If the accounting information is not clearly presented, which of the qualitative characteristic of the accounting information is violated?
If the accounting information is not clearly presented, then the qualitative characteristics like, comparability, reliability and understandability, are violated. This is because if the accounting information is not clearly presented, then meaningful comparison may not be possible, as the data is not trustworthy, which may lead to faulty conclusions.
Popular Questions of Class 11th accountancy
- Q:- Define accounting and state its objectives.
- Q:- Complete the following work sheet:
(i) If a firm believes that some of its debtors may ′default′, it should act on this by making sure that all possible losses are recorded in the books. This is an example of the ___________ concept.
(ii) The fact that a business is separate and distinguishable from its owner is best exemplified by the ___________ concept.
(iii) Everything a firm owns, it also owns out to somebody. This co-incidence is explained by the ___________ concept.
(iv) The ___________ concept states that if straight line method of depreciation is used in one year, then it should also be used in the next year.
(v) A firm may hold stock which is heavily in demand. Consequently, the market value of this stock may be increased. Normal accounting procedure is to ignore this because of the ___________.
(vi) If a firm receives an order for goods, it would not be included in the sales figure owing to the ___________.
(vii) The management of a firm is remarkably incompetent, but the firms accountants can not take this into account while preparing book of accounts because of ________ concept. - Q:- Explain the qualitative characteristics of accounting information.
- Q:-
Differentiate between source documents and vouchers.
- Q:- When should revenue be recognised? Are there exceptions to the general rule?
- Q:- Describe the role of accounting in the modern world.
- Q:- Giving examples, explain each of the following accounting terms:
Fixed assets
Gain
Profit
Revenue
Expenses
Short-term liability
Capital - Q:-
'Accounting information should be comparable'. Do you agree with this statement? Give two reasons.
- Q:- Discuss the concept-based on the premise do not anticipate profits but provide for all losses.
- Q:- What do you mean by an asset and what are different types of assets?
Recently Viewed Questions of Class 11th accountancy
- Q:-
Describe how accounts are used to record information about the effects of transactions?
- Q:- Complete the following work sheet:
(i) If a firm believes that some of its debtors may ′default′, it should act on this by making sure that all possible losses are recorded in the books. This is an example of the ___________ concept.
(ii) The fact that a business is separate and distinguishable from its owner is best exemplified by the ___________ concept.
(iii) Everything a firm owns, it also owns out to somebody. This co-incidence is explained by the ___________ concept.
(iv) The ___________ concept states that if straight line method of depreciation is used in one year, then it should also be used in the next year.
(v) A firm may hold stock which is heavily in demand. Consequently, the market value of this stock may be increased. Normal accounting procedure is to ignore this because of the ___________.
(vi) If a firm receives an order for goods, it would not be included in the sales figure owing to the ___________.
(vii) The management of a firm is remarkably incompetent, but the firms accountants can not take this into account while preparing book of accounts because of ________ concept. - Q:- Explain the qualitative characteristics of accounting information.
- Q:- What do you mean by an asset and what are different types of assets?
- Q:-
If wages paid for installation of new machinery is debited to wages Account, it is:
(a) An error of commission.
(b) An error of principle.
(c) A compensating error.
(d) An error of omission. - Q:-
Give two examples each of the organisations where ‘ready-to-use’, ‘customised’, and ‘tailored’ accounting packages respectively suitable to perform the accounting activity.
- Q:-
A sequence of actions taken to transform the data into decision useful information is called.......
- Q:-
State the three fundamental steps in the accounting process.
- Q:- Why is the evidence provided by source documents important to accounting?
- Q:- What is matching concept? Why should a business concern follow this concept? Discuss?
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