subject accounting theory (multiple choice)

8. Characteristics & definition or description of Relevant included: a. Relevant financial information helps assure users that information faithfully represents the economic b. Relevant financial information if it has predictive & confirmatory value together only c. Relevant financial information is capable of making a difference in the decisions made by users. d. b +c 9. According to the Consolidated financial statements What of the following statement is false a. Consolidated financial statements provide information about the assets liabilities, equity, income, and expenses of both the parent and its subsidiaries as a single reporting entity. b. Consolidated financial statements provide information about the assets liabilities, equity, income, and expenses of the parent as a single reporting entity. c. Consolidated financial statements provide information about the assets liabilities, equity, income, and expenses of the subsidiaries as a single reporting entity. d. b + c 10. Faithful representation Definition or Description is: a. financial information is capable of making a difference in the decisions made by users. b. financial reports represent economic phenomena in words c. financial information must be accurate in all respects d. None of the above