The following are considered purpose of valuation EXCEPT a. Financial reporting b. Litigation and ownership diputes c. Corporate executives' recreational incentives d. Business planning
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- Which of the following factors should influence business and accounting decisions?a. Economicb. Legalc. Ethicald. All of the aboveWhich of the following activities is associated with the management accounting information system?A. Reporting to the shareholdersB. Preparing a statement of cash flowsC. Reporting on the cost of qualityD. Preparing reports for the tax authoritiesThe objective of financial reporting places most emphasis on:a. reporting to capital providers.b. reporting on stewardship.c. providing specific guidance related to specific needs.d. providing information to individuals who are experts in the field.
- Which of the following is not a type of Management Report in QBO? Select one: a. Company Overview b. Expenses Performance c. Sales Performance d. Financial ReviewQualitative Characteristics The following is a list of qualitativecharacteristics of useful accounting information identified in the FASB'sand the IASB's Statement of Financial Accounting Concepts No. 8 andstatements describing the qualities. A. ComparabilityB. Decision usefulnessC. RelevanceD. Faithful representation E. Predictive valueF. Confirmatory valueG. VerifiabilityH. NeutralityI. Free from error J. ConsistencyK. MaterialityL. TimelinessM. UnderstandabilityN. Completeness _ _ _ _ _ _1. Different knowledgeable and independent observers conreach consensus that a particular representation is faithful_ _ _ _ _ _2. Making information available to decision makers before itloses its capacity to influence decisions._ _ _ _ _ _3. Capacity to make a difference in a decision, enabling users to predict future outcomes and/or confirm prior expectations._ _ _ _ _ _4. Overall objective of financial information. _ _ _ _ _ _ 5. Absence of bias intended to influence financial statementusers'…The accounting system should provide information for: Select one: O A. Reporting actual performance to managers O B. Strategic decisions O C. Preparation of financial statements O D. All of the above.
- Explain the usefulness of Financial statement information to the following stakeholders: i. Financial Analyst ii. Employee iii. Debtors iv .Government Agency y s gency6. Forward-looking information Includes the following exceptSelect one:a. Forecasts of revenues, income, cash flows, capital expendituresb. Measurement and communication of informationc. Prospective information about future economic performance or positiond. Statements of management’s plans and objectives for future operationsWhich of the following is a benefit of providing financial information? O Auditing. O Potential litigation. O Disclosure to competition. O Improved allocation of resources.
- Who enforces requirements regarding financial products and services? A. CCA B. ACCC C. ASIC D. ACLProviding information to internal users for decision making is the purpose of which of the following?A) Management reportsB) Tax formsC) Financial statementsD) Vendors list Group of answer choices A B C DAccounting policies, methods, and estimates used in preparing fi nancial statements aremost likely found in the:B . management commentary.