Accounting standard-setters use the following process in establishing accounting standards:a Research, exposure draft, discussion paper, standard.b. Discussion paper, research, exposure draft, standard.c. Research, preliminary views, discussion paper, standard.d. Research, discussion paper, exposure draft, standard.

Q: 16- Which of the following is the second level in the conceptual framework of Accounting? a.…

A: Solution:- Identification of second level in the conceptual framework of Accounting as follows…

Q: Describe rules-based accounting standards.

A: Financial accounting is the process of recording, summarizing, and reporting all the transactions in…

Q: Briefly discuss the difference between (A) a “rules-based" approach to accounting standard setting…

A: Rules-based accounting: Rules-based accounting is based on a set of detailed rules that the…

Q: Generally Accepted Accounting Principles

A: Generally accepted accounting principles (GAAP) seek advice from a standard set of accounting…

Q: Distinguish between Opinions of the Accounting PrinciplesBoard and Accounting Standards Updates.

A: Accounting principles board: The accounting principles board was established as per the…

Q: Explain the purpose of Generally Accepted Accounting Principles (GAAP), including the organization…

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

Q: The Financial Accounting Standards Board (FASB) has developed a conceptual framework for financial…

A: (a) FASB’s Conceptual Framework should provide benefits to the accounting community such as: (1)…

Q: Explain the meaning of generally accepted accounting principles (GAAP) and the role of the…

A: GAAP:

Q: Distinguish between Opinions of the Accounting Principle Board and Accounting Standards Updates.

A:

Q: standard setting process for Generally Accepted Accounting Principles, including the standard…

A:

Q: Answer the following multiple-choice questions. Accounting standard-setters use the following…

A: Accounting standards are used for financial reporting. These specifies how an accounting transaction…

Q: Which of the following characteristics must exist for accounting information to be useful in making…

A: Definition:

Q: Which is the first step within the hierarchy of guidance when selecting accounting policies? a.…

A: Accounting Policies - These are the fixed principles, concepts, rules, etc. which are used by a…

Q: Which of the following are considered secondary characteristics of accounting information? a.…

A: Secondary Qualitative Characteristics of accounting information is how useful the information is.…

Q: In each case, identify and then explain the main accounting concepts being highlighted and indicate…

A: Accounting concepts are based on accounting assumptions and condition which paves the base for…

Q: ‘An accounting report is essential a report which must be able to fulfilcertain basic criteria ‘…

A: Report can be define as when a data is processed properly than it become information and when such…

Q: The purpose of the Conceptual Framework is: A. To assist the International Accounting Standards…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: This approach is useful for compliance reviews where operators should do what the contract, law,…

A: Answer: The correct answer is option (b) Value stream map Value stream Map gives the clear overview…

Q: 1. Which is the first step within the hierarchy of guidance a. Apply a standard from IFRS if it…

A: Comments; Multiple questions asked Question 1 IFRS - These are accounting standards that describe a…

Q: Principles

A: Answer: Accounting is the subject that is more concerned with the treatment of the numbers so that…

Q: The IASB has created accounting standards that are: Select one: a. Rules-based. b.…

A: IASB stands for International Accounting Standard Board.

Q: What does the conceptual framework intend to establish? a. the objectives and cocepts foruse in…

A: Accounting framework defines the rules and framework which depicts the rules, standards that were…

Q: The accompanying chart shows the qualitative characteristics of useful accounting information. Fill…

A: The usefulness of Accounting Information: Accounting information is used by various entities such as…

Q: According to the convention of consistency Select one: a. Accounting policies and practices once…

A: In accounting, the convention of consistency means that accounting methods once adopted must be…

Q: Which of the following is the first step within hierarchy of guidance to which management refers,…

A: SOLUTION- ACCOUNTING POLICIES ARE THE SPECIFIC PRINCIPLES AND PROCEDURES IMPLEMENTED BY A COMPANY'S…

Q: impact of measurement bases in the usefulness of accounting report.

A: Measurement bases are values used to measure particular items in the financial statements.

Q: The FASB issues accounting standards in the form of: Financial Accounting Standards. Financial…

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

Q: what are the Approaches adopted in the development of accounting standards ,indicating and explain…

A: International accounting standards Board (IASB) is an independent body for setting the International…

Q: nce. How could these materials be useful in accounting research? Provide exampl

A: GAAP is a set of methodologies and concepts used by businesses to produce financial statements and…

Q: accounting and auditing

A: Accounting is started when the bookkeeping is completed. Whereas, auditing is started when…

Q: Discuss Practical Implementations of any one generally accepted accounting Principle (GAAP),…

A: Generally Accepted Accounting Principles are used in preparing account of an entity. The purpose of…

Q: Classify the following activities as part of the identifying (I), recording (R), or communicating…

A: Identifying function: helps the organization to select from its business activities, the…

Q: Accounting policies, methods, and estimates used in preparing fi nancial statements aremost likely…

A: Accounting policies are the course of actions that an entity uses to make its financial statements.…

Q: ccounting in the United States follows Generally Accepted Accounting Principles (GAAP), which are…

A: The Financial Accounting Standards Board issues a set of accounting principles, standards, and…

Q: Why does the FASB undertake a series of elaborate information-gathering steps before issuing a…

A:

Q: conceptual framework, the second level

A: Option b is wrong because "Financial reporting objectives" is included in the first level of the…

Q: Which is the first step within the hierarchy of guidance when selecting accounting policies? A.…

A: Accounting policy is the rule or method which is adapted by any entity to determine the error free…

Q: The initials GAAP stand for a.generally accepted accounting principles b.generally accepted plans…

A: GAAP means those principles which has been followed globally and accepted every where.

Q: lanagement accounting reports tend to be specific. lanagement accounting reports are produced as…

A: Solution: "Management accounting reports are subject to the principles and practices of GAAP" this…

Q: What can be interpreted from Accounting Standards Codification (ASC), of FASB?

A:

Q: The theoretical principles helps in the _____________. a. Working of IASB b. Evaluation of standard…

A: solution concept The theoretical principle             The theoretical principle means the…