ACC201 Module 5 (Ch 5) Homework #2
I’m working on a Accounting exercise and need support.
Using the Excel file provided below as a starting point, or by creating your own Excel file, complete the following problem, and submit your assignment as an attachment here. Be sure to save your work before you submit, and present your work in a reasonable format with major answers highlighted. Because you have plenty of time to do this assignment, and given that the textbook is available for your use, this assignment should really be close to perfect.
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Here is the problem:
This is a matching exercise. The 10 numbered items listed below are explanations of specific terms and/or concepts pertained to the conceptual framework of accounting.
| 1 | Information is free of measurement method bias |
| 2 |
The benefits exceed the costs |
| 3 |
When information improves user’s ability to predict outcomes of events |
| 4 |
Broad overriding goals sought by accountants engaging in financial reporting |
| 5 | When information is pertinent or bears on a decision |
| 6 | The characteristics that accounting information should possess to be useful in decision making |
| 7 | When accounting statements on economic activity correspond to the actual underlying activity |
| 8 | When information is provided soon enough that it may be considered in decision making |
| 9 | Requires a company to use the same accounting principles and reporting practices throughout time. |
| 10 | When information faithfully depicts for users what it purports to represent |
The lettered items below are specific terms or concepts pertaining to the conceptual framework of accounting.
| A | Reliability |
| B | Timeliness |
| C | Qualitative characteristics |
| D | Financial reporting objectives |
| E | Cost-benefit |
| F | Neutrality |
| G | Predictive value |
| H | Relevance |
| I | Faithful representation |
| J | Consistency |
Required: On the form provided, match the items in the two lists above by placing the number and the term or concept in the spaces provided. (Please note that none of the terms are used twice, and all 10 items should be matched.)
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Here is a very rough document that you might use to get you started on this assignment. Please feel free to modify it to the extent necessary to complete this assignment. In doing so, please change the name of the file to include your name before submitting it.
