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Question;67. What is meant by consistency when;discussing financial accounting information?;a. Information;presented by a company that applies the same accounting treatment to similar;events, from period to period.;b. Information;is timely.;c. Information;that is classified, characterized, and presented clearly and concisely.;d. Information;is verifiable.;68. Which of the following is an ingredient of;relevance?;a. Verifiability.;b. Timeliness.;c. Predictive;value.;d. Neutrality.;69. Which of the following is an ingredient offaithful representation?;a. Predictive;value.;b. Materiality.;c. Neutrality.;d. Confirmatory;value.;70. Changing the method of inventory valuation;should be reported in the financial statements under what qualitative;characteristic of accounting information?;a. Consistency.;b. Verifiability.;c. Timeliness.;d. Comparability.;71. Company A issuing its annual financial;reports within one month of the end of the year is an example of which enhancing;quality of accounting information?;a. Comparability.;b. Timeliness.;c. Understandability.;d. Verifiability.;72. What is the quality of information that is;capable of making a difference in a decision?;a. Faithful;representation.;b. Materiality.;c. Timeliness.;d. Relevance.;73. Neutrality is an ingredient of which;fundamental quality of information?;a. Faithful;representation.;b. Comparability.;c. Relevance.;d. Understandability.;74. Decision makers vary widely in the types of;decisions they make, the methods of decision making they employ, the;information they already possess or can obtain from other sources, and their;ability to process information. Consequently, for information to be useful;there must be a linkage between these users and the decisions they make. This;link is;a. relevance.;b. faithful;representation.;c. understandability.;d. materiality.;75. The two fundamental qualities that make;accounting information useful for decision making are;a. comparability;and timeliness.;b. materiality;and neutrality.;c. relevance;and faithful representation.;d. faithful;representation and comparability.;76. Accounting information is considered to be;relevant when it;a. can;be depended on to represent the economic conditions and events that it is;intended to represent.;b. is;capable of making a difference in a decision.;c. is;understandable by reasonably informed users of accounting information.;d. is;verifiable and neutral.


Paper#55029 | Written in 18-Jul-2015

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