2 FUNDAMENTAL qualities of useful financial information

Accounting Concepts and Principles

Quiz
•
Business
•
University
•
Medium

Lia Tan
Used 300+ times
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43 questions
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1.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
Relevance
Comparability
Verifiability
Faithful Representation
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
something is ____ if it is capable of making a difference in a decision
timely
comparable
relevant
understandable
3.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
Attributes of relevance
Completeness
Neutrality
Confirmatory value
Predictive value
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An attribute of relevance whereby a material information helps the user verify fulfilment or non-fulfilment of prior expectation or decision
Confirmatory value
Predictive value
Comparable value
Neutral value
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An attribute of relevance whereby a material information helps the user make predictions or forecasts about the meaning and ultimate outcome of the events giving rise to the information.
Predictive value
Confirmatory value
Comparable value
Neutral value
6.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
Check all applicable: Information is faithfully represented if it contains
completeness
neutrality
freedom from error
verifiabiity
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The information includes everything necessary to reflect what happened for all of the business activities for which the firm is reporting.
completeness
neutrality
freedom from error
verifiability
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