The primary focus of financial accounting is to provide information useful for:

Question

The primary focus of financial accounting is to provide information useful for:
Investing decisions Credit decisions
a. yes yes
b. yes no
c. no yes
d. no no
The conceptual framework’s qualitative characteristic of relevance includes:
a. Timeliness.
b. Verifiability.
c. Representational faithfulness.
d. Neutrality.

Recognizing expected losses immediately, but deferring expected gains, is an example of:
a. Materiality.
b. Conservatism.
c. Cost effectiveness.
d. Timeliness.


25. Disclosure notes would not include:
a. Depreciation methods used and estimated useful lives of assets.
b. Definitions of cash equivalents
c. Details of pension plans.
d. Data to adjust the financial statements so that they are not misleading.

Explanation / Answer

The primary focus of financial accounting is to provide information useful for: Investing decisions Credit decisions a. yes yes The conceptual framework’s qualitative characteristic of relevance includes: c. Representational faithfulness. Recognizing expected losses immediately, but deferring expected gains, is an example of: b. Conservatism. 25. Disclosure notes would not include: c. Details of pension plans.

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