Are the financial reports contained in the annual report considered financial accounting reports or management accounting, clarify this and provide evidence to prove it? Can the costs contained in the income statement be used to analyze the relationship between cost, volume and profit (CVP), if the answer is yes, then the tools that can be used in this CVP analysis are clarified, and if this analysis cannot be used, the reasons will be clarified?
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- Cost is a pervasive constraint on the information that can be provided by financial reporting. Reporting financial information imposes costs, and it is important that those costs are justified by the benefits of reporting that information. b. Describe any THREE (3) costs each incurred by the providers and users of the information. c. Applying a measurement basis to an asset or liability creates a measure for that asset or liability and for the related income and expenses. List the measurement basis as suggested by the revised Conceptual Framework.An internal accounting system should: a. provide information to enable costs to be minimized b. provide financial accounting data for external reporting purposes c provide management accounting information for decision-making d. provide data for tax purposes e. all of the aboveWhat are some of the accounting information costs? What are some advantages of accounting data? Describe the cost-benefit considerations to consider when proposing new accounting rules.
- What are some of the costs of providing accounting information? What are some of the benefits of accounting information? Describe the cost-benefit factors that should be considered when new accounting standards are beingproposed.When preparing financial statement, accountants or auditors will determine an amount which is not significant, and any error or omission of the transaction below that amount can be ignored when preparing financial statements. This refers to Cost constraint B Faithful representation C Relevant D MaterialityExplain the difference between profit and profitability. Explain the concept of going concern and the implication of revocation of going concern assumption when financial statements are prepared.
- What are some of the expenses associated with the provision of accounting data? What are some of the advantages of having accounting information on hand? Describe the cost-benefit considerations that should be taken into account when new accounting standards are being evaluated.In preparing a balance sheet, why do you think standard accounting practice focuses on historical cost rather than market value?Which of the following requires accounting information to be complete, neutral, and free from material error? Faithful representation concept Cost principle Economic entity assumption Going concern assumption
- What is probably the greatest single reason conventional financial statements are inadequate for analysis? a. Accrual accounting b. Historical cost c. Matching rule d. Going concern conceptState whether the following questions is True (T) or False (F): a) Management accounting is future oriented. b) Management accounting is required to follow generally accepted accounting principles. c) Financial accounting examines monetary and non-monetary events. d) Cost accounting is used as a means of fixing a selling price.Which of the following statements about accounting income and economic income is (are) correct? I. Accounting income ignores many unrealized gains/losses of assets and liabilities, but economic income fully recognizes unrealized gains/losses. II. Accounting income does not consider all the costs (e.g., opportunity costs), whereas economic income account for all types of costs. III. Income and capital gains/losses are treated different in the calculation of accounting income, while they are treated the same in the calculation of economic income. Group of answer choices a.I and II b. I and III c. II and III d. I, II and III