Faithful representation Study guides, Class notes & Summaries

Which of the following characteristics does not describe an asset? A. Probable future economic benefits. B. Controlled by an entity. C. Requires the receipt of cash. D. Result of a past transaction. Correct Answer-C. Requires the receipt of cash. Assets are probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events. Relevance requires that information possess predictive and/or: A.Neutrality. B. Completeness. C. Conf...

Books of Original Entry Correct Answer: 1. Cash Book 2. Sales Day Book (Credit Sales) 3. Purchases Day Book (Credit Purchases) 4. Petty Cash Book 5. Journal Book 6. The Payroll Statement of Financial Position Correct Answer: SOFP - Snapshot of assets controlled, liabilities owned and capital at a point in time Statement of Profit and Loss Correct Answer: Income and expenses over a period of time The Business entity concept Correct Answer: Business transactions should be kept s...

>>>>>> FRAMEWORKS What if not followed IAS or IFRS? correct answer: Not True and Fair = UNETHICAL Why PRINCIPLES not RULES? correct answer: Principles harder to circumvent Why have a FRAMEWORK? correct answer: Provides guidances for standards setters Gives guidance where no standards exist Helps all parties with intrerpretation 2 x Useful qualities of financial information correct answer: RELEVANCE = Influences Decisions FAITHFUL REPRESENTATION = Complete, Ne...

ACCA SBR Exam Questions with Correct Answers What if not followed IAS or IFRS? - Answer-Not True and Fair = UNETHICAL Why PRINCIPLES not RULES? - Answer-Principles harder to circumvent Why have a FRAMEWORK? - Answer-Provides guidances for standards setters Gives guidance where no standards exist Helps all parties with intrerpretation 2 x Useful qualities of financial information - Answer-RELEVANCE = Influences Decisions FAITHFUL REPRESENTATION = Complete, Neutral, No Errors Wha...

Copyright © 2022 WILEY Kieso, Intermediate Accounting, 18/e, Solutions Manual (For Instructor Use Only) 5-1-1 Complete Solution Manual and Instructor Resource for Intermediate Accounting, 18th Edition 18th Edition, by Donald E. Kieso, Jerry J. Weygandt and Terry D. Warfield. ISBN- Chapter 1 Financial Accounting and Accounting Standards Assignment Classification Table (By Topic) Topics Questions Brief Exercises Exercises Critical Thinking 1. Environment of accounting, principles, objectives, sta...

ACCA SBR 2023 Exam Questions with Complete Solutions What if not followed IAS or IFRS? - ANSWER Not True and Fair = UNETHICAL Why PRINCIPLES not RULES? - ANSWER Principles harder to circumvent Why have a FRAMEWORK? - ANSWER Provides guidances for standards setters Gives guidance where no standards exist Helps all parties with intrerpretation 2 x Useful qualities of financial information - ANSWER RELEVANCE = Influences Decisions FAITHFUL REPRESENTATION =...

The information provided by financial reporting pertains to a. business industries, rather than to individual enterprises or an economy as a whole or to members of society as consumers b. individual business enterprises, industries, and an economy as a whole, rather than to members of society as consumers c. individual business enterprises, rather than to industries or an economy as a whole or to members of society as consumers d. an economy as a whole and to members of society as consume...

Which of the following is not a benefit associated with the FASB Conceptual Framework Project? A. A conceptual framework should increase financial statement users' understanding of and confidence in financial reporting. B. Practical problems should be more quickly solvable by reference to an existing conceptual framework. C. A coherent set of accounting standards and rules should result. D. Business entities will need far less assistance from accounts because the financial reporting pr...

WGU D103 Intermediate Accounting 1: Units 2-4 Pre-Assessment 100% Solved Report a $3500 sale on account Debit: Accounts Receivable $3500; Credit: Service Revenue $3500 Journalize depreciation for the equipment that is $5,000 Debit: Depreciation Expense $5000; Credit: Accumulated-Depreciation Equipment $5000 Journalize the adjusting entry for an employer that owes $1300 for payroll on Jan 10, 2021, for the payroll period ending December 31, 2020. Debit: Salaries and Wages Expense $1300; Credit:...

objective of financial reporting - provide financial information about the reporting entity that is useful to present and potential equity investors, lenders, and other creditors general-purpose financial statements - provide financial reporting information to a wide variety of users accrual basis accounting - ensures that a company records events that change its financial statements in the periods in which it receives or pays cash generally accepted accounting principles (GAAP) - common s...