Discus the elements of GAAS, how does it relate to GAAP?

Q: Discuss the major characteristics of a theory.

A: Discussion of major characteristics of a theory

Q: What is full form of GAAP? Describe about it.

A: Generally Accepted Accounting Principles, are commonly known as GAAP

Q: are we also user of accoutanting, if yes how?

A: Financial Accounting provides various useful information to various user groups which helps them in…

Q: What are the scopes of the IPSASs?

A: Financial Accounting- It is the branch of accounting that records events of financial nature that…

Q: Explain all differences between GAAP and IFRS

A: Generally accepted accounting principle (GAAP) It is the common set of procedures, principles, and…

Q: What is the IPSASB and reason(s) it was established?

A: IPSASB : INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS BOARD (IPSASB). It plays a significant…

Q: Find three key ideas that underpin GAAS and explain why they are so important.

A: Concept: GAAS is generally accepted auditing standards. It is to be followed by the auditors while…

Q: Define ERP.

A:

Q: Explain the politics in standard setting.

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: Describe the PW method?

A: There are different types of methods for comparing the worthiness of the projects. Some of the tem…

Q: How much of FTB?

A: Answer:

Q: What are GAAP principles

A: The management of the company is the main responsible for preparing the financial statements which…

Q: Define the term NPW?

A: Cash flows are the cash generated from the operation of the business organisation. In other words,…

Q: ness document is it?

A: voucher is a backup documents which shows business transactions.

Q: ) Explain what an eth where individuals w project.

A: Ethical dilemma refers to the concept when an individual has faced with a dilemma to make the…

Q: Describe the basic assumptions of underlie GAAP.

A: Generally Accepted Accounting Principles (GAAP): It refers to accounting principles, standards and…

Q: Explain the differences between IFRS and GAAP

A: GAAP is a common set of accepted accounting principles, standards, and procedures that companies and…

Q: Define Pooling of interests method

A: The pooling of interest is a technique used for the M&A between two companies. In this method,…

Q: What is GAAP and why it is needed?

A: GAAP - Generally Accepted Accounting Principles

Q: What is the concept behind the EOQ model?

A: Economic Order Quantity (EOQ) Model: It is a method of inventory costing that aims to identify the…

Q: What is EPS and how is it calculated?

A: EPS is referred to as earning per share and is defined as portion of company's profit allocated to…

Q: What is GAAP and how does it work

A: The accounting is based on various principles that are defined by GAAP or IFRS.

Q: What are the differences between GAAP and IFRS?

A: The companies are required to follow a set of guidelines and rules in the presentation of financial…

Q: What is full form of PBGC? Describe about it.

A: PBGC means Pension Benefit Guarantee Corporation. This corporation is a federal agency created by…

Q: What is the full form of ERP? Explain ERP with examples?

A: ERP means Enterprise Resource Planning, it is a process management software used by organizations to…

Q: ptual Framewor

A: A conceptual framework is a written or visual representation of how variables should interact.…

Q: What is the objective of having a conceptual framework?

A: Conceptual framework means set of rules and guidelines that help the users and preparers in…

Q: How do CDOs differ from CMBSs?

A: Difference between CDO and CMBS is that CMBS is a subset of CDO. In CMBS the underlying assets are…

Q: What are the functions of the conceptual framework under IFRS?

A: International Financial Reporting Standards:   IFRS (International Financial Reporting Standards) is…

Q: What is full form of CIP? Explain about it.

A: Carriage and Insurance Paid to is the full form of CIP

Q: Describe the primary roles of the PCAOB.

A: PCAOB indicates to a non-profit organization stated in US and set up by Sarbanes-Oxley Act in…

Q: describe the roles of fi nancial reporting and fi nancial statement analysis;

A: Financial reporting means representing records maintained by an organization in the form of…

Q: Identify special issues related to LIFO.

A: LIFO (Last in First out): In this method, the units bought last are sold first. In other words, in…

Q: What are the major inputs to the MRP system?

A: The preparation of material requirements planning (MRP) is a method for measuring the materials and…

Q: Define synergy

A:

Q: Explain how Naics Works?

A: OMB created NAICS as a standard for Federal statistical agencies to use in identifying businesses…

Q: Explain the objectives of FIFO method.

A: First-in-First-Out: In First-in-First-Out method, the costs of the initially purchased items are…

Q: Explain the Relationship to the PW Analysis?

A: The question is based on the concept of present worth analysis of a project or cash flows.

Q: What is the purpose of the FASB’s conceptual framework?

A:

Q: what is the summary of this topic?

A: Here ask about the summary of the product which is the important aspect of the packing for the…

Q: Is there are any relation between the CFPS, EPS, and DPS?

A: The financial statements of a firm is used and analysed by determining various types of financial…

Q: How is the process of the NPW measure implemented with the decision rule?

A: As an organization expands, it needs to take important decisions that involve immense capital…

Q: Explain the measurement attributes employed in GAAP.

A: The measurement attributes employed in GAAP are as follows: Historical Cost Net Realisable Value…