firms

Section: Chapter Questions

Problem 26MCQ

See similar textbooks

Related questions

Q: What are the two fundamental qualitative characteristics identified by the Financial Accounting…

Q: Describe significant accounting policies.

A: Definition: Accounting policies: Accounting policies are the specific principles and rules which…

Q: What is the basic difference in orientation between financial and management accounting?

A: Introduction: Accounting: Accounting is an art of recording , classifying , summarizing and…

Q: How does FASB use their conceptual framework (objectives, qualitative characteristics, elements, and…

A: Solution- Introduction to FASB Short for Financial Accounting Standards Board, FASB is a…

Q: Describe the goals of accounting standards.

A: Accounting standards are authoritative standards for financial reporting and are the primary source…

Q: Determine the second level in the conceptual framework of accounting. a. Qualitative characteristics…

A: A conceptual framework of accounting is a system of ideas and major goal which lead to the making of…

Q: he following is a list of qualitative characteristics of useful accounting information identified in…

A: SOLUTION- AN INDEPENDENT BODY OR ORGANIZATION WHICH IS INVOLVED IN PREPARATION OF FINANCIAL…

Q: What are the three steps in designing accounting-based performance measures?

A: Accounting based performance measures: Accounting based performance measures can be defined as…

Q: What is meant by the term “qualitative characteristics of accounting information”?

A: Qualitative Characteristics of Accounting Information System: Qualitative characteristics are what…

Q: The following is a list of qualitative characteristics of useful accounting information identified…

A: An independent body or organization which is involved in the preparation of financial accounting and…

Q: Under Qualitative Characteristics of Useful Financial Information, the ability through consensus of…

A: Faithful representation requires that transactions and events should be accounted for in a manner…

Q: Which of the following characteristics must exist for accounting information to be useful in making…

A: Definition:

Q: What is the fundamental difference between financial accounting and management accounting in terms…

A: An accountant's job is to keep track of the findings and analyze them.

Q: Which is the first step within the hierarchy of guidance when selecting accounting policies? a.…

A: Accounting Policies - These are the fixed principles, concepts, rules, etc. which are used by a…

Q: If accounting information is timely, and has predictive as well as feedback value, then it is…

A: The accounting information is the data that is used by various stakeholders in order to make…

Q: Which of the following is most closely linked to accounting conservatism? Lower-of-cost-or-market…

A: Answer:

Q: (B) Why do you think standard setters have considered a single measurement base approach? In your…

A: The conceptual framework is an attempt by standard regulation authorities to define nature and a…

Q: are the two fundamental qualities that make accounting information useful for decision making. a.…

A: solution concept Relevance means the information that are relevant for the users of the financial…

Q: Which of the following is most closely linked to accounting conservatism? a. Lower-of-cost-or-market…

Q: What are the two of the qualitative characteristics of accounting information that contribute to its…

Q: Which of the following requires accounting information to be complete, neutral, and free from…

A: Accounting principles: These are the assumption, concepts, and guidelines necessary to prepare and…

Q: Explain and applyunderlying accountingconcepts, assumptions,and principles

A: Accounting concepts and principles: Financial statements are prepared in accordance with the…

Q: Why accounting information elements that may affect by stakeholders

A: Accounting is the process of recording, classifying and summarizing accounting information in such a…

Q: What does the conceptual framework intend to establish? a. the objectives and cocepts foruse in…

A: Accounting framework defines the rules and framework which depicts the rules, standards that were…

Q: Describe the recognition, measurement, and disclosure concepts that guide accounting practice.

A: Accounting concepts are referred to the basic assumptions, principle and rules which guides the…

Q: Which of the following is the first step within hierarchy of guidance to which management refers,…

A: SOLUTION- ACCOUNTING POLICIES ARE THE SPECIFIC PRINCIPLES AND PROCEDURES IMPLEMENTED BY A COMPANY'S…

Q: Discuss the terms relevance and faithful representation as they relate to financial accounting…

A: Financial accounting: It can be defined as the branch of accounting that is associated with the…

Q: Clear lines of authority and responsibility are essential to establishing a responsibility…

A: Responsibility Accounting System: Its a system which Divides the Entire Organization in to multiple…

Q: Qualitative characteristics of accounting information - Relevance - Reliability - Comparability…

A: The qualitative characteristics of accounting information is useful for decision and reporting…

Q: Which of the following requires accounting information to be complete, neutral, and free from…

A: Accounting Principles:

Q: Briefly describe the two fundamental qualities of useful accounting information.

A: Accounting information is data about a business entity’s transactions. From buying inventory and…

Q: Describe the major constraint inherent in the presentation of accounting information.

A: Accounting information: Accounting information refers to that information which is concluded from…

Q: s that influence the adoption of computarised ac

A: Using computerized accounting systems, you may set up revenue and expenditure accounts for things…

Q: Describe briefly the following characteristics of useful accounting information. Comparability…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: In general, what is the conceptual framework that underlies accounting principles?

A: Accounting principles are the specific rules and guidelines that are to be followed in preparation…

Q: What two primary qualitative characteristics make accounting information useful? Predictive…

A: Relevance: In accounting, the term relevance means it will make a difference to a decision maker.…

Q: Identify the second level in the conceptual framework of accounting. a. Objectives b. Recognition…

A: The conceptual framework consists of ideas and objectives that helps to create consistent rules and…

Q: Indicate which of the following statements are moredescriptive of management accounting than of…

A: Managerial accounting represents the practice of identification, measurement, analysis,…

Q: explain the fundamental qualities of accounting information

A: Accounting data would be supplied into an accounting information system, which processes data using…

Question

Which of the following are considered secondary characteristics of accounting information?

a. verifiability and feedback value

b. predictive value and timeliness

c. comparability and consistency

d. representational faithfulness and neutrality

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

What is the purpose of management accounting?
Management accounting data are expected to be objective and verifiable. Select one: O True False
Management accounting considers these factors more important than others.a. verifiability, objectivity and accuracyb. relevance, flexibility and timelinessc. consistency and disclosured, authenticity and reliability
6. Which qualitative characteristic is an ingredient of relevance? a. Verifiability b. Timeliness e. Neutrality d. representational faithfulness 7. Which of the following qualitative characteristics may have to be sacrificed in order to achieve timeliness? a. Relevance b. Reliability c. Comparability d. predictive value Which of the following are considered secondary characteristics of accounting information? a. verifiability and feedback value b. predictive value and timeliness c. comparability and consistency d. representational faithfulness and neutrality 8. The four major financial statements of a corporation consist of the a. income statement, balance sheet, statement of cash flows and statement of changes in stockholders' equity b. balance sheet, statement of cash flows, statement of retained eamings, and income 9. statement c. income statement, statement of cash flows, statement of owners' equity, and balance sheet d. statement of cash flows, balance sheet, income statement, and…
The objectives of the data collection activity of the general model for Accounting Information Systems are to collect data that are a. relevant and redundant. b. efficient and objective. c. efficient and redundant. d. efficient and relevant.
Which among the following is a form related attribute of good information? a. Relevance b. Presentation c. Accuracy d. Brevity
Which concept states that accounting information should be complete, neutral, and free from material error?
Explain whether the cost of accounting systems primarily support internal or external reporting
what are the relationship between framing effect and mental accounting?
Clear lines of authority and responsibility are essential to establishing a responsibility accounting system. tRUE OR fALSE
A responsibility accounting system utilizes and assigns costs on the basis of their a. controllability b. variability c. timing of recognition d. traceability
What is data reliance on a task? (relative to Accounting Information Systems)