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Accounting Trends Affecting Next Generation of Accountants

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Week One – Chapter Two 1
Running head: WEEK ONE – CHAPTER TWO
Week One - Chapter Two: Brief Exercises
YOUR NAME
ACC/300
DATE
NAME OF PROFESSOR

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Week One – Chapter Two 2
Chapter 2: Brief Exercises
BE2-8.
A. Predictive value
B. Feedback value
C. Verifiable
D. Representational Faithfulness
E. Comparability
BE2-9.
1. For information to be relevant it should have predictive or feedback value and it must be
presented on a timely basis.
2. Reliability is the quality of information that gives assurance that it is free of error and bias; it
can be depended upon.
3. Consistency means using the same accounting principles and methods from year to year
within a company.
BE2-10.
1. (a) Accounting information should help users make predictions about the outcome of past,
present, and future events.
2. (b) Accounting information cannot be selected, prepared, or presented to favor one set of
interested users over another.
3. (c) Accounting information must be proved to be free of error.

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Running head: WEEK ONE - CHAPTER TWO Week One - Chapter Two: Brief Exercises YOUR NAME ACC/300 DATE NAME OF PROFESSOR Chapter 2: Brief Exercises BE2-8. A. Predictive value B. Feedback value C. Verifiable D. Representational Faithfulness E. Comparability BE2-9. 1. For information to be relevant it should have predictive or feedback value and it must be presented on a timely basis. 2. Reliability is the quality of information that gives assurance that it is free of error and bias; it can be depended upon. 3. Consistency means using the same accounting principles and methods from year to year within a company. BE2-10. 1. (a) Accounting information should help users make predictions about the outcome of past, present, and future events. 2. (b) Accounting information cannot be selected, prepared, or presented to favor one set of interested users over another. 3. (c) Accounting information must be proved to be free of error. 4. (d) Accounting information must be available to decision makers before it loses its capacity to influence their decisions. References Kimmel, P., Weygandt, J., Kieso, D. (2006). Principles of accounting: ...
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