Critically discuss FOUR problems caused by the accounting diversity for users of financial statement. Discuss, with relevant examples, how a particular accounting diversity contributes to or leads to a particular problem for a user

Q: 46 .Accounting provides assistance to decision makers by providing them financial reports that will…

A: The accounting is process recording , analysing and reporting the financial data of the business.

Q: Identify three types of services typically offered by accounting professionals.

A: Introduction: Accounting is considered as a language which is used for communicating to persons…

Q: For each of the following users of financial ače accounting information, specify whether the user…

A: Important thing to Note the parties which are outside to the organization will not have access to…

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: Accounting information should have some qualitative characteristics in order to facilitate efficient…

A: Accounting information: Accounting is the process to record, analyze, summarize, and interpret…

Q: enefit from accounting information. 2. Accounting plays an important role by providing answers to…

A: The accounting users involve the external as well as internal user in order to make difference in…

Q: Listed below are the fundamental and enhancing qualitative characteristics that make…

A: Accounting is the process of recording and summarising accounting information in order to provide…

Q: What is the name of the accounting concept in which revenue earned  during the accounting period…

A: An accrual is a journal entry that is used to recognize revenues and expenses that have been earned…

Q: improvements in ethical standards from an accounting perspective

A: Ethical standards in accounting are the norms to be complied with while undertaking the accounting…

Q: List and discuss two similarities and two differences between AIS and other areas of accounting.

A:

Q: INSTRUCTIONS: Write the similarities and differences of the definition given by three (3)…

A: Accounting means to record the monetary transactions of the business entity. It helps in summarizing…

Q: What are some of the expenses associated with the provision of accounting data? What are some of the…

A: Will be explained:

Q: Determine the second level in the conceptual framework of accounting. a. Qualitative characteristics…

A: A conceptual framework of accounting is a system of ideas and major goal which lead to the making of…

Q: The qualitative characteristics that make accounting information useful for decision-making purposes…

A: Decision-making: Decision making can be defined as the process of making choices through the…

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: In community what are the examples of decisions or questions that can be supported by accounting…

A: Ans. Accounting information helps in decision making in many ways. Some of them are discussed as…

Q: Accounting information provides useful information about business transactions and events. Those who…

A: SOLUTION- UNDERSTANDABILITY IS THE CONCEPT OF FINANCIAL INFORMATION SHOULD BE PRESENTED SO THAT A…

Q: Draw a comparison between the formal accounting systems as applied in the formal business sector and…

A: Formal Accounting System Formal Accounting system is a system where all the principles of accounting…

Q: ) Describe the advantages and disadvantages of these two approaches to accounting standards setting,…

A: Accounting standards are those standards which state the guidelines, rules and regulations which is…

Q: Explain in brief the problems caused by accounting diversity.

A: Accounting diversity refers to differences in accounting practices followed across different…

Q: Different extended report frameworks are designed for different groups of stakeholders.  Assuming…

A: We’ll answer the second question since the exact one wasn’t specified. Please submit a new question…

Q: Identify TWO external consumers of accounting information and explain how that accounting…

A: Introduction: The term "financial statement" refers to any statement, such as an income statement, a…

Q: Select any five of the Generally Accepted Accounting Principles (GAAP) and describe how each of them…

A: Financial Accounting Standard Board (FASB) is authorized to issue GAAP principles that represent the…

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: Accounting information provides useful information about business transactions and events. Those who…

A: Since we only answer up to 3 sub-parts of question 1, we’ll answer the first 3. Please resubmit the…

Q: what is accounting information system (AIS)? List and discuss the three sub system of AIS  and…

A: Accounting Information System (AIS) is a one part(subset) of the Management Information System.

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: dentify TWO external users of accounting information and explain how that accounting information…

A: Financial statement means the statement including income statement , balance sheet , cash flow…

Q: Describe briefly the following characteristics of useful accounting information.  Comparability…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Many accounting professionals work in one of the following three areas.A. Financial accounting B.…

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: Identifying users of accounting information For each of the users of accounting information,…

A:

Q: The users of accounting information can be classified into internal and external users. Clearly…

A: Accounting information is the information related to the concepts of accounting which are to be used…

Q: What are the costs and benefits of establishing one set of accounting standards (i.e., IFRS) around…

A:

Q: Which among the following are the reasons why regulation of the accounting profession is essential?…

A: Following is the answer to the given question

Q: What two primary qualitative characteristics make accounting information useful?   Predictive…

A: Relevance: In accounting, the term relevance means it will make a difference to a decision maker.…

Q: Multiple choice: 1. This qualitative characteristic requires at least two items. A. Timeliness B.…

A: The answers for the multiple choice questions and relevant explanation are presented hereunder :…

Q: Identify the second level in the conceptual framework of accounting. a. Objectives b. Recognition…

A: The conceptual framework consists of ideas and objectives that helps to create consistent rules and…

Q: Critically discuss SIX causes of differences in accounting practices used in different countries.…

A: Accounting Practices:-Accounting practices defined as those practices which is necessary to follow…