Explain the role of the Emerging Issues Task Force in establishing generally accepted accounting principles.

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

A: The consistency principle states that once you decide on an accounting method or principle to use in…

Q: Generally accepted accounting principles

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

Q: describe the importance of fi nancial statement notes and supplementary information—including…

A: The importance of financial statement notes and supplementary information thatincluding disclosures…

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: Which of the following statement best explains the need for a regulatory framework? A regulatory…

A: Financial statements are prepared for various purposes such as for external reporting, managerial…

Q: Distinguish between FASB Accounting Standards Updates and FASB Statements of Financial Accounting…

A: Financial accounting standard board (FASB):  The FASB is an independent, designated and non-profit…

Q: Explain the Consistency principle, which is one of the GAAP content in financial accounting, by…

A: Consistency principle is the principle which is applied in the preparation and presentation of…

Q: Generally Accepted Accounting Principles

A: Generally accepted accounting principles (GAAP) seek advice from a standard set of accounting…

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: Explain the purpose of Generally Accepted Accounting Principles (GAAP), including the organization…

A: Generally Accepted Accounting Principles:   GAAP (Generally Accepted Accounting Principles) is a…

Q: Analyze current major accounting research tools. Discuss the deductive, inductive, and pragmatic…

A: Accounting research looks at how people, businesses, and governments use accounting, as well as the…

Q: If generally accepted accounting principles were followed, how would the items above relating to…

A: Financial Statement:   It refers to the financial records of an organization that reports their…

Q: Generally accepted accounting principles play an important role in financial reporting.a. What is…

A: Requirement a:

Q: The Accounting research division of Accounting principle board (Apb) in it's research recommendation…

A: Financial statements are those statements which depicts the information related to the business over…

Q: Distinguish between Opinions of the Accounting Principle Board and Accounting Standards Updates.

A:

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: FASB undertakes a series of elaborate information-gathering steps before issuing an Accounting…

A: FASB follows the following steps while making an update of Accounting Standards:   With the help of…

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: To what extent are financial reports providing relevant and timely information to stakeholders?…

A: Given: The extent at which the financial provide information to stake holders and its improvements…

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: Briefly describe the organization that is responsible fordeveloping accounting measurement rules…

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

Q: An item that meets the definition of an accounting element should be given recognition in the…

A: Accounting Elements:- Assets, Liabilities, Equity, Capital, Drawings, Revenue, and Expenses are the…

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: Why does The conceptual framework has been described as an “Accounting Constitution”?

A: The conceptual framework sets the boundary within which financial accounting and reporting takes…

Q: Explain and applyunderlying accountingconcepts, assumptions,and principles

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

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

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

Q: Principles

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

Q: To understand and use accounting information in makingeconomic decisions, you must understand: a.…

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: Explain why a regulatory framework is necessary in financial accounting.

A: The term regulatory framework in accounting refers to the set of rules and regulations that are…

Q: Discuss the terms relevance and faithful representation as they relate to financial accounting…

A: Financial accounting: It can be defined as the branch of accounting that is associated with the…

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: The FASB issues accounting standards in the form of: Financial Accounting Standards. Financial…

A: An accounting standard is a common set of principles, standards and procedures that define the basis…

Q: nce. How could these materials be useful in accounting research? Provide exampl

A: GAAP is a set of methodologies and concepts used by businesses to produce financial statements and…

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: Distinguish between FASB Accounting Standards Updates and FASB Statements of Financial Accounting

A: Accounting Standards Updates: constitute GAAP and dictate acceptable financial accounting and…

Q: Explain certain accounting principles that are important for an understanding of financial…

A: While it would sound exhausting or exclusive, financial accountancy assumes a key half that allows…