Match each qualitative characteristic of useful accounting information with the related definition by entering the appropriate letter
Question:
Transcribed Image Text:
Definitions A. Application of the same accounting methods over time B. Agreement between what really happened and the disclosed information C. The information is available prior to the decision. Qualitative Characteristics () Relevance (2) Timeliness (3) Predictive value 4) Confirmatory value D. The accounting information does not favour a particular group. (5) Verifiability (6) Faithful representation F. The information provides input to evaluate previous expectations. E. The information helps reduce uncertainty in the future (7)Neutrality G. The information allows the evaluation of one alternative against another alternative H. The information has a bearing on a specific decision. I The information can be depended upon J. Implies that qualified persons working independently arrive at similar (8) Comparability 9) Consistency conclusions
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (12 reviews)
Qualitative Characteristics H 1 Relevance C ...View the full answer
Answered By
Nyron Beeput
I am an active educator and professional tutor with substantial experience in Biology and General Science. The past two years I have been tutoring online intensively with high school and college students. I have been teaching for four years and this experience has helped me to hone skills such as patience, dedication and flexibility. I work at the pace of my students and ensure that they understand.
My method of using real life examples that my students can relate to has helped them grasp concepts more readily. I also help students learn how to apply their knowledge and they appreciate that very much.
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Fundamentals Of Financial Accounting
ISBN: 9780073527109
3rd Edition
Authors: Fred Phillips, Robert Libby, Patricia A Libby
Question Posted:
Students also viewed these Accounting questions
-
Match each player with the related definition by entering the appropriate letter in the space provided. (1) Financial analyst (2) Creditor (3) Independent auditor (4) Private investor (5) SEC (6)...
-
Match each player with the related definition by entering the appropriate letter in the space provided. Players Definitions ----1. Independent auditors................... A. Investors and creditors...
-
Match each component with the related definition by entering the appropriate letter in the space provided. Components Definitions --1. Investor information Web site............. A. Individual who...
-
What is a buy-sell agreement, and how does life insurance facilitate it?
-
Suppose that each adult subject in an experiment is given either treatment I or treatment II. Prove that the proportion of men among the subjects who receive treatment I is equal to the proportion of...
-
If the price of gold is expected to increase in the future, then: a. the demand for gold will increase today b. the demand for gold will decrease today c. the quantity demanded of gold will increase...
-
ABS Plumbing Ltd wants to prepare flexible budget cost estimates for the following items within a range of 33000 to 41000 chargeable hours. Required (a)Prepare a flexible overhead budget for 33000,...
-
From the following transactions as well as additional data, please complete the entire accounting cycle for Parkers Plowing (use the chart of accounts for 5A-3). 201X Jan. 1 Parker invested $10,000...
-
Subprime mortgages and derivatives, bailout of FNMA, Freddie Mac, and AIG, Analysis the following corrective action taken by the Federal Reserve as a result of the crisis: Quantitative easing...
-
Dr. Zhivgo Diagnostics Corp. income statements for 20X1 are as follows: Sales $2,790,000 Cost of goods sold 1,790,000 Gross profit 1,000,000 Selling and administrative expense 302,000 Operating...
-
Research In Motion Limited (RIM), which was renamed Blackberry in 2013, reported on September 27, 2012, a net loss of $ 238 million for the second quarter of its 2013 fiscal year, compared to net...
-
Paula Romanov is the credit manager of Pinnacle Inc. She is considering whether to extend credit to Mak Inc., a new customer. Pinnacle sells most of its goods on credit but is very careful in...
-
How many runs are there in each of the following series? a. 1 1 0 0 0 1 0 0 1 0 1 1 0 0 0 0 1 1 0 1 1 0 1 0 1 1 1 0 0 1 b. 0 1 0 1 1 0 1 1 1 0 0 0 1 0 1 1 0 0 1 0 1 0 0 1 0 1 1 0 0 1 c. 1 1 1 0 0 0 1...
-
Consider the following simplified BitTorrent scenario. There is a swarm of 2n peers and, during the time in question, no peers join or leave the swarm. It takes a peer 1 unit of time to upload or...
-
What are the main differences between the CBA approaches proposed by the Green Book and EC Guide?
-
Show the result of the moves on Rubik's cube indicated in Problems 3-29. Remember that R, F, L, B, T, and U mean rotate \(90^{\circ}\) clockwise the right, front, left, back, top, and under faces,...
-
The transmission schedule (Table 6.4) for a given flow is for each second the number of packets sent between that time and the following second. The flow must stay within the bounds of a token bucket...
-
Show the result of the moves on Rubik's cube indicated in Problems 3-29. Remember that R, F, L, B, T, and U mean rotate \(90^{\circ}\) clockwise the right, front, left, back, top, and under faces,...
-
D, H, F were equal partners of the firm Enterprise and the following Balance Sheet as at 1.7.2018 was produced by them: On 1.7.2018 they agreed to take R as an equal partner on the following terms:...
-
A bubble-point liquid feed is to be distilled as shown in Figure. Use the Edmister group method to estimate the mole-fraction compositions of the distillate and bottoms. Assume initial overhead and...
-
The financial statements of Zetar plc are presented in Appendix C. The companys complete annual report, including the notes to its financial statements, is available at www.zetarplc.com. Visit Zetars...
-
Explain sustainable income. What relationship does this concept have to the treatment of irregular itemson the income statement?
-
Duncan Inc. reported 2011 earnings per share of $3.26 and had no extraordinary items. In 2012, earnings per share on income before extraordinary items was $2.99, and earnings per share on net income...
-
If a set of m+1 data points (x,y) are to be represent by a least squares fit of y=c logx derive an expression for c in terms of x and y.
-
5 If 0 = then 4 cos(0) = sin(0) =
-
Determine the reactions of the given beam using slope deflection method. P = 25 kN, P2 = 25 kN, and w = 25 kN/m P1 P2 2m B 2m C 4m 21 Numerical answer in 4 decimal places and positive values only: RA...
Study smarter with the SolutionInn App