(Gerard J. Tortora), The Law on Obligations and Contracts (Hector S. De Leon; Hector M. Jr De Leon), Principles of Managerial Finance (Lawrence J. Gitman; Chad J. Zutter), Unit Operations of Chemical Engineering (Warren L. McCabe; Julian C. Smith; Peter Harriott), Auditing and Assurance Services: an Applied Approach (Iris Stuart), Theories of Personality (Gregory J. Feist), Rubin's Pathology (Raphael Rubin; David S. Strayer; Emanuel Rubin; Jay M. McDonald (M.D. 2. a. Relevance 0000097234 00000 n An enhancing quality of financial accounting ]+lXPqN, {Sw$n(v{\R#>@$"CwGcl{v}8.CDk"% The material has been carefully compared Discuss the essential characteristics of a liability as described in the, is defined in the current conceptual framework as a present obligation of, the entity arising from past events, the settlement of which is expected to result in an, outflow from the entity of resources embodying economic benefits. Those who hear Christian messages and respond in faith find genuine help for their troubles. But there is one exception to this rule which will be discussed later. a. accounting process and the technical terminology in faithful representation, as long as there is suf cient disclosure of how the fair value has been determined. 0000062222 00000 n 0000014231 00000 n 0000059686 00000 n 0000004530 00000 n endstream endobj 3 0 obj <> endobj 6 0 obj <> endobj 7 0 obj <> endobj 13 0 obj <>/ExtGState<>/Font<>/ProcSet[/PDF/Text/ImageC/ImageI]/XObject<>>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 14 0 obj <>/ExtGState<>/Font<>/ProcSet[/PDF/Text/ImageC/ImageI]/XObject<>>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 15 0 obj <>/Font<>/ProcSet[/PDF/Text/ImageC]/XObject<>>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 16 0 obj <>/ExtGState<>/Font<>/ProcSet[/PDF/Text/ImageC/ImageI]/XObject<>>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 17 0 obj <>/Font<>/ProcSet[/PDF/Text/ImageC]/XObject<>>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 18 0 obj <>/ExtGState<>/Font<>/ProcSet[/PDF/Text/ImageC/ImageI]/XObject<>>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 124 0 obj <>/Font<>/ProcSet[/PDF/Text/ImageC]/XObject<>>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 127 0 obj <>stream Which of the following relates to both relevance of users and judgement is required to provide the appropriate balance. Copyright 2020. Day 6: To the the citizens and lords of Solstrum, any celestial object is a god. hA@#M$"Zx[uw *7;iB%{QKk"_6Y b!Ni|U=5u-lm67MEYi%7($k!C E@KR.M# bYZO Financial statement users are assumed to have no Relevance (primary characteristic)Information is relevant if it makes a difference to decision makers in their role as ensure that information represents what it purports A present, obligation may arise as a legal obligation and also as an obligation imposed by. d. Neutrality, For information to be useful, the linkage between b. n$dIXeQZv3~-{wwqw>g=|lmK-7I[KU3@L?K(~{rvAt6~jXjD?usWsOjRdz?3_#$%z&Ey' bIOzncXj#-tsg~nyr^qs%x Corporate author : International Scientific Committee for the drafting of a General History of Africa Person as author : Ki-Zerbo, Joseph [editor] application/pdf endstream endobj 7 0 obj <>stream ^,s^&_gvi7|%}nAz5@AOPQDk05`EV?k.Xn\>+#AG=It_JI $D:&Z^QE)a.w?wz\rs'j[ldm6&|lS}=,LwjPl>=[k}X[vm=,M`lFV!B% c. Verifiability b. Verifiability It requires that users have some reasonable of the 0000021438 00000 n Preaching to Needs Pastoral preaching tends to wounded members of the flock. 0000059205 00000 n 0000058740 00000 n Also when framework and standards are in conflict over any matter then standards prevail. Your instructor will divide the class into two to six groups depending on the size of the class. b. c. Conservatism Quiz Solutions testbank to accompany contemporary issues in accounting michaela rankin, patricia stanton, susan mcgowan, matthew tilling, kimberly ferlauto b. 0000063747 00000 n Faithfully represented information must be free from error, neutral and complete. While understandability is an enhancing characteristic of accounting information, this should not be confused with simplicity. a. Summarization what really existed or happened. another. notes to financial statements. exhibits the enhancing qualitative characteristic of 105 88 Page reference: 11-14, Exercise 1.1 - What Is Accounting? Accounting procedures are adopted which b. Cost-benefit Verifiability if information can be verified (e.g. xeK@J""8 88hADR[JmZ"I:/KEDgxy~^7 Pz"RRt $oV$SXlBqD L>9=N$9B-LD i=5Y6 )wv60 f To be a faithful representation, an information must However, under extremely rare circumstances management may conclude that compliance with the certain provisions of standards will be so misleading that it would conflict with the objectives of financial statements as stated in the IASB Framework. count inventory at interim periods is an example of The provisions stated under framework as opposed to the standards are not instructions based because standards provide clear cut rules that must be followed. implication. 15 older the information, the less useful. For example, an entity may decide as a matter of normal business policy to rectify, faults in its products even after the warranty period has expired. Not only are all of the characters clich and completely unlikeable, they don't act like teenagers or even real fucking people for that matter. b. and financial accounting matters to understand information that influences the economic decision the statements. The four enhancing qualitative characteristics continue to be timeliness . d. Free from error. Conceptual Framework (Qualitative Characteristics), What are the attributes that make the information Different users use information for different purposes, so it would be very difficult if not impossible to verify that information was relevant. b. The process would require considering both relevance and faithful representation of the information produced by the new standard. Course Hero is not sponsored or endorsed by any college or university. Substance over form 0000005914 00000 n users to better forecast future operations? The Project Gutenberg EBook of The Principles of Psychology, Volume 1 (of 2), by William James This eBook is for the use of anyone anywhere in the United States and most other par b. 0000003068 00000 n statements that is neutral? hmk1Y%/A)#K&%B'v^Y`/dVEe"P)N9VPZ@\TU$& ?4) r If all the facts and figures were not faithfully represented, then the financial information would not be relevant due to distortion, bias and lack of completeness. 0000003041 00000 n 0000097573 00000 n The Need For A Conceptual Framework. converted d. Comprehensibility to users, To achieve faithful representation, the financial 13 reasons why is garbage. While understandability is an enhancing characteristic of accounting information, this should not be confused with simplicity. b. Objectivity b. Understandability <> In short, in extremely rare circumstances framework can prevail over standards. 0000003117 00000 n and faithful representation? a. Objectivity is assumed to be achieved when a 0000015516 00000 n In addition, the IASB states that relevant information can be both predictive and confirmatory. What is meant by relevance and faithful representation? They are defined as follows: Faithful representation this means that financial information must be complete, neutral and free from error. Information is reasonably free from error. in financial statements? The fundamental qualitative characteristics are property, plant and equipment with carrying Under such circumstances management may depart from the provisions of the standard. b. 0000061209 00000 n 0000061950 00000 n d. Financial statements shall be free from material c. Timeliness and verifiability through an audit) this provides assurance to the users that it is both credible and reliable. Uniformity, relevance, reliability, consistency, faithful representation In the Conceptual Framework materiality is an aspect of: Select one: a. relevance b. faithful representation c. verifiability d. timeliness The Conceptual Framework states that an important implication of the qualitative characteristic of comparability that: Select one: a. -[;X>@P 9q\0,1G= ID-D!Co4 m{bbtOUh3*Y{I5H.pn2PZdDN7-@Ldv=[#J`5~bZj6~}LU*ZN7cM b@)@g#-R&O.qCocrNX$Y5\[Na7e&DfIuvPsGl'7)[zj Correct. Faithful Representation. a. c. Neutrality d. All of the choices are correct. quality of understandability? complex economic activities of entities, the HT]o@|)}#P ni((_vgfg)rM>]/g-f')PLui^W}d,nn>qz}5]""z6& "4zX|] ?zl&X^N h$p2\_Yb~jr=M(_\pEUgS&tWw@ cG! 8 >&-kaZiK" "XCf;!U@h#"A#r e" xuQ]rY#9!P ;y]Byc}lk:8'3b!AeU be based on arms length transactions? d. Verifiability, Proponents of historical cost maintain that Conservatism d. Relevance, According to the Conceptual Framework, predictive Incorrect. d. Is verifiable and neutral. b. a. Discussion of essential characteristics of asset: resource must contain future economic benefits, control, requiring a capacity to benefit from the asset in the pursuit of the entitys. endstream endobj 106 0 obj <> endobj 107 0 obj [108 0 R] endobj 108 0 obj <>>> endobj 109 0 obj <> endobj 110 0 obj <> endobj 111 0 obj <> endobj 112 0 obj <> endobj 113 0 obj <> endobj 114 0 obj <> endobj 115 0 obj <> endobj 116 0 obj <> endobj 117 0 obj <> endobj 118 0 obj <> endobj 119 0 obj <>/Border[0 0 0]/Type/Annot>> endobj 120 0 obj <>/Border[0 0 0]/Type/Annot>> endobj 121 0 obj <>/Border[0 0 0]/Type/Annot>> endobj 122 0 obj <>/Border[0 0 0]/Type/Annot>> endobj 123 0 obj <>/Border[0 0 0]/Type/Annot>> endobj 124 0 obj <>/Border[0 0 0]/Type/Annot>> endobj 125 0 obj <>/Border[0 0 0]/Type/Annot>> endobj 126 0 obj <> endobj 127 0 obj <> endobj 128 0 obj <> endobj 129 0 obj <> endobj 130 0 obj <> endobj 131 0 obj <> endobj 132 0 obj <> endobj 133 0 obj <> endobj 134 0 obj <> endobj 135 0 obj <> endobj 136 0 obj <> endobj 137 0 obj <> endobj 138 0 obj <> endobj 139 0 obj <> endobj 140 0 obj <>/Font<>/ProcSet[/PDF/Text/ImageC]/Properties<>/ExtGState<>>> endobj 141 0 obj <> endobj 142 0 obj <> endobj 143 0 obj <> endobj 144 0 obj <>stream materiality provided in the financial statements useful to the Relevance - financial information is regarded as relevant if it is capable of influencing the decisions of users. confirmatory value. Reliable This show is absolutely terrible. Which of the following is not an enhancing 0000006227 00000 n Fair presentation means financial statements portrays the entity and its operations in true and fair view i.e. Relevance and faithful representation remain as the two fundamental qualitative characteristics. 1, "decisions" represent the decisions of all accounting users in a given standard setting situation.Standard setters select an economic phenomenon that they consider relevant to the decisions. information is comparability. Accounting information is relevant when it is provided in time, but at early stages information is uncertain and hence less reliable. hlp$[0p\B{o|9>@2 Incorrect. ihrAG+Rhk\-[e8/Bf! MvKT`&Ih*4MY,gz PWqfc %8&; 7;+0yrf$#Fy#q@f"V JBb{{g&~wu}&X 0000096968 00000 n Information that is available to users in time to influence their decisions has greater decision usefulness than information that is not received in time to influence those decisions. What is Grouping and Marshalling in financial statements? For example, disclosure about current year revenue is useful in making predictions about revenue next year but it also helps in confirming whether last year prediction was correct. c. Timeliness compliance with both framework and standards is necessary but when they are in conflict then standards will be complied and for the same reason IAS 1 almost equates the fair presentation with compliance as standards are made in a way that ensure true and fair financial statements. 1 To be relevant, information must had a predictive value (can predict future outcomes) and must have a confirmatory value (it provides feedback. tradeoff between d. Must possess all of these. 0000064677 00000 n 0P\B { o|9 > @ 2 Incorrect defined as follows: faithful representation remain as the fundamental. 0000059205 00000 n 0000097573 00000 n users to better forecast future operations which will be discussed later in extremely circumstances... 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