Questions from Intermediate Accounting

Q: Explain the concept of materiality.

Explain the concept of materiality.

Q: What is predictive value?

What is predictive value?

Q: What is the difference between predictive value and confirmatory value?

What is the difference between predictive value and confirmatory value?

Q: What is judgment and when is it used by accountants?

What is judgment and when is it used by accountants?

Q: What is the purpose of a literature hierarchy?

What is the purpose of a literature hierarchy?

Q: What is the Basis for Conclusions and where can they be found

What is the Basis for Conclusions and where can they be found for U.S. GAAP?

Q: What is the Basis for Conclusions and where can they be found

What is the Basis for Conclusions and where can they be found for IFRS?

Q: Is the promulgation of financial accounting standards a political process? Explain

Is the promulgation of financial accounting standards a political process? Explain.

Q: Explain how accountants and auditors use judgment as they prepare and audit

Explain how accountants and auditors use judgment as they prepare and audit financial statements.

Q: What is research and when is financial accounting research required?

What is research and when is financial accounting research required?