2. The importance of the conceptual Framework of accounting & Reporting. [ minimum 200 words]

Q: 17 A worksheet is a multiple column form that facilitates (make easy) the a. Measurement process b.…

A: Worksheet is a form which helps us to prepare the trading and profit and loss account and…

Q: Management Accounting takes data from:  a. Taxation Accounting b. Cost accounting c. All the options…

A: Management accounting is concerned with supply of information,which is useful for the efficient…

Q: Briefly Explain the 5 Fundamental Principles of an Accounting Information Systems Measurement…

A: Principles of an Accounting Information Systems: These are the set and standard which has to be…

Q: What are accounting standards and summarise 10 accounting standards.

A: Accounting Standards Accounting body or a regulatory board issues accounting standards. Accounting…

Q: ow does the accounting conceptual framework apply to the following IAS? Or how does the conceptual…

A: Accounting standards refer to a defined set of rules and regulations and processes that formulates…

Q: Which type of accounting reports are prepared on yearly basis? Select one: a. Financial ACcounting O…

A: Introduction: Accounting: Accounting is an art of recording, classifying , summarizing , and…

Q: 1. Development of accounting rules.

A: Accounting rules are statements that guide and explain how to record accounting transactions. As per…

Q: 2. Identify and discuss 2 external users of accounting information and their information needs.

A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…

Q: actual facts and figures

A: Which branch of accounting deals with actual facts and figures? Correct answer :- A :- Management…

Q: The system which is used for collecting data of accounting transactions, recording, organizing, and…

A: The accounting information system is used to collecting data of accounting transactions, recording,…

Q: 8. What are accounting standards? Discuss the different forms accounting standards may take and…

A: Answer:-  Accounting meaning:- Accounting is the discipline of recording, evaluating, summarizing…

Q: Which one of the following statements is true? Select one: A. The user group of information from…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Evaluate the statement “accounting is all about numbers”.

A: As per definition, Accounting is a process of identifying, measuring , recording and communicating…

Q: Choose any international Accounting Standard Make a summery not more than 2 pages include the:…

A: Solution- IAS 1 Presentation of Financial Statements sets out the overall requirements for financial…

Q: Explain how the THREE (3) accounting concepts(prudence; accrual and materiality.) the above are…

A: There are many accounting conventions and concepts underlying the preparation of…

Q: Please state the three basic Accounting Principles d explain each with a sentence or two at most.

A: The three basic Accounting Principles are : 1. The Revenue Principle 2. The Cost principle 3. The…

Q: What branch of accounting do you want to focus on and why? Five sentences only.

A: Accounting: It is the process of recording, classifying, summarizing all transactions of a business…

Q: What are 9 things that are needed to be reported in the financial statements?

A: The financial statements are mainly classified as Balance sheet, Income statement, and Statement of…

Q: Explain any three fundamental easons that accounting bodies shoulc ceep in mind when developing…

A: An accounting standard is a common set of principles, standards, and procedures that outline the…

Q: Identify each of the following terms or phrases as an accounting (a) principle, (b) assumption, or…

A: Accounting is a tool of recording, summarising and analysing the financial transactions and events…

Q: Which one of the following statements is true? Select one: O A. The user group of information from…

A: Financial accounting and management accounting are two branches of accounting. Financial accounting…

Q: The purpose of the worksheet is to ____________ A. Facilitate the preparation of financial…

A: Accounting worksheet:   It is an accounting document that is prepared before the preparation of…

Q: 5-Determine the second level in the conceptual framework of accounting. a. Measurement concepts b.…

A: Conceptual framework in accounting means a system or combinations of ideas that is helpful or useful…

Q: dentify and explain the 4 fundamental accounting concepts that guides the preparation and…

A: Financial statements:(FS) FS refers to presenting a company's true financial position based on the…

Q: What do you understand by the term 10 column worksheet in accounting

A: Accounting is the analysis and interpretation of bookkeeping records. It includes not only the…

Q: Basic and Expanded Accounting Equations Supply the missing amount for each case.

A: Capital means the amount that belong to the owner of the business.  Any profit will increase the…

Q: Q.No.2 Give a detailed Discussion about the ingredients of fundamental accounting equation

A: Accounting refers to the process of recording, summarizing, interpretation the financial information…

Q: 1) Identify and discuss the benefits that can be expected to be derived from the FASB’s conceptual…

A:

Q: Show the expanded accounting equation using the 10 elements of financial accounting.

A: The accounting equation is expressed in the form al an equation, that is, an asset must be equal to…

Q: 1. Discuss the role of accounting in the society. [200 words]

A: Accounting: Accounting involves recording, analyzing, interpreting, and communicating financial…

Q: Name five important significant issues face the accounting profession and annual reporting

A: Following are the significant issues faced by  the accounting profession and annual reporting

Q: In 150 words or fewer, explain what an accounting information system is and describe an effective…

A: Definition:   Accounting information system (AIS): An accounting information system (AIS) is a…

Q: Discuss the importance of management accounting, and how it differs from what financial accounting…

A: What is management Accounting   Management accounting means accounting for management. It is the…

Q: The balance sheet includes information on the resources,financial structure,solvency and…

A: Introduction: A balance sheet is a financial statement that details the assets, liabilities, and…

Q: Examine Note 4.1.1 of AF’s annual report. What accounting principles were used toprepare AF’s…

A: According to Note 4.1.1 Accounting principles used for a consolidated financial statements have been…

Q: 1. Reports prepared in management accounting are general-purpose reports, whereas reports prepared…

A: "As per bartleby guidelines we will solve the first question for you. If you want any specific…

Q: Which type of accounting reports are prepared on yearly basis? Select one: a. Financial Accounting…

A: Accounting reports: These are defined as the periodic statement that reflects the financial status…

Q: Match the accounting terms with the corresponding definitions. Accounting Term Definition 1.…

A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…

Q: 1. Explain in detail “The difference between GAAF and IFRS in respect of preparing Balance Sheet and…

A: Generally Accepted Accounting Principles:   GAAP (Generally Accepted Accounting Principles) is a…

Q: Explain the following: 1. Development of accounting rules. 2. How Generally Accepted Accounting…

A: Here discuss about the details of development in the Accounting rules which are incurred in the late…

Q: Elaborate the eight (8) steps in the accounting cycle.

A: An accounting cycle is referred to as a step-by-step procedure under which the monetary transactions…