The pervasive criterion by which accounting information can be judged is that of

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Which of the following is a pervasive constraint on the information that can be provided by financial reporting?
What are the two fundamental qualities that make accounting information useful for decision making?
When discussing financial accounting information the term consistency means that?
Which of the following is fundamental quality of useful accounting information?

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4.The pervasive criterion by which accounting information can be judgedis that ofThe pervasive criterion by which accounting information can be judged is thatofStudentResponseValueCorrect AnswerFeedback1.freedom frombias.2.decisionusefulness.100%3. timeliness.4. comparability.

Score:2/25.Where is materiality not used in providing financial information?Where is materiality not used in providing financial information?Correct AnswerFeedback

StudentResponseValueCorrect AnswerFeedbackrecognitionprinciple.Score:0/26.Which of the following are not true concerning a conceptual frameworkin account-ing?Which of the following arenottrue concerning a conceptual framework inaccount-ing?Correct AnswerFeedback

2.It shouldallowpracticalproblems tobe solvedmore quicklyby referenceto it.3.All of theabove (a-c)are true.0%4.It should bebased onfundamentaltruths that arederived fromthe laws ofnature.Score:0/27Which basic assumption may not be followed when a firm in bankruptcy

.reports financial results?Which basic assumption may not be followed when a firm in bankruptcyreports financial results?Correct AnswerFeedback

1.Going concernassumption.2. Periodicityassumption.3. Economicentityassumption.4.Monetary unitassumption.0%Score:0/28.Recognition of expense related to amortization of an intangible assetillustrates which principle of accounting?Recognition of expense related to amortization of an intangible assetillustrates which principle of accounting?StudentResponseValue1. Fulldisclosure.Correct AnswerFeedback

2. Historicalcost.3.Expenserecognition.100%4. Revenuerecognition.Score:2/29.A decrease in net assets arising from peripheral or incidentaltransactions is called a(n)

A decrease in net assets arising from peripheral or incidental transactions iscalled a(n)Correct AnswerFeedback

1.loss.100%2. capitalexpenditure.3. expense.4. cost.Score:2/210.According to the FASB's conceptual framework, which of the followingrelates to both relevance and faithful representation?According to the FASB's conceptual framework, which of the following relatesto both relevance and faithful representation?

Student ResponseValueCorrect Answer1.NoNo2.YesNo100%3.YesYes4.NoYesScore:2/2

Which of the following is a pervasive constraint on the information that can be provided by financial reporting?

Cost is a pervasive constraint on the information that can be provided by general purpose financial reporting. Reporting such information imposes costs and those costs should be justified by the benefits of reporting that information.

What are the two fundamental qualities that make accounting information useful for decision making?

Relevance and reliability are the two primary qualities that make accounting information useful for decision making.

When discussing financial accounting information the term consistency means that?

Definition of Consistency In accounting, consistency requires that a company's financial statements follow the same accounting principles, methods, practices and procedures from one accounting period to the next. This allows the readers of the financial statements to make meaningful comparisons between years.

Which of the following is fundamental quality of useful accounting information?

Relevance and reliability are the fundamental quality of useful accounting information. The accounting information must be appropriate as well as reliable since the information will be used by the users of the financial statements for decision making.