STUDENTS SUCCESS
Revision Examination Tests
“Come all for this greatness”
...100% Correct Ans...
CAS1501 ASSIGNMENT 6 PORTFOLIO SEMESTER 2 2024/2025 -
DISTINCTION GUARANTEED 100%
Internal users of accounting information
ans:> ...
external users of accounting information
ans:> Investors, creditors, employees, labor unions, customers,
suppliers, government regulatory agencies, financial intermediaries
financial accounting
ans:> Provides relevant financial information to various external users.
managerial accounting
ans:> deals with the concepts and methods used to provide information
to an organization's internal users
GAAP
ans:> set of both broad and specific guidelines that companies should
follow when measuring and reporting the information in their financial
statements and related notes
SEC
ans:> responsible for setting accounting and reporting standards for
companies whose securities are publicly traded
FASB
ans:> the current private sector body that has been delegated the task of
setting accounting standards.
IASB
ans:> objectives are to develop a single set of high-quality
understandable global accounting standards, to promote the use of
, those standards, and to bring about the convergence of national
accounting standards and international accounting standards
IFRS
ans:> developed by the IASB and used by more than 100 countries
SOX
ans:> law provides for the regulation of the key players in the financial
reporting process
Initial market transactions
ans:> involves issuance of stocks and bonds by the corporation
Secondary market transactions
ans:> involves the transfer of stocks and bonds between individuals and
institutions
Maltec Corporation has started placing its quarterly financial statements
on its web page, thereby reducing by 10 days the time to get information
to investors and creditors. The qualitative concept improved is:
ans:> Timeliness
Timeliness
ans:> information that is available to users early enough to allow its use
in the decision process
Consistency
ans:> permits valid comparisons between different periods
Faithful representation
ans:> exists when there is agreement between a measure or description
and the phenomenon it purports to represent
Comparability
ans:> the ability to help users see similarities and differences among
events and conditions
Astro Turf Company recognizes an expense, cost of goods sold, in the
period the product is manufactured.
ans:> The matching principle
Revision Examination Tests
“Come all for this greatness”
...100% Correct Ans...
CAS1501 ASSIGNMENT 6 PORTFOLIO SEMESTER 2 2024/2025 -
DISTINCTION GUARANTEED 100%
Internal users of accounting information
ans:> ...
external users of accounting information
ans:> Investors, creditors, employees, labor unions, customers,
suppliers, government regulatory agencies, financial intermediaries
financial accounting
ans:> Provides relevant financial information to various external users.
managerial accounting
ans:> deals with the concepts and methods used to provide information
to an organization's internal users
GAAP
ans:> set of both broad and specific guidelines that companies should
follow when measuring and reporting the information in their financial
statements and related notes
SEC
ans:> responsible for setting accounting and reporting standards for
companies whose securities are publicly traded
FASB
ans:> the current private sector body that has been delegated the task of
setting accounting standards.
IASB
ans:> objectives are to develop a single set of high-quality
understandable global accounting standards, to promote the use of
, those standards, and to bring about the convergence of national
accounting standards and international accounting standards
IFRS
ans:> developed by the IASB and used by more than 100 countries
SOX
ans:> law provides for the regulation of the key players in the financial
reporting process
Initial market transactions
ans:> involves issuance of stocks and bonds by the corporation
Secondary market transactions
ans:> involves the transfer of stocks and bonds between individuals and
institutions
Maltec Corporation has started placing its quarterly financial statements
on its web page, thereby reducing by 10 days the time to get information
to investors and creditors. The qualitative concept improved is:
ans:> Timeliness
Timeliness
ans:> information that is available to users early enough to allow its use
in the decision process
Consistency
ans:> permits valid comparisons between different periods
Faithful representation
ans:> exists when there is agreement between a measure or description
and the phenomenon it purports to represent
Comparability
ans:> the ability to help users see similarities and differences among
events and conditions
Astro Turf Company recognizes an expense, cost of goods sold, in the
period the product is manufactured.
ans:> The matching principle
