An electric device delivers a current of [tex]$15.0 A$[/tex] for 30 seconds. How many electrons flow through it?
Answer (2)
A device delivering a current of 15.0 A for 30 seconds allows approximately 2.81 x 10^21 electrons to flow through it. This is calculated using the relationship between current, charge, and the charge of an electron. The total charge over 30 seconds is 450 Coulombs, divided by the charge of one electron gives the total number of electrons.
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The objective of financial statements as set out by the International Accounting Standards Board’s (IASB) Conceptual Framework for Financial Reporting is best described by option D : "To provide financial information about the reporting entity that is useful to users in making decisions relating to providing resources to the entity." This means that financial statements aim to supply relevant and useful financial information that assists users, such as investors or creditors, in making resource allocation decisions, like investing or lending money.
Statement: Accounting standards on their own provide a complete regulatory framework. False
Accounting standards alone do not encompass the entire regulatory framework. A comprehensive regulatory framework includes not just standards but also laws, regulations, and guidelines that ensure financial information is consistently and fairly reported.
Statement: A regulatory framework is required to ensure that financial reporting meets the needs of primary users. True
A regulatory framework is indeed necessary as it ensures that financial reporting aligns with the information needs and decision-making processes of the primary users, such as investors, lenders, and other capital providers.
Qualitative Characteristics Placement:
Completeness belongs to Faithful representation . Financial information should be complete with all necessary aspects disclosed transparently to represent reality accurately.
Predictive value aligns with Relevance . Financial information is relevant when it has predictive value, helping users forecast future outcomes and decisions.
Neutrality is linked to Faithful representation . Information should be free from bias, making it neutral, so it faithfully represents an entity's financial situation.
The TWO characteristics that are NOT fundamental qualitative characteristics according to the IASB's Conceptual Framework for Financial Reporting are:
B) Reliability (Formerly considered a characteristic, now replaced in emphasis by faithful representation.)
D) Comparability (This is an enhancing qualitative characteristic, not fundamental.)
The fundamental qualitative characteristics according to the Conceptual Framework are Relevance and Faithful representation .
