(a) The fundamental qualitative characteristics that make accounting information useful are relevance and verifiability.
(b) Relevant information only has predictive value, confirmatory value, or both.
(c) Information that is a faithful representation is characterized as having predictive or confirmatory value.
(d) Comparability pertains only to the reporting of information in a similar manner for different companies.
(e) Verifiability is solely an enhancing characteristic for faithful representation.
(f) In preparing financial reports, it is assumed that users of the reports have reasonable knowledge of business and economic activities.

Answers

Answer 1

Answer:

(a) The fundamental qualitative characteristics that make accounting information useful are relevance and verifiability.

⇒ FALSE

The fundamental characteristics are relevance and faithful representation.

(b) Relevant information only has predictive value, confirmatory value, or both.

⇒ FALSE

Relevant information must have predictive or feedback value.

(c) Information that is a faithful representation is characterized as having predictive or confirmatory value.

⇒ FALSE

Faithful representation is the one that represents exactly what happened, e.g. if the costs incurred were $1,000, then you must record $1,000, not $900 nor $1,200.

(d) Comparability pertains only to the reporting of information in a similar manner for different companies.

⇒ FALSE

Comparability means that the financial information must be comparable to the company's past performance or the performance of companies in the same industry.

(e) Verifiability is solely an enhancing characteristic for faithful  representation.

⇒ FALSE

Verifiable information is information that can be obtained using different methods by different individuals, i.e. different accountants or auditors should be able to compute similar results using the same information.

(f) In preparing financial reports, it is assumed that users of the reports have reasonable knowledge of business and economic activities.

⇒ TRUE


Related Questions

Some organizations may choose to have job applicants complete an application form created by the firm, instead of just allowing the employee to write his own. Give ONE (1) key reason why
the firm may prefer to have an application form completed.

Answers

Answer:

see below

Explanation:

Job applicants complete an application form created by the employer to gather relevant information from potential employees. One reason employers prefer Job application forms is to gather comprehensive and consistent data from all applicants. This facilitates a fair analysis of applicants' backgrounds.

Application letters and resumes may not have uniform data. The employer designs the application form to ensure they get all the data they require from all applicants. Again, resume's do not include important information such as names and contacts of immediate and past supervisors.

Have a look at the top 10 brands in the world, what similarities can you see in regards to their marketing activities

Answers

s you probably know, brand equity is becoming increasingly important factor to successful brands. Brand equity has the ability for firms to to gain additional market share, at a price premium, with increased customer loyalty, and greater acceptance of new products. It also provides significantly more access to more retailer channels and easier ability to enter new markets.

Professional valuation companies that rank firms on the brand equity value consider how much the brand contributes to additional profitability. Here are the top 10 brands for 2015 as determined by Millward Brown.

Apple

Google

Microsoft

IBM

Visa

AT&T

Verizon

Coca-Cola

McDonalds

Marlboro

2
3
6
Compare and contrast mediation with arbitration.

Answers

Answer:

See below

Explanation:

Both mediation and arbitration are dispute resolution mechanisms. They make use of an independent third party to help resolve the conflict. Mediation and arbitration are a private affair between the independent third party and the conflicting parties.

In an arbitration, the arbitrator considers the evidence presented by each of the conflicting parties. They weigh in the legal aspects before making a binding decision. Arbitration is like a court case, except that the process takes place outside a courtroom. There is a winning and a losing party in an arbitration.

Mediation helps parties to settle their disputes through discussions, negotiations, and narrowing differences. The mediator helps conflicting parties to arrive at an agreed solution. They do not decide on the conflicting issue. In mediation, all parties agree on a win-win solution.

Which type of worker would most likely be able to begin work after receiving a high school degree and completing
an on-the-job apprenticeship?
A. a miner
B. a forester
C. a conservationist
D. a park worker

Answers

D. A park worker I believe
D: a park worker because it’s most suited after receiving a high school degree and completing an on-the-job apprenticeship.

How do credit card companies make money?
O (A) Fees and interest paid by cardholders
O (B) Investing your credit card debt
O (C) Fees paid by merchants
O All of them
O A and B
O A and C
OB and C

Answers

Answer:

A and C

Explanation:

Credit card companies get their income form the following three main sources

Interest paid by cardholdersFees charged to cardholders' credit cards.transaction charges paid by merchants who accept credit cards

Interests form the bulk of income to the card companies. Typically charge interest arises when customers carry a balance from a month to the next. Fees charged include annual fees, late fees, cash advance fees, balance transaction fees, among others. Merchants usually pay a percentage for every transaction conducted via a credit card.  The percentage ranges between 1% to 3 %.

Esperanza is starting a business by herself as an
illustrator for magazines and children's books. She
isn't concerned with personal liability, but she wants
the business to be easy to set up.

Answers

Answer:

sole proprietorship

Explanation:

The sole proprietorship is the type of business owned and run by a single individual. The owner is a sole trader.  In a sole proprietorship, the owner sources capital by themselves, keeps all the profits, and suffers the losses alone.

A sole proprietorship is the easiest form of business to set up. The only requires to obtain a registration certificate and a trading license from the local authorities. Esperanza should open a sole proprietorship business. Unlimited liability is the biggest shortcoming for a sole proprietorship, but that does not seem to bother Esperanza.

PLS NEED HELP IM BEHIND BAD

Answers

Retail workers

Expiration: retail workers

Answer:

I swear to god you dont read these

Explanation:

A)  Auto Mechanics

D) Cunstruction Workers

maybe b probs not tho

One way a partnership differs from a sole proprietorship is that it

Answers

Answer:

The most obvious difference between partnership and sole proprietorship is the number of owners the business has. "Sole" means one or only, and a sole proprietorship has only one owner: you. Conversely, it takes two or more to form a partnership, so this type of entity has at least two owners.

Answer:has owners with many different skill sets

What is the largest difference in stocks and bonds?
a. Bonds are a binding contract, promising the holder a portion of the company's annual profit,
unless it is unprofitable, while stocks are a very standard investment and pay off a
predetermined amount after a period of time.
b. Stocks are a share of ownership in a company and give the stockholder voting rights, while
bonds are similar to lending a company or government money.
C. Stocks are the most secure of all investments and bonds are some of the least secure.
d. Bonds are available to the public, while stocks are reserved for the financial elite.

Answers

Answer:

B

Explanation:

Stocks are a share of ownership in a company, and a bond is a document that states how you will earn a certain amount of money after a predetermined time.

hope this helps :)

Stocks are a share of ownership in a company and give the stockholder voting rights, while

bonds are similar to lending a company or government money.

What Is a Shareholder?

Anyone who holds at least one share of a company's stock or unit in a mutual fund is referred to as a shareholder. The firm is primarily owned by its shareholders, who also have specific rights and obligations. With this ownership structure, they can benefit from a company's success.

These benefits take the shape of rising stock prices or dividend payments from financial gains. In contrast, when a corporation experiences a loss, the share price inevitably falls, which may result in financial losses for shareholders or portfolio reductions.

A majority shareholder is a single shareholder who holds and controls more than 50% of the outstanding shares of a corporation. Comparatively, minority shareholders are individuals who own less than 50% of a company's equity.

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Retirement benefits are an example of
income.
Labor
rental
interest

Answers

The answer is interest

Answer:

Labor income

Explanation:

edg

Credit cards can help _____________ when paid off on time regularly.

Answers

Answer:

lower your debt

Explanation:

Credit cards can help to lower debt when paid off on time regularly.

What is Credit card?

A credit card is a sort of credit facility offered by banks that allows clients to borrow monies up to a pre-determined credit limit. It allows customers to make purchases of products and services. When using a credit card, you must make at least the minimum payment each month by the balance's due date.

Paying it down on time might help to boost the credit. People who do not have much credit history may have difficulty obtaining a beginning card. A card with a lower credit score may be appropriate in some instances, but for many people, a secured card is a better alternative.

The lower credit usage, the smaller credit card balance. Paying your credit card debt on time and consistently might enhance your credit score.

As a result, if credit score improves, you may be able to qualify for lower interest rates and other loans, such as mortgages.

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In 2022, Spencer Realty considered conducting a survey of every home to determine which homes may be put on the market within the next year. This information would be included in their financial statements as a predictor of potential future revenue. The cost of the survey would be $2.6 million, and the results would not differentiate potential business for Spencer Realty compared to other realtor companies. If Spencer Realty decided to not conduct the survey, that decision is likely based on which concep?
A. Historical cost.
B. Cost constraint.
C. Fair value.
D. Full discloser.

Answers

Answer:

a. cost constraint

Explanation:

A cost constraint arises when it is excessively expensive to report certain information in the financial statements. When it is too expensive to do so, the applicable accounting frameworks allow a reporting entity to avoid the related reporting

ANSWER ASAP-- In one year, Corey earned $25,000 from his employer and a $300 capital gain from the sale of an investment. Corey doesn’t qualify for any deductions, but he can claim the lifetime learning credit.

Corey’s adjusted gross income is BLANK
and his total tax due will be (decreased or increased)
by the credit.

Answers

Answer:

Corey’s adjusted gross income is $25,300  and his total tax due will be decreased by the credit.

Explanation:

Add what Cory earned and his capital gain to make $25,300

Cory claimed the lifetime learning credit which decreases his total tax due


Write any two ways of collecting rain water and its advantages.

Answers

Answer:

Harvesting rainwater can help the environment in a number of ways. ...

Reduces Water Bills. ...

Reduces Demand on Ground Water. ...

Can Be Used for Non-drinking Purposes

Esther estimates that she will need about $8,600.00 for the first year of tuition at college. Her grandparents contribution will cover $3,010.00 of the tuition expenses, and Esther will need to save to pay for the rest. If Esther has 2 years to save, what is the minimum amount that she should save each month for the next 2 years? Be sure to round your answer to the hundreths place value and answer in a complete statement.

Answers

Answer:

$232.92

Explanation:

Since Esther's parents have contributed a total of $3,010 to her tuition then Esther would need a total of

$8,600 - $3,010 = $5,590

Since there are a total of 24 months in a span of 2 years, then we would need to divide the total amount of money that Esther needs by these 24 months to calculate the minimum amount that she needs to save each month to reach her goal. Like so...

$5,590 / 24 = 232.916

Therefore, we can see that Esther would need to save a minimum of $232.92 every single month to be able to hit her goal of $5,590 in 2 years.

Help plz
What is persuassive writing?

Answers

Answer: something to like negotiate someone to do something and give good reasoning

Explanation: for example, someone would want to dye their hair and they would write a letter to their mom saying why their mom should let them dye their hair

write the short note on durable and non durable materials ​

Answers

Durable goods are those goods that don't wear out quickly and last over a long period. ... While non-durable goods or soft goods are those goods that have a short life cycle. They are used up all at once or have a lifespan of fewer than three years. For example light bulbs, paper products, and food products.

11. What does a bank use to make loans? *

12. What is an action by the Fed that would promote an expansionary policy?

13. What is an action by the Fed that would promote a contractionary policy

Answers

Explanation:

11.

Banks use depositors' money to make loans

12.

A central bank, such as the Federal Reserve in the U.S., will use expansionary monetary to strengthen an economy. 

13.

Contractionary policies are macroeconomic tools designed to combat economic distortions caused by an overheating economy.

Why do lenders often require a down payment when credit is used to purchase a good?

Answers

Answer:

see below

Explanation:

A down payment is a lump-sum amount paid a borrower raises when purchasing an asset on credit. The down payment or deposit is paid to the lender and reduces the credit to be extended. Usually, the lender will demand a  down payment of up to 20% of the asset's value.

The down payment reduces the risk a lender takes in advancing the loan to the borrower. It reduces the loan amount involved. The down payment shows the borrower is financially stable. If they can raise 20 percent of the amount, it gives the lender confidence that the borrower can repay the loan. A down payment shows the borrower is a low-risk customer

At January 1, 2022, Ivanhoe Company reported the following property, plant, and equipment accounts:
Accumulated depreciation—buildings $61,800,000
Accumulated depreciation—equipment 53,200,000
Buildings 97,600,000
Equipment 150,900,000
Land 21,000,000
The company uses straight-line depreciation for buildings and equipment, its year-end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment is estimated to have a 10-year useful life and no salvage value. During 2022, the following selected transactions occurred:
Apr. 1 Purchased land for $4.00 million. Paid $1.000 million cash and issued a
3-year, 6% note payable for the balance. Interest on the note is payable
annually each April 1.
May 1 Sold equipment for $270,000 cash. The equipment cost $3.90 million
when originally purchased on January 1, 2014.
June 1 Sold land for $4.20 million. Received $690,000 cash and accepted a 3
-year, 5% note for the balance. The land cost $1.40 million when purchased
on June 1, 2016. Interest on the note is due annually each June 1.
July 1 Purchased equipment for $2.80 million cash.
Dec. 31 Retired equipment that cost $1 million when purchased on December 31,
2012. No proceeds were received.
Required:
1. Record any adjusting entries for depreciation required at December 31. (Credit account titles are automatically indented when the an manually.
2. Prepare the property, plant, and equipment section of the company's statement of financial position at December 31.

Answers

Answer:

B

Explanation:

The company uses straight-line depreciation for buildings and equipment, its year-end is December 31, and it makes adjusting entries annually.

For a criminal case, which of the following represents the correct order of
events during a trial?
A. The State presents opening arguments, then the defense presents
opening arguments; The State presents its case first, then the
defense presents its case.
B. The defense presents opening arguments, then the State presents
opening arguments; The State presents its case first, then the defense presents its case.
C. The defense presents opening arguments, then the State presents
opening arguments; The defense presents its case first, then the State presents its case.
D. The State presents opening arguments, then the defense presents
opening arguments; The defense presents its case first, then the State presents its case.

Answers

Answer: A. The State presents opening arguments, then the defense presents  opening arguments; The State presents its case first, then the  defense presents its case.

Explanation:

In a criminal trial the burden of proof lies with the State which means that it is up to them to prove that the individual is either guilty or not. For this reason they have to give the opening arguments.

The defense then gives their opening statement as well. After this is done the State presents its case and the facts thereof to the jury. The defense will now come and present its case and show their own interpretation of the facts of the case.  

According to the video, what do Financial Analysts analyze? Check all that apply.
financial records
travel distances
insurance claims
a company's competitors
fraud

Answers

Financial records, A company’s competitors. Got it from quizlet!


When should the trial balance totals differ?

A. Only when it is drawn up by the accountant

B. When drawn up before the profit and loss account is prepared

C. If drawn up halfway through the financial year

D. Never

Answers

Answer:

C. If drawn up halfway through the financial year

Explanation:

A business prepares a trial balance to check on the accuracy of the double-entry system. The trial balance detects any mathematical errors that may have occurred during recording or posting information in various accounts.

A trial balance lists all the accounts as obtained from a firm's general ledger. It sums up the closing balances of all debits on one column and credits on the other. If the debits and credits balance, the firm's ledger book is presumed not to have mathematical errors.

The preparation of a trial balance is at the end of a financial period,  before the main financial statements. It uses the closing balances of the ledger accounts. If some accounts are not closed, then a trial balance will not balance.

The equation Assets = Liabilities + Owner's Equity is called the

Answers

Answer:

Accounting Equation

Explanation:

The accounting equation forms the basis of preparing a balance sheet and the double-entry accounting concept.

The accounting equation is presented as Assets = Liabilities + Shareholder’s Equity. The balance sheet presentation follows this concept. It is divided into three segments, assets, liabilities, and equity.

The double entry concepts will record entries affecting assets in the same manner. Those affecting liabilities and equity are recorded similarly. The entries of assets balance the entries of equity and liabilities.

A Michigan State University student spends his summer months in his hometown, where he works for a local micro-brewery during the evening hours. In the late morning, he attends the local community college, where he takes a summer course that he knows will transfer back to MSU. Although he finds the courses just as challenging as his regular university, he does not worry about his summer grades affecting his 3.2 (out of 4.0) grade point average, because MSU only accepts the transfer credits. As long as he receives C grade or better, he maintains his current grade point average. Which of the following theories suggests that the student will only work as hard as necessary to earn a "C" grade?A) Expectancy TheoryB) Objective-setting TheoryC) Equity TheoryD) Maslow’s Theory

Answers

Answer: Expectancy theory

Explanation:

The theory that suggests that the student will only work as hard as necessary to earn a "C" grade is the expectancy theory.

Expectancy theory states that an individual will act in a particular way due to the fact of what they believe will be the result of the behavior that they selected and thereby will select a particular behavior above orhers.

Here, the student simply selects his work above the school grade because he believes that a C is enough for him. Therefore, the answer will be expectancy theory.

Accounting information systems: Multiple Choice require a CITP designation to understand. report only financially related information. are always computerized. are an information system that records, processes, and reports on transactions to provide financial and nonfinancial information for decision making and control.

Answers

Answer: Are an information system that records, processes, and reports on transactions to provide financial and nonfinancial information for decision making and control.

Explanation:

Accounting information systems are very useful because they combine accounting records with processes thereby coming up with reports on transactions that provide relevant stakeholders with both financial and non-financial information needed for decision making and control.

Accounting systems do not require a Certified International Trade Professional (CITP) designation to understand neither does it report only financially related information nor is it always computerized.

Information of goods and services of solo factory in Trinidad

Answers

Answer:

What's your question? I'll answer in the comments of this answer if you can give me the rest of the question :)

Explanation:

when you should send an email
A. when the subject matter is extremely private
B.when the subject matter is objective and informative
C. when the subject matter is emotional
D. when the subject matter is sensitive in nature

Answers

B. When the subject matter is objective and informative

You should send an email when the subject matter is objective and informative. Hence, Option B. is correct.

Email is a fantastic manner to communicate when the subject matter is objective and informative. A way to communicate between people using the internet and electronic gadgets is via email. Because emails are a fantastic method to discuss and highlight vital information without containing a personal opinion, which is especially critical in a business context, you should send an email when the subject matter is objective and instructive.

Therefore, the correct option is option B.

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7. XYZ stock price and dividend history are as follows: An investor buys three shares of XYZ at the beginning of 2010, buys another two shares at the beginning of 2011, sells one share at the beginning of 2012, and sells all four remaining shares at the beginning of 2013. (LO 5-1)

Answers

Answer:

A lot of information (number are missing) as well as the requirements, so I looked for a similar question and found:

Year Beginning-of-Year Price Dividend Paid at Year-End

2010 $ 108 $4

2011 $ 112 $4

2012 $ 98 $4

2013 $ 103 $4

a. Calculate the time-weighted rate of return for the investor?

b. Calculate the money-weighted rate of return for the investor?

a) first we must determine the holding period return (HPR) for:

2010 = [($336 - $324) + $12] / $324 = 0.074

2011 = [($490 - $560) + $20] / $560 = -0.089

2012 = [($412 - $392) + $16] / $392 = 0.092

time weighted rate of return (TWRR) = [(1 + 0.074) x (1 - 0.089) x (1 + 0.092)] - 1 = 1.0684 - 1 = 0.0684 = 6.84%

b) calculating the money weighted rate of return is similar to calculating the IRR of a project:

cash flow at the beginning of 2010 = -$108 x 3 = -$324

cash flow at the beginning of 2011 = (-$112 x 2) + $12 = -$212

cash flow at the beginning of 2012 = $98 + $20 = $118

cash flow at the beginning of 2013 = ($103 x 4) + $20 = $432

using an excel spreadsheet, the MWRR = 1.08%

The intangible assets section of Marigold Corporation's balance sheet at December 31, 2022, is presented here.
Patents ($71,800 cost less $7,180 amortization) $63,400
Copyrights ($50,500 cost less $39,400 amortization) 11,100
Total $74,500
The patent was acquired in January 2022 and has a useful life of 10 years. The copyright was acquired in January 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023.
Jan. 2 Paid $45,000 legal costs to successfully defend the patent against infringement by another company.
Jan.- June Paid $43,000 to a quarterback to appear in commercials advertising the company's products. The commercials will air in September and October.
Sept. 1 Paid $43,000 to a quarterback to appear in commercials advertising the company's products. The commercials will air in September and October.
Oct. 1 Acquired a copyright for $257,000. The copyright has a useful life and legal life of 50 years.
Prepare journal entries to record the 2023 amortization expense for intangible assets.

Answers

Answer:

Journal entries to record the 2023 amortization expense for intangible assets.

Date        Accounts Titles and Explanation       Debit       Credit

Dec 31     Amortization Expense—Patents         $14,180

              ($71,800*1/10 + $45,000 * 1/9

                + $40,000*1/10*6/12)

                           Patents                                                       $14,180  

               (To record amortization of patents)    

Dec 31     Amortization Expense - Copyrights    $6,335

               ($50,500*1/10 + $257,000*1/50*3/12)

                         Copyright                                                       $6,335

               (To record amortization of copyrights)

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