Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Which of the following are not enhancing qualitative characteristics of useful financial information as identified in The Conceptual Framework? Item I Predictive. Item II Influencing.

  1. Which of the following are not enhancing qualitative characteristics of useful financial information as identified in The Conceptual Framework?

Item I Predictive.

Item II Influencing.

Item III Comparable.

Item IV Relevance.

    1. I, II and III only
    2. I, II and IV only
    3. I, III and IV only
    4. II, III and IV only
  1. Which of the following statements about enhancing qualitative characteristics of financial statements is not correct?
    1. Fair values of assets that cannot be verified in an active market should not be disclosed in the financial statements.
    2. The financial statements of similar entities adopting different asset measurement bases can be adequately compared.
    3. The value of invoices not yet received from suppliers for services should be estimated at financial year end for reporting purposes.
    4. Financial statements should be presented with the assumption that a reasonable and informed third person will know how to analyse financial information.
  2. What effect does a framework have on an accountant's need to exercise professional judgement?
    1. Reduces the scope for professional judgement.
    2. Increases the scope for professional judgement.
    3. Eliminates the scope for professional judgement.
    4. Has no impact on the scope for professional judgement.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Accounting Text Problems And Cases

Authors: M. Y. Khan, P K Jain

7th Edition

9352606787, 978-9352606788

More Books

Students also viewed these Accounting questions