U31 ACC-part 2

-------------------------------------is to what extent the accounting information is understood by the users.

• A.Relevance.

• B.Reliability.

• C.Timeliness

• D.Understandability

----------------------------is the characteristic that explain how can we produce new set information from another set of information.

• A.Timeliness

• B.Comparability

• C.Understandability

• D.Verifiability

All the following points are secondary characteristics except for -------------------------------

• A.Relevance

• B.Understandability

• C.Comparability

• D.Timeliness

--------------------------------are practices that are agreed by the accounting bodies and applied to firms to assist in preparing the financial statements.

• A.Accounting principles

• B.Accounting conventions

• C.Accounting statements

• D. All of the above

-------------------------refers to how the information is related to the financial decision-making processes.

• A.Reliability

• B.Timeliness

• C.Relevance

• D.Comparability

----------------------------------------is a convention that states that the firm should not anticipate incomes and gains, but provide for all expenses and losses.

• A.Conservatism

• B.Prudence

• C.Relevance

• D.Timeliness

Representational faithfulness also known as -------------------------------

• A.Relevance

• B.Reliability

• C.Relationship

• D.Remittance

-------------------------------------------are standardized steps that are performed to finish a function within the accounting department.

• A.Accounting principles

• B.Accounting procedures

• C.Accounting conventions

• D.Accounting statements

All the characteristics are primary except for --------------------------------.

• A.Relevance

• B.Verifiability

• C.Reliability

• D. Representational faithfulness

The most common Accounting conventions are :

• Consistency

• Disclosure

• Verifiability

• Comparibility