Which one of the following characteristics of accounting information is related to Objectivity? a. The accounting information presented is truthful. Ob. The stable accounting treatment of similar transactions. O C. The accounting information must assist the users for making decision. O d. The accounting information is prepared and reported in a neutral way. O O O O

Which one of the following characteristics of accounting information is related to Objectivity? a. The accounting information presented is truthful. Ob. The stable accounting treatment of similar transactions. O C. The accounting information must assist the users for making decision. O d. The accounting information is prepared and reported in a neutral way. O O O O

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter1: Accounting As A Tool For Managers

Section: Chapter Questions

Problem 10MC: Which of the following statements is incorrect? The practice of management accounting is fairly...

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Similar questions

Which of the following statements is incorrect? The practice of management accounting is fairly flexible. The information gathered from management accounting is not required by law. Management accounting focuses mainly on the internal user. Reports produced using management accounting must follow GAAP.
Which of the following is not a fundamental quality of useful accounting information? Group of answer choices Faithful representation. Relevance. Faithful representation and Relevance. Materiality
Describe briefly the following characteristics of useful accounting information. Comparability (consistency). Neutrality.
Which of the following are the fundamental characteristics of accounting information? O a. Predictive value and feedback value. Ob. Relevance and faithful representation. Oc Relevance and verifiabilily. Od. Timeliness and understandability. O e. Verifiability and taithful representation.
Which of the following is a fundamental quality of useful accounting information? Select one: Comparability Consistency Relevance Materiality
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 characteristics must exist for accounting information to be useful in making informed decisions? O relevant and precise O internal and relevant O relevant and representationally faithful O precise and reliable
What two primary qualitative characteristics make accounting information useful? Predictive value and relevance. Relevance and neutrality. Faithful representation and relevance. Faithful representation and predictive value.
Why accounting is an infromation system? Explain with your own point of view with example.
Indicate whether the following statements about the conceptual framework are true or false. If false, provide a brief explanation supporting your position. a. The fundamental qualitative characteristics that make accounting information useful are relevance and verifiability. b. Relevant information only has predictive value, confirmatory value, or both. c. Information that is a faithful representation is characterized as having predictive or confirmatory value. d. Comparability pertains only to the reporting of information in a similar manner for different companies. e. Verifiability is solely an enhancing characteristic for faithful representation. f. In preparing financial reports, it is assumed that users of the reports have reasonable knowledge of business and economic activities.
Which of the following is not a component of an accounting system? the input source documents the output reports the framework for operation of the system All of these answer choices are components of an accounting system.
Management accounting information can be disclosed to outsiders O a . False O b . True