Introduction to accounting and finance
6 important questions on Introduction to accounting and finance
What is the threshold of materiality?
What are the three qualities of accounting information to provide a faithful representation?
2) it should be neutral > information should be presented without bias
3) it should be free from error > information should be as accurate as possible. Estimates should be described and prepared properly
What are four qualities that can enhance usefulness of accounting information?
- comparability: i.e. Making comparisons over time or between certain aspects of business performance.
- verifiability: supporting evidence e.g. Invoices
- timelessness: in time for uses to make decisions
- understandability: clearly as concise
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Why is more accounting information not always better?
Name the 7 characteristics of management accounting
- Is for managers
- Specific purpose
- Often very detailed
- unregulated
- reporting interval as often as needed
- Often based on projected future information as well past information
- tends to contain financial information and non-financial information
Name the 7 characteristics of financial accounting
- Is for users others than managers
- general purpose
- ususally a broad overview
- subject to accounting regulation
- reporting interval is (bi-)annual
- almost always based on historical information
- focus on financial information, emphasis on objective, verifiable evidence
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