Discuss about the accounting policies, selection, relevance, reliability, faithful representation aspects in detail.

Q: Describe rules-based accounting standards.

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

Q: What is concern of external users of accounting information in GAAP?

A: Accounting information includes all financial statements like Balance Sheet, Income statements and…

Q: Evaluate the strengths and weaknesses of interpretive accounting theory

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

Q: Describe the role of auditor in accounting.

A: 1. An auditor's responsibility is to give a true and fair view of the financial statements which…

Q: Describe significant accounting policies.

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

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

A: Accounting information is used by various users for different purposes. The primary characteristics…

Q: Considering whether to use historical cost or fair value relates to which of the following…

A: The procedures applied and principles followed by the company to prepare its financial statements…

Q: ccounting

A: Account analysis would be delving into the specific line items that make up an account.

Q: Explain the concepts of fiscal and operational accountability and the basis of accounting used to…

A: Financial accountability refers to the policies adopted by a board for the attainment of their…

Q: Support for Politicization of rule making for accounting standards

A: The politicization of accounting rulemaking should not be viewed in a narrow sense. As accounting…

Q: Describe the goals of accounting standards.

A: Accounting standards are authoritative standards for financial reporting and are the primary source…

Q: examples of decisions that can be supported by accounting information

A: Accounting information represents the financial information about the company which is useful for…

Q: Give instances of judgments that can be backed up by accounting data.

A: Introduction: Accounting information is the financial information about a firm that is beneficial to…

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: Review the basic assumptions of accounting.

A: Financial accounting structure: A system that records, maintains, and creates reports for 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: 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: Which of the following are the fundamental characteristics of accounting information? O a.…

A: The fundamental qualities of Accounting Information are Relevance and Faithful Representation.…

Q: What are the two of the qualitative characteristics of accounting information that contribute to its…

A:

Q: Why accounting information elements that may affect by stakeholders

A: Accounting is the process of recording, classifying and summarizing accounting information in such a…

Q: Describe the recognition, measurement, and disclosure concepts that guide accounting practice.

A: Accounting concepts are referred to the basic assumptions, principle and rules which guides the…

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: 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: Identify the qualitative characteristics of accounting information.

A: Definition: Users of financial information: People who rely on accounting information to make the…

Q: accounting and auditing

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

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: Describe the major constraint inherent in the presentation of accounting information.

A: Accounting information:   Accounting information refers to that information which is concluded from…

Q: Illustrate the importance of the flow of information in accounting?

A: The importance of flow of information in accounting is of very high significance. The information…

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: hat are the benefits of Accounting System Analysis?

A: Accounting system analysis is very important for business and organization to grow and survive.

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: Discuss the  meaning and needs of accounting standards.

A: Accounting standards:Accounting standards are common set of principles, procedures and standards for…

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: explain the fundamental qualities of accounting information

A: Accounting data would be supplied into an accounting information system, which processes data using…