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Financial Accounting and Reporting > Concepts and Ethics > Flashcards

Concepts and Ethics Flashcards

1
Q

Objective of financial reporting

A

Provide information about the reporting entity that is useful to existing and potential investors, lenders and other creditors in making decisions about providing resources to the entity

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2
Q

Qualitative characteristics of financial information

A

Fundamental
- Relevance
- Faithful representation

Enhancing
- Comparability
- Verifiability
- Timeliness
- Understandability

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3
Q

Bases of accounting

A

Accruals basis
Going concern

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4
Q

Elements of financial statements

A

Assets
Liabilities
Equity
Income
Expenses

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5
Q

Ethical principles

A

Objectivity
Integrity
Professional behaviour
Professional competence
Confidentiality

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Financial Accounting and Reporting (5 decks)

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