Accounting Information Fundamentals Quiz

What is the main objective of the first level of financial reporting?

What distinguishes better accounting information from inferior information according to IASB?

What does 'predictive value' of accounting information refer to?

What is the relevance of accounting information according to the fundamental qualities?

When is information considered material in accounting?

Accounting information must be capable of making a difference in a decision. INGREDIENTS: Predictive Value Has value as an input to predictive processes used by investors to form their own expectations about ______

Relevant information also helps users confirm or correct prior ______

Information is material if omitting it or misstating it could influence ______ that users make on the basis of the reported

To provide financial information about the reporting entity that is useful to present and potential equity investors, lenders, and other ______ in making decisions about providing resources to the entity

IASB identified the QUALITATIVE CHARACTERISTICS of accounting information that distinguish better (more useful) information from inferior (less useful) information for ______ purposes