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- Which of the following is considered a constraint on useful information by Statement of Financial Accounting Concepts No. 8? a. benefits costs b. conservatism c. timeliness d. verifiabilityWhat are the two fundamental qualitative characteristics identified by the Financial Accounting Standards Board’s (FASB) conceptual framework? a. Relevance and faithful representation.b. Materiality and efficiency.c. Comparability and consistency.d. Costs and benefits.How do Accounting standards Increase Financial Statement Reliability?
- What is the difference between a conceptual framework and accounting standards ?Which of the following is most closely linked to accounting conservatism? a. Lower-of-cost-or-market rule b. Materiality concept c. Disclosure principle d. Consistency principleWhich of the following are considered secondary characteristics of accounting information? a. verifiability and feedback value b. predictive value and timeliness c. comparability and consistency d. representational faithfulness and neutrality
- What are the two of the qualitative characteristics of accounting information that contribute to its relevance and representational faithfulness?1) Identify and discuss the benefits that can be expected to be derived from the FASB’s conceptual framework study2) Explain the two fundamental qualities that make accounting information useful?Describe the difference between rules-based and principles- based financial statements. Which do you think is better?
- Indicate which of the following statements are moredescriptive of management accounting than of financialaccounting. (More than one answer may be appropriate.)a. Recognized standards are used for presentation. b. Information is tailored to the needs of individual deci-sion makers.Explain the Consistency principle, which is one of the GAAP content in financial accounting, by giving examples.Describe the goals of accounting standards.