Which of the following is NOT a characteristic of effective information? a. relevance b. accuracy c. summarization d. precision

Q: What are the characteristics of good or useful information?

A:

Q: 6. Which qualitative characteristic is an ingredient of relevance? a. Verifiability b. Timeliness c.…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: The two characteristics of the appropriateness of evidence are a. relevance and reliability. b.…

A: The management of the company is the main responsible for preparing the financial statements which…

Q: Explain what is meant by information risk, and give at least two (2) causes of this risk.

A: Information risk reflects the possibility that the information upon which the business risk decision…

Q: Discuss the differences between the attest function and assurance services.

A: Auditing is a gathering of information and evaluation of evidence as to report on the degree of…

Q: For information to be relevant, it has to possess: Only predictive value Both predictive and…

A: Relevance is a Fundamental characteristic of useful Financial information. Relevant information can…

Q: Difference Between Traceability and Controllability?

A: Following is the answer to the given question

Q: When there is agreement between a measure or description and the phenomenon it purports to…

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: A problem statement is an unstructured set of statements that describes the purpose of an effort in…

A: Introduction: A problem statement is important in a process improvement project since it helps…

Q: Which answer below is the result of this error?

A: In the given case, the journal entry is recorded incorrectly. Due to which the service revenue will…

Q: uncertainty?

A: Answer - Option D Relevance is where the information is useful and appropriate , predictive or…

Q: What is Materiality?

A: Audit is the examination conducted by the professional (auditor) on the financial statements and…

Q: Which of the following is not a characteristic of a coherent fi nancial reporting framework? B .…

A: Coherent financial reporting framework is a reporting framework  which requires that a reporting…

Q: Which of the following relationships between types of analytical procedures and sources of…

A:

Q: which of the following is not a qualitative characteristic associated with Relevance? a.…

A: Financial statements should be true and fair, for presenting true and fair financial information;…

Q: What kind of information is gathered from a valid and trusted source and can be depended upon to be…

A: Accounting information is very useful information which is being collected for the purpose of…

Q: Neutrality of information in the fi nancial statements most closely contributes to which qualitative…

A: The qualitative characteristic of the financial information refers to that attribute of the…

Q: What makes information irrelevant to decision making?

A: Irrelevant information is a part of the information collected for decision-making from various…

Q: Distinguish between AIS and MIS.

A: Accounting Information System: The system which helps to gather, store and process the accounting…

Q: the following qualitative characteristics may have to be sacrificed in order to achieve timeliness?…

A:

Q: What is one objective of an appraisal program? a. having tho

A: What is the one Objective of an appraisal program ? a. having the employee feel more valued  b.…

Q: What criterion should be used to evaluate trade-offs between information characteristics?

A: Financial accounting: It refers to the process of recording the financial transactions of the…

Q: What is meant by (a) vouching, (b) tracing, and (c) scanning? What is the difference betweenvouching…

A: Vouching: Vouching is a method by which an auditor traces the transactions to its origin. The…

Q: Which among the following is a form related attribute of good information? a. Relevance b.…

A: The attribute of good information are: Accuracy Completeness Consistency Uniqueness Timeliness

Q: Why is the reporting of segment information required? Justify your response. Why is the reporting of…

A: Segment reporting deals with in-detail segment-wise financial reporting in the financial statements…

Q: Interpretation of reported information involves each of the following except limitations of reported…

A: Reported Information are those information which is available to all for general understanding or…

Q: The following are qualitative characteristics of presentation, except O Uniformity O…

A: Uniformity- It is the quality of being homogeneous.  Understandability-The information must be…

Q: What is meant by each of the following potential characteristics of information: relevant, accurate,…

A:

Q: The fundamental qualitative characteristic of faithful representation has the components of;

A: The answer for the multiple choice question and relevant explanation are presented hereunder : The…

Q: Which qualitative characteristic is an ingredient of relevance? O understandability O materiality O…

A: Answer

Q: Which of these statements are true about information? Check all that apply. O Data that has been…

A: In the given case the following statements are true.. Data that has been processed is Information...…

Q: define the following relevance, reliability,comparability, verifiability and understandability

A: There are some qualitative characteristics which accounting information should possess while…

Q: Which of the following is not considered to be an analytical procedure?

A: Answer: Comparisons of financial statements accounts with source documents

Q: What is the difference in a data and findings?

A: Data is the combination of raw facts which is used for providing information and conclusions to the…

Q: What is a MIS report, why is it  prepared?

A: MIS is Management Information System. Management information system is an integrated collection of…

Q: When information about two different entities has been prepared and presented in a similar manner,…

A: Comparability The characteristics comparability of financial statements can be achieved by following…

Q: The underlying theme of the conceptual framework is: a. decision usefulness.  b. understandability.…

A: CONCEPTUAL FRAMEWORK DESCRIBE HOW THE INFORMATION SHOULD BE PRESENTED AND DISCLOSED IN FINANCIAL…

Q: Answer of the following question related to these characteristics and constraints. When there is…

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: Difference Between Traceability and Controllability? Explain briefly in points.

A: Traceability and controllability are two concepts used in cost accounting. These are the forms of…

Q: Explain Prepayment Assumptions?

A: Prepayment model : In simple words, A prepayment model is employed in banking to forecast the amount…

Q: Explain what is meant by the audit expectation gap.

A: Audit expectation gap refers to the difference between public expectation about the auditor's role…