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1. Explain and describe the type of information needed by each of these users: Revenue expenses profitability debt 2. Explain each accounting principles Accrual principle Conservatism principle Consistency principle Cost principle Economic entity principle Full disclosure principle Going concern principle Matching principle Materiality principle Monetary unit principle Reliability principle Revenue recognition principle Time period principle 3. Define and explain each qualitative characteristics of useful financial information: Verifiability Timeliness Understandability Comparability 4. Differentiate the types of business according to its activity: Service business Merchandising business Manufacturing business

1. Explain and describe the type of information needed by each of these users: Revenue expenses profitability debt 2. Explain each accounting principles Accrual principle Conservatism principle Consistency principle Cost principle Economic entity principle Full disclosure principle Going concern principle Matching principle Materiality principle Monetary unit principle Reliability principle Revenue recognition principle Time period principle 3. Define and explain each qualitative characteristics of useful financial information: Verifiability Timeliness Understandability Comparability 4. Differentiate the types of business according to its activity: Service business Merchandising business Manufacturing business

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter2: Financial Reporting: Its Conceptual Framework
Section: Chapter Questions
Problem 2MC: Which of the following is considered a constraint on useful information by Statement of Financial...
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1. Explain and describe the type of information needed by each of these users:

  • Revenue
  • expenses
  • profitability
  • debt

2. Explain each accounting principles

  • Accrual principle
  • Conservatism principle
  • Consistency principle
  • Cost principle
  • Economic entity principle
  • Full disclosure principle
  • Going concern principle
  • Matching principle
  • Materiality principle
  • Monetary unit principle
  • Reliability principle
  • Revenue recognition principle
  • Time period principle

3. Define and explain each qualitative characteristics of useful financial information:

  • Verifiability
  • Timeliness
  • Understandability
  • Comparability

4. Differentiate the types of business according to its activity:

  • Service business
  • Merchandising business
  • Manufacturing business
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