Explain the difference between conservative and aggressive accounting practices.

Q: Explain the problems associated with inappropriate accounting practices.

A: Fraud: Fraud is a malicious act committed by people to fulfill their personal benefits. In case of…

Q: Provide an example of a conservative accounting practice. Why is this practice conservative?

A:

Q: Changes in accounting policies are always accounted for as prospective in application. TRUE or…

A: Accounting policies means rules, guidelines and procedures that are used for the preparation of…

Q: Explain breifely about the theories of accounting regulation – public interest theory, capture…

A: The four theories of accounting regulation are: Public interest theory, Capture theory, Economic…

Q: Explain the political cost hypothesis of Positive Accounting Theory.

A: Positive accounting:   It is referred to as the branch of accounting research that helps to explain…

Q: distinguish between conservative and aggressive accounting;

A: Accounting is the process through which financial statement are recorded, analyzed, summarized and…

Q: Define materiality.  How does materiality come into play when assessing financial statement…

A: Materiality is the threshold above which missing or incorrect information in the financial…

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

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

Q: On the basis of accountants’ heuristics and biases, how are accounting judgements regarding…

A: The evolution of preliminary accounting for internally created intangible assets, important to both…

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: What are some of the most common types of accounting distortions that can arise?

A: Accounting refers to the process of examining and documenting all the financial and other…

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: What are some possible pitfalls of using nonauthoritative sources when doing accounting research

A: Non-authorized Sources:- These are the sources that are not permissible by the government and other…

Q: What is an externality, and why do financial accounting practices typically ignore externalities?

A: Externality is the benefit or the cost caused through the producer that is not incurred financially…

Q: Discuss whether or not conventional accounting (IASB) framework undermines the presentation of…

A: Here discuss about the details of conventional accounting framework (IASB) which are whether to…

Q: n what ways do accounting firms differ from one another?

A: solution concept accounting firms Accounting firms means a firm established for the purpose of…

Q: Why are stakeholders important in accounting ethics?

A: Stakeholders' refers to the person(s) or a group who has some interest in a company and can be…

Q: Why do you think Accounting Standards are mandatory?

A: Definition:   International Financial Reporting Standards (IFRS): IFRS are a set of international…

Q: what is the Judgement Traps in accounting?

A: Judgment trap is also known as judgment triggers which refers to the inherited issue that leads…

Q: But what's the distinction among accounting and management

A: Accounting: It is the process of recording any financial transactions incurred in the financial year…

Q: What is Fair Value Accounting? What are the factors contributing toward the trend of fair value…

A: "Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Which of the following is most closely linked to accounting conservatism? Lower-of-cost-or-market…

A: Answer:

Q: If a reporting entity has a choice of either expensing or capitalizing an item of expenditure, and…

A: If the entity is subject to a high degree of political scrutiny then it will adopt accounting…

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

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

Q: What is meant by "financial accounting" and "management accounting"? What is the difference between…

A: Financial Accounting:    It is collection of accounting data to create financial statements. It…

Q: Examine the advantages and disadvantages of interpretative accounting theory

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

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: Explain why establishing accounting standards is characterized as a politicalprocess

A: The standard setting process is a political process that is affected by the impact of several…

Q: Which of the following is not one of the basic concepts of accounting? A) RESPONSIBILITY B)…

A: Accounting:- It can be defined by recording the transactions in a systematic order and should be…

Q: Explain what is meant by adverse economic consequences of new or changed accounting standards.

A:

Q: what are the reasons financial accounting standards inspire or encourage political action and…

A: The financial accounting standards are used while accounting by all the entities which are required…

Q: If a particular accounting choice is considered aggressive in nature, then the fi nancialperformance…

A: When a particular accounting choice is considered to be aggressive in nature then it affects the…

Q: Accounting practitioners have criticized some proposed accounting standards on the grounds that they…

A: Accounting: Financial information is recorded in the books of accounts through accounting.

Q: fer from o

A: Revenue should be recognised when it is generated, not when it is received, according to the revenue…

Q: Why does the Accounting system used for financial statement preparation not always provide the…

A: Management needs detailed information for making a decision. Many times accounting systems do not…

Q: How does the ethics are important in the accounting?

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

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: Discuss how a change in accounting policy is handled when it is impractical to ascertain earlier…

A: This question explains about  impractical to ascertain earlier values due to unforeseen…

Q: What is the difference between accounting and auditing?

A:

Q: What difficulties do differences in accounting standards create for investors?

A: Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: How can the qualitative faithful representation (reliability) characteristic be improved in…

A: Relevance refers to how useful the data is for the processes of financial decision-making. In order…