accounting concept states omitting misstating information influence users financial statements Materiality in accounting Materiality principle Materiality concept Relevance in accounting

Which accounting concept states that omitting or misstating this information influence users of the financial statements?

  • School Brunel University
  • Course Title FRIST YEAR 2016/2017
  • Pages 3

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4.Which accounting concept states that omitting or misstating this information couldinfluence users of the financial statements?AThe consistency conceptThe accruals conceptThe materiality conceptThe going concern conceptBCD

5.Which of the following accounting concepts means that similar items should receive a similaraccounting treatment?BCD

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Intermediate Accounting: Reporting and Analysis

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6.Which of these are qualitative characteristics of financial information according to the IASB’sConceptual Framework for Financial Reporting?BCD

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7.According to the IASB Conceptual Framework which of the following is not an objective offinancial statements?BCD

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2.10 The IASB's Conceptual Framework for Financial Reporting gives six qualitative characteristics of financial information. What are these six characteristics?
A Relevance, Faithful representation, Comparability, Verifiability, Timeliness and Understandability
B Accuracy, Faithful representation, Comparability, Verifiability, Timeliness and Understandability
C Relevance, Faithful representation, Consistency, Verifiability, Timeliness and Understandability
D Relevance, Comparability, Consistency, Verifiability, Timeliness and Understandability

Which accounting concepts states that omitting or misstating this information could influence users of financial statements?

Materiality. Definition: 'Information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial reports make on the basis of those reports, which provide financial information about a specific reporting entity. '

What is prudence concept in accounting?

In accounting theory and practice, prudence has traditionally been defined as the principle of recognizing expenses immediately (i.e., not overstating assets) and not recognizing income until it is reasonably certain (i.e., deferring revenue recognition).

What is the materiality concept in accounting?

Materiality is an accounting principle which states that all items that are reasonably likely to impact investors' decision-making must be recorded or reported in detail in a business's financial statements using GAAP standards.

Which accounting concepts that financial statements should be stated in terms of a common financial denominator?

Stating assets and liabilities and changes in them in terms of a common financial denominator is a prerequisite in measuring financial position and periodic net income.

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