Briefly discuss the difference between (A) a “rules-based" approach to accounting standard setting and (B) a “principles- based" approach to accounting standard setting.

Q: Briefly explain the following generally accepted accounting principles with your own words and…

A: The consistency principle states that once you decide on an accounting method or principle to use in…

Q: Discuss the primary differences between U.S. GAAP and IFRS with respect to the  development of…

A: U.S. GAAP    The Generally Accepted Accounting Principles in the US (US GAAP) refer to the…

Q: Describe rules-based accounting standards.

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

Q: In order to report on changes in accounting rules, the FASB needs a certain technique.

A: Changes in accounting rules, the FASB needs a certain technique will b e explained:

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: n the role of the accounting system according to the agency theory

A: Agency theory is one of the common problem in the organization form of the system and that exist due…

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

A:

Q: is the conceptual framework applied to IAS 1, IAS 8, and IAS 21? IAS is "International Accounting

A: Accounting standards are  the set of rules, regulations, and procedures that examines  the policies…

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: From the following statements which one is not the correct classification of accounting theory

A: Accounting theory is the theory which is actually the set of guidelines, principles or in order…

Q: What are the primary advantages of having a Codification of generally accepted accounting…

A: Generally Accepted Accounting Principles (GAAP): Generally Accepted Accounting Principles are the…

Q: are the two fundamental qualities that make accounting information useful for decision making. a.…

A: solution concept Relevance means the information that are relevant for the users of the financial…

Q: Under what circumstances might it be acceptable for a company preparing IFRS financial statements to…

A:

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: Why is it necessary to develop a definitional framework for the basic elements of accounting ?…

A: Accounting serves as the foundation for the creation of financial statements. Accounting is carried…

Q: Explain generally accepted accounting principles and define and apply several accounting principles.

A: Accounting principles: These are the assumption, concepts, and guidelines necessary to prepare and…

Q: Explain and applyunderlying accountingconcepts, assumptions,and principles

A: Accounting concepts and principles:   Financial statements are prepared in accordance with the…

Q: Principles

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

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

A: Full form of GAAP is generally accepted accounting principles. This is the collection of commonly…

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: 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: 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: Briefly explain the following generally accepted accounting principles with examples. a)…

A: a) Conservatism Principle DEFINATION: The accounting principle that only concerns about the…

Q: State the accounting assumption, principle, qualitative characteristic, or constraint that is most…

A: State the accounting assumption, principal qualitive characteristic or constraint that is most…

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: For what purposes did the AICPA create the Accounting Principles Board?

A: Accounting principles board: It is an authoritative body of American Institute of Public…

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

A:

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: Choose the correct. Which of the following statements is correct with respect to the IFRS accounting…

A: International Accounting Standards Board (IASB): IASB is the board which frames, develops, approves,…

Q: 3. Discuss what fundamental analysis is and its impactions on accounting standards?

A: Fundamental analysis refers to the process of analysis all the desired financial data of a business…

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: State and explain the 3 main elements of regulatory framework in accounting standards

A: Accounting standards refers to the code of conduct or set of rules or authoritative standards set…

Q: Briefly explain the following generally accepted accounting principles and give examples. a)…

A: General accepted accounting principles means those set of standards which is followed while…

Q: Explain the different accounting concepts and conventions with examples

A: Accounting Concepts and Conventions exist to serve the basic objective of accounting, i.e, to…