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Financial Accounting and Reporting Chapter 8 Exam Questions and Answers 100% Solved $11.49
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Financial Accounting and Reporting Chapter 8 Exam Questions and Answers 100% Solved
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Financial Accounting and Reporting Chapter 8 Exam Questions and Answers 100% Solved Primary Goals of Accounting Standard - to facilitate accurate, consistent, and meaningful comparisons across firms International Financial Reporting Standard (IFRS) - created by the International Accounting St...

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  • November 15, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • Financial
  • Financial

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©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
Financial Accounting and Reporting

Chapter 8 Exam Questions and Answers

100% Solved


Primary Goals of Accounting Standard - ✔✔to facilitate accurate,

consistent, and meaningful comparisons across firms

International Financial Reporting Standard (IFRS) - ✔✔created by the

International Accounting Standards Board (IASB) at a global level to

stipulate a number of qualitative characteristics or general principles

accountants are expected to follow

Relevance - ✔✔must be of value to decision makers. predictive value,

confirmatory value, or both

Materiality - ✔✔must have significant impact on the financial position of the

firm. Should be judges in regards to the circumstance of the firm and its

transactions

Faithful Representation - ✔✔should be complete, neutral, and free from

error

, ©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
Comparability - ✔✔allows it to be compared with prior periods and with

other firms in a similar line of business and reflect any changes in

accounting policy.

Verifiability - ✔✔neutral and unbiased, and must fairly represent the

business transactions reported

Timliness - ✔✔should be presented in a time capable of influencing

decisions within the limits of reliability and completeness

Understandability - ✔✔must be presented as understandable as possible

for non-accountants. Relevant information, no matter how complicated,

should not be omitted though.

Completeness (Cost Constraint) - ✔✔within the limits of reasonable cost,

information MUST be complete.

US Accounting Standards - ✔✔set of rules referred to as US Generally

Accepted Accounting Principles, GAAP. Which is developed by the

Financial Accounting Standards Board (FASB) published in from of the

ASC.

Role of SEC - ✔✔SEC enforces GAAP and all firms with publicly traded

securities must file audited financial statements through the SEC in the

form of 10-K(annual) and 10-Q(quarter). Has broad powers prescribing

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