Title: Intermediate Financial Accounting I
INSTRUCTION: Match the following qualitative characteristics of accounting informa
explanation
"A"
"B"
1.Relevance
2.Materiality
3.Verifiability
4.Confirmatory value
5.Neutrality
6.Comparability
7.Faithful representation
8.Timeliness
A. helps users correct or confirm earlier expec
B. Ignores the economic consequences of a st
C. Ability to duplicate measurement results
D. Information that is measured and reported in a
E. if omitting, it could influence decisions
F. Materiality is an ingredient of fundamenta
G. Issuance of interim reports
H. completeness and free from error are a k
INSTRUCTION: choose the best answer from the given alternatives
9. IFRS stands for:
A. International Federation of Reporting Services.
B. Independent Financial Reporting Standards.
C. International Financial Reporting Standards.
D. Integrated Financial Reporting Services.
10. Which governmental body is most influential in enforcing IFRS?
A. Monitoring Board.
C. IOSCO.
B. IFRS Advisory Council.
D. IFRS Foundation
11. The objective of financial reporting places most emphasis on:
A. reporting to capital providers.
B. reporting on stewardship.
C. providing specific guidance related to specific needs.
D. providing information to individuals who are experts in the field.

Question

29-04-2024
Business

Answered

Title: Intermediate Financial Accounting I
INSTRUCTION: Match the following qualitative characteristics of accounting informa
explanation
"A"
"B"
1.Relevance
2.Materiality
3.Verifiability
4.Confirmatory value
5.Neutrality
6.Comparability
7.Faithful representation
8.Timeliness
A. helps users correct or confirm earlier expec
B. Ignores the economic consequences of a st
C. Ability to duplicate measurement results
D. Information that is measured and reported in a
E. if omitting, it could influence decisions
F. Materiality is an ingredient of fundamenta
G. Issuance of interim reports
H. completeness and free from error are a k
INSTRUCTION: choose the best answer from the given alternatives
9. IFRS stands for:
A. International Federation of Reporting Services.
B. Independent Financial Reporting Standards.
C. International Financial Reporting Standards.
D. Integrated Financial Reporting Services.
10. Which governmental body is most influential in enforcing IFRS?
A. Monitoring Board.
C. IOSCO.
B. IFRS Advisory Council.
D. IFRS Foundation
11. The objective of financial reporting places most emphasis on:
A. reporting to capital providers.
B. reporting on stewardship.
C. providing specific guidance related to specific needs.
D. providing information to individuals who are experts in the field.

Answer :

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-04-29T03:58:20-04:00

Matching the qualitative characteristics of accounting information with their explanations: 1. Relevance: A. helps users correct or confirm earlier expectations. 2. Materiality: E. if omitting, it could influence decisions. 3. Verifiability: C. Ability to duplicate measurement results. 4. Confirmatory value: D. Information that is measured and reported in a way that can be independently verified. 5. Neutrality: B. Ignores the economic consequences of a situation. 6. Comparability: G. Issuance of interim reports. 7. Faithful representation: H. Completeness and free from error are a key part. 8. Timeliness: F. Materiality is an ingredient of fundamental qualities. Regarding the questions provided: 9. IFRS stands for: C. International Financial Reporting Standards. 10. The most influential governmental body in enforcing IFRS is: D. IFRS Foundation. 11. The objective of financial reporting places most emphasis on: A. reporting to capital providers.