Two qualitative characteristics that financial information should possess are relevance and faithful representation. Explain these concepts and
Question:
Two qualitative characteristics that financial information should possess are relevance and faithful representation. Explain these concepts and discuss whether you believe one is more important than the other, or if are they equally important?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 70% (17 reviews)
Relevance and faithful representation are the two qualities or characteristics that f...View the full answer
Answered By
James Warinda
Hi! I’m James Otieno and I'm an experienced professional online tutor with countless hours of success in tutoring many subjects in different disciplines. Specifically, I have handled general management and general business as a tutor in Chegg, Help in Homework and Trans tutor accounts.
I believe that my experience has made me the perfect tutor for students of all ages, so I'm confident I can help you too with finding the solution to your problems. In addition, my approach is compatible with most educational methods and philosophies which means it will be easy for you to find a way in which we can work on things together. In addition, my long experience in the educational field has allowed me to develop a unique approach that is both productive and enjoyable.
I have tutored in course hero for quite some time and was among the top tutors awarded having high helpful rates and reviews. In addition, I have also been lucky enough to be nominated a finalist for the 2nd annual course hero award and the best tutor of the month in may 2022.
I will make sure that any student of yours will have an amazing time at learning with me, because I really care about helping people achieve their goals so if you don't have any worries or concerns whatsoever you should place your trust on me and let me help you get every single thing that you're looking for and more.
In my experience, I have observed that students tend to reach their potential in academics very easily when they are tutored by someone who is extremely dedicated to their academic career not just as a businessman but as a human being in general.
I have successfully tutored many students from different grades and from all sorts of backgrounds, so I'm confident I can help anyone find the solution to their problems and achieve
0.00
0 Reviews
10+ Question Solved
Related Book For
Financial Accounting Reporting Analysis And Decision Making
ISBN: 9780730313748
5th Edition
Authors: Shirley Carlon, Rosina Mladenovic Mcalpine, Chrisann Palm, Lorena Mitrione, Ngaire Kirk, Lily Wong
Question Posted:
Students also viewed these Business questions
-
Explain how the qualitative characteristics of relevance and faithful representation relate to the cost and fair value bases of accounting.
-
Relevance and faithful representation are the qualitative characteristics of useful information under SFAC 8. Evaluate these characteristics from an ethical perspective. That is, how does ethical...
-
Relevance and faithful representation are both desirable characteristics for accounting measurements, but often it is not possible to have both. Do you agree? Explain.
-
You mentioned that Amazon has sustainability topics within us supply chain. How we deal with the criticism that Amazon itself tribute to overconsumption that's antithetical to sustainability
-
Much of the emphasis of modern quality-control efforts involves identifying sources of variation in the processes associated with service or manufacturing operations. Discuss why variation in a...
-
The wife of Ching Hwa Chen was the senior tax director of Informatica, a data integration company. In late June 2012, Informatica learned it would miss its revenue guidance for the first time in 31...
-
Consider a continuous-time economy with a representative agent with timeadditive subsistence HARA utility, that is the objective of the agent is to maximize E T 0 e t 1 1 (ct c) 1 dt , where c 0...
-
Knowing Magnetic Fields Inside and Out. You are given a hollow copper cylinder with inner radius a and outer radius 3a. The cylinder's length is 200a and its electrical resistance to current flowing...
-
Brief Exercise 13-2 Cheyenne Company borrowed $26,400 on November 1, 2017, by signing a $26,400, 9%, 3-month note. Prepare Cheyennes November 1, 2017, entry; the December 31, 2017, annual adjusting...
-
A small textile company makes several types of sweaters. Demand is very seasonal, as shown by the following quarterly demand estimates. Demand is estimated in terms of standard hours of production...
-
The Conceptual Framework defines revenues and outlines a number of criteria for their recognition. Surfin Magazines Ltd identifies the following independent transactions and events: (a) Received $24...
-
Provide a brief summary of each of the qualitative characteristics and the constraint on providing financial information as outlined in the Conceptual Framework.
-
Assume the same information as in Brief Exercise 5-41: Gordon's Grocers purchases bread from Buddy's Bread Company at $1.45 per loaf. Gordon's engaged in a customer service contract to purchase...
-
5.Descibe the HSI color image model 6. Describe the basic relationship between the pixels
-
1. What is the need for transform? 2. What is Image Transform? 3. What are the applications of transform? 4. Give the Conditions for perfect transform . 5. What are the properties of unitary...
-
6. Define Fourier transform pair 7. Define Fourier spectrum and spectral density 8. Give the relation for 1-D discrete Fourier transform pair 9. Specify the properties of 2D Fourier transform. 10....
-
16. What is wrap around error? 17. Give the formula for correlation of 1D continuous function. 18. What are the properties of Haar transform. 19. What are the Properties of Slant transform 20....
-
21. Define fast Walsh transform. 22. Give the relation for 1-D DCT. 23. Write slant transform matrix SN. 24. Define Haar transform. 25. Define K-L transform. 26. Give the equation for singular value...
-
Matthew borrows $250,000 to invest in bonds. During the current year, his interest on the loan is $30,000. Matthews taxable interest income from the bonds is $10,000. This is Matthews only investment...
-
Suppose the concentration of glucose inside a cell is 0.1 mm and the cell is suspended in a glucose solution of 0.01 mm. a. What would be the free energy change involved in transporting 10-o mole of...
-
Congressional committee reports are an important source of information concerning the legislative enactment of tax law. a. Name the three Congressional committee reports that are issued in connection...
-
What is the primary service function provided by the National Office of the IRS?
-
What types of taxpayers are more likely to be audited by the IRS?
-
The major justification for adding Step 0 to the U.S. GAAP impairment test for goodwill and indefinite lived intangibles is that it: A. Saves money spent estimating fair values B. Results in more...
-
Regarding research and experimental expenditures, which of the following are not qualified expenditures? 3 a. costs of ordinary testing of materials b. costs to develop a plant process c. costs of...
-
Port Ormond Carpet Company manufactures carpets. Fiber is placed in process in the Spinning Department, where it is spun into yarn. The output of the Spinning Department is transferred to the Tufting...
Study smarter with the SolutionInn App