Acc 356 exam 1 verified - Study guides, Class notes & Summaries
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ACC 356 Exam 1 Verified Questions And Answers Rated A+
- Exam (elaborations) • 9 pages • 2024
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ACC 356 Exam 1 Verified Questions And Answers Rated A+ 
Define relevance and its components. What is an example of financial reporting information that has both of these components? ANS Relevance means it is capable of making a difference in user's decision making. It can have confirmatory value (confirm or correct prior expectations) or predictive value (help predict future outcomes). Revenue has both of these components. 
 
Define representational faithfulness and its components. ANS A depi...
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ACC 356 EXAM 1 Chapters 1-4 Verified Study Questions And Answers
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ACC 356 EXAM 1 Chapters 1-4 Verified Study Questions And Answers 
neutrality ANS accounting information should be unbiased 
 
comparability ANS important in analysis between firms 
 
consistency ANS applying the same accounting practices over time 
 
cost-effectiveness ANS considers the value of using information relative to cost of providing it 
 
recognition ANS the decision to include an amount in the financial statements
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