Which of the following is most appropriate for IFRS? a. Should disclose all the material information b. Shows business transactions at appropriate or proper time c. It accounts for all the prospective losses but leaves aside all the prospective profits d. It is used to prepare and report the financial statements

Which of the following is most appropriate for IFRS? a. Should disclose all the material information b. Shows business transactions at appropriate or proper time c. It accounts for all the prospective losses but leaves aside all the prospective profits d. It is used to prepare and report the financial statements

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter2: The Accounting Information System

Section: Chapter Questions

Problem 10DQ

See similar textbooks

Similar questions

1. This deals with the determination of the fairness of the accountin reports and whther they are in accordance with the generally accepted accounting principles a. management accountingb. cost accounting.c. financial accountingd. auditing 2. which of the following journal entries can be eleminated?a. correcting entryb adjusting entryc. opening entryd. closing entry
Which characteristic is applicable to financial statements when provision is made for all known expenses and losses, whether the amount is known for certain or just an estimate? O A. Completeness OB/Reliability O/C. Relevance OD. Prudence
eflects each situation. Principle or Assumption eports can be prepared for those Business entity assumption Expense recognition (matching) principle S. s reported. Going-concern assumption npact users' decisions. Measurement (cost) principle Monetary unit assumption
Which process of the accounting cycle often requires the most analytical thought?A. making a journal entryB. posting transactions to accountsC. summarizing the trial balanceD. preparing the financial statements
A recognition test assists with deciding whether items should be included in the financial statements. Which characteristic of a financial statement does this refer to? O A. Reliable O B. Complete OC. Material O D. Neutral Type here to search
Which one of the following characteristics of accounting information is related to Objectivity? O a. The accounting information presented is truthful. Ob. The stable accounting treatment of similar transactions. OC. The accounting information must assist the users for making decision. Od. The accounting information is prepared and reported in a neutral way.
1. The inputs in the information system is called as a. reportsb. documentsc. transactionsd. accounts 2. Which of the following are considered as external users of information? (Check all that apply) a. Creditorsb. Stockholdersc. Operations personneld. Supplierse. Accountantsf. Customersg. Tax Authorities
An accounting policy is a. comprises the principles applied in preparing the fs b. is a judgment applied in deciding whether to recognize a transaction c. is the application of judgment in deciding on the measurement of an item d. is the judgment used in deciding on whether to disclose a particular item
What are the accounting information needed by: a. Internal users b. External users
Which of the following is not an accounting assumption? Select one: a.Integrity. b.Economic entity. c. Going concern. d. Periodicity.
Management accounting focus on the benefits of users. Select one: True O False PE cam ump toa Retum to: General
How the external will use the accounting information to do decisions