Listed below are nine terms and definitions associated with the FASB’s conceptual framework. Terms Definitions 1. Completeness a. Requires the consideration of the costs and value of information. 2. Comparability b. Ability to make comparisons between firms. 3. Neutrality c. Comprehending the meaning of accounting information. 4. Understandability d. Including all information necessary to report the business activity. 5. Cost effectiveness e. The business will last indefinitely unless there is evidence otherwise. 6. Verifiability f. Recording transactions only for the company. 7. Decision g. Implies consensus among different measures. 8. Economic entity assumption h. Accounting should be useful in making decisions. 9. Going concern assumption i. Accounting information should not favor a particular group. Required:Pair each term with its related definition.

Listed below are nine terms and definitions associated with the FASB’s conceptual framework. Terms Definitions 1. Completeness a. Requires the consideration of the costs and value of information. 2. Comparability b. Ability to make comparisons between firms. 3. Neutrality c. Comprehending the meaning of accounting information. 4. Understandability d. Including all information necessary to report the business activity. 5. Cost effectiveness e. The business will last indefinitely unless there is evidence otherwise. 6. Verifiability f. Recording transactions only for the company. 7. Decision g. Implies consensus among different measures. 8. Economic entity assumption h. Accounting should be useful in making decisions. 9. Going concern assumption i. Accounting information should not favor a particular group. Required:Pair each term with its related definition.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter9: Responsibility Accounting And Decentralization

Section: Chapter Questions

Problem 14MC: An important goal of a responsibility accounting framework is to help ensure which of the following?...

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Enter the letter of each system principle in the blank next to its best description. A. Control principle C. Compatibility principle E. Cost-benefit principle B. Relevance principle D. Flexibility principle 1. The accounting information system helps monitor activities. 2. The accounting information system conforms to the company’s business activities. 3. The accounting information system changes in response to technological advances and competitive pressures. 4. Affects all other accounting information system principles. 5. The accounting information system provides timely information for effective decision making.
Match each of the principles and phases in the development of an accounting system with the statement that best describes them. 1. Information must be understandable, relevant, reliable, timely, and accurate. FlexibilityCost effectivenessUseful output 2. Benefits of information must outweigh the cost of providing it. Cost effectivenessUseful outputFlexibility 3. The system should accommodate a variety of users and changing information needs. Cost effectivenessFlexibilityUseful output 4. The accounting system must consider the needs and knowledge of various users. FlexibilityCost effectivenessUseful output 5. The system should be capable of meeting the changes in the demands made upon it.…
Cost and management accountingA. require and entirely separate group of accounts than financial accounting uses.B. are required for business record keeping as are financial and tax accounting.C. focus solely on determining how much it cost to manufacture a product or provide a service.D. provide product/service cost information as well as information for internal decision making.
The objective of Human resource accounting in the modern organizations is to____ a. Attract the employees b. All of the given options c. Attract the investors d. Asset valuation
Which of the following is a fundamental characteristic of accounting information? Select one: O A. Predictive Value O B. Completeness OC. Faithful Representation O D. Comparability Tin Finish
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Topic: identifying profit or loss to generate the overall report on the activity of the business. Direction: solve the problem given below (please refer to the picture)
Please select the aspect of accounting associated with the following activities 1. analyzing and interpreting reports 2. Presenting financial information 3.maintaining a log of service costs 4. Measuring the costs of a product 5. Preparing financial statements 6. Establishing revenues generated from a product 7.determining employee tasks behind a service
. MULTIPLE CHOICE. Choose the best answer among the following choices. Time Dor SLUIC Monetary Unit 7. The principle of objectivity includes the concept of A. Summarization B. Verifiability C. Classification D. Conservatism 8. The financial accounting information is directed toward the common needs of users and is independent of presumptions about particular needs and desires of specific users. A. Completeness B. Verifiability C. Relevance D. Neutrality 9. The attribute of relevance include ALL EXCEPT: minator. A. Predictive value B. Feedback value C. Materiality D. Neutrality 10. The assumption that an entity will continue to operate for the foreseeable future is called A. Accrual basis B. Comparability C. Going concern D. Cash basis
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Which of the following are characteristics of management accounting information? 1. Non-financial as well as financial 2. Used by all stakeholders 3.Concerned with cost control only 4. Not legally required a) 1 and 4 b) 2 and 3 c) 1, 2, and 3 d) 2, 3, and 4
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Terms	Definitions
1. Completeness	a. Requires the consideration of the costs and value of information.
2. Comparability	b. Ability to make comparisons between firms.
3. Neutrality	c. Comprehending the meaning of accounting information.
4. Understandability	d. Including all information necessary to report the business activity.
5. Cost effectiveness	e. The business will last indefinitely unless there is evidence otherwise.
6. Verifiability	f. Recording transactions only for the company.
7. Decision	g. Implies consensus among different measures.
8. Economic entity assumption	h. Accounting should be useful in making decisions.
9. Going concern assumption	i. Accounting information should not favor a particular group.