ACC 300 Week1Individual Assignment - Chapter Two - Brief Exercis

Feb 3rd, 2012
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ACC 300 Week1Individual Assignment - Chapter Two - Brief Exercis

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Running head: WEEK ONE - CHAPTER TWO Week One - Chapter Two: Brief ExercisesYOUR NAMEACC/300DATENAME OF PROFESSORChapter 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. ReferencesKimmel, P., Weygandt, J., Kieso, D. (2006). Principles of accounting:

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