Briefly explain the following generally accepted accounting principles with your own words and examples. a) Consistency Principle

Q: Generally accepted accounting principles

A: These include accounting principles, Statutes , guidelines issued by various authorities  Generally…

Q: Explain in your own words what generally accepted accounting principles (GAAP) are.

A: GAAP are the rules , standard , guidelines and procedures according to which accounts are prepared.…

Q: What are the benefits of generally accepted accounting principles (GAAPs)?

A: GAAP stands for Generally Accepted Accounting Principles.

Q: Evaluate the strengths and weaknesses of interpretive accounting theory

A: Interpretive Accounting theory:-Interpretive Accounting theory has evolved and made significant…

Q: Evaluate the attributes of full disclosure in financial reporting, including the accounting…

A: FULL DISCLOSURE PRINCIPLE -  The full disclosure principle states that the information which is…

Q: The reporting of accounting theory is related to what?

A: Accounting theory is all related to the preparation of financial statements of the business.…

Q: Describe significant accounting policies.

A: Definition: Accounting policies: Accounting policies are the specific principles and rules which…

Q: What is the relationship between accounting theory reporting and?

A: This question illustrates the connection between accounting theory and reporting.

Q: Explain the differences between a positive theory of accounting and a normative theory of…

A: The question is based on the concept of Business Accounting.

Q: this multiple choice questions from ACCOUNTING PRINCIPLES I

A: Question 13 option D is correct  income statement  Depreciation appears on income statement.

Q: Why is it necessary to develop a definitional frameworkfor the basic elements of accounting?

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

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

A:

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

A: Definition:

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: Review the basic assumptions of accounting.

A: Financial accounting structure: A system that records, maintains, and creates reports for the…

Q: Discuss the assumptions underlying accounting measurement and explain their significance.

A: Accounting can be defined as the process of measuring the monetary business transaction for the…

Q: Explain the following: How Generally Accepted Accounting Practices are utilized in financial…

A: Introduction:   Financial statements are documents that describe a company's operations and…

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: Identify the two main categories of accounting principles.

A: Accounting principles are the principles and rules that organizations must follow when announcing…

Q: Explain and applyunderlying accountingconcepts, assumptions,and principles

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

Q: Discuss about the accounting policies, selection, relevance, reliability, faithful representation…

A: Accounting policies are specific principle procedures and measures that are used to record,…

Q: Explain how to develop financial accounting and reporting standards.

A: The financial accounting and reporting standards are created by IASB

Q: n your own words, what does relevance mean to you?  After tackling this topic, then research…

A: Relevance means the necessity of work at a specific point of time. Relevance means the work which we…

Q: What are the different assumptions of Accounting principles?

A: Accounting assumptions provide a fundamental base and structure to record business transactions.The…

Q: Examine the advantages and disadvantages of interpretative accounting theory

A: Introduction : Interpretive Accounting theory has developed and contributed significantly to our…

Q: Principles

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

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

A: Conservatism principle refers to a concept which states that the expenses of the business or…

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: 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: Explain how and why some changes in accounting principle are reportedprospectively.

A: Changes in accounting principle: A change in accounting principle is said to be a change in a…

Q: Briefly describe the two fundamental qualities of useful accounting information.

A: Accounting information is data about a business entity’s transactions. From buying inventory and…

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: 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: General accounting principles consist of four basic principles, four assumptions, and two…

A: Full Disclosure Principle This principle states that every element, accounting records, standards…

Q: In general, what is the conceptual framework that underlies accounting principles?

A: Accounting principles are the specific rules and guidelines that are to be followed in preparation…

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

A: The rules and guidelines followed by company while maintaining and reporting financial data are said…

Q: What is GAAP, Generally Accepted Accounting Principles?

A: The Generally Accepted Accounting Principles (GAAP)is a set of rules used for helping…

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…

Q: Define and apply many accounting concepts as well as explain commonly accepted accounting…

A: Accounting fundamentals: These are the assumptions, ideas, and rules required to produce and present…