Explain why a regulatory framework is necessary in financial accounting.

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: Describe the conceptual framework of accounting principles.

A: The conceptual framework can be defined as a system of ideas and objectives that lead to the…

Q: What are the reasons in support of financial reporting regulation

A: Financial reporting (sometimes known as accounting) is the process of recording and disclosing…

Q: What are the basic foundation of Accounting?

A: Accounting: Accounting is the practice of documenting financial transactions that occur in the…

Q: What is the rationale behind the Financial Accounting Standards Board's classification of accounting…

A: Introduction

Q: Evaluate the attributes of full disclosure in financial reporting, including the accounting…

A: FULL DISCLOSURE PRINCIPLE -  The full disclosure principle states that the information which is…

Q: Describe significant accounting policies.

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

Q: Explain the importance of financial accounting information for external parties—primarilyinvestors…

A: Financial Accounting:-Summarizing of all the transactions that occurred in the business during the…

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: What is the definition of a conceptual framework? Why is it vital to have a conceptual framework in…

A: Conceptual Framework: A conceptual framework logically explains connected aims and foundations that…

Q: Explain the role of the auditor in the financial reporting process.

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

Q: What is the purpose of reporting accounting theory?

A: This question explains about the purpose of reporting accounting theory

Q: Discuss the importance of accounting standards for the purpose of preparing financial reports.

A: Accounting Standard Accounting Theory

Q: What does the Relevance in the context of financial reporting means?

A: Introduction Financial Reporting is communicating accurate information along with the financial…

Q: WHAT IS FINANCIAL REPORTING STANDARDS AND ENGAGEMENT STANDARDS? AND ITS CONNECTION WITH THE…

A: Financial reporting standards provides principle for preparation of financial reports and…

Q: How does financial accounting perform its fundamental function?

A: This question clarifies how financial accounting carries out its primary duty.

Q: What are the two primary functions of financial accounting?

A: Financial accounting is that field of accounting in which all financial transactions are recorded in…

Q: How does IFRS APPLY TO THE ACCOUNTING CYCLE AND FINANCIAL REPORTING?

A: IFRS - International Financial Reporting Cycle is the standard set by the IASB (International…

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: Of what value is a common set of standards in financial accounting and reporting?

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

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: How does the financial statements are the primary means of communicating financial information to…

A: Financial Statement:   It refers to the end reports of an organization prepared to report the…

Q: What is a conceptual framework? Why is a conceptual framework necessary in financial accounting?

A: Conceptual Framework: A conceptual framework is a logical presentation of interrelated objectives…

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

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

Q: To what end does financial accounting serve?

A: The end of financial accounting is to provide business with the financial performance and financial…

Q: what is the link between compliance with standards and the value of the firm's accounting and…

A: Accounting standards are prepared under the supervision of the Accounting Standard Board. Each and…

Q: What characteristics should information have to best meet the objective of financial reporting?

A: Financial reporting is the disclosure of financial results and related information to management and…

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: 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: Accounting Write two types of financial institutions and explain about them?

A: Explanation of Concept Financial institution are the company which provide the financial services…

Q: In general, what is the conceptual framework that underlies accounting principles, and how  does it…

A: A conceptual framework can be defined as a system of ideas and objectives that lead to the creation…

Q: A conceptual framework for financial reporting is: A. A set of regulations which govern financial…

A: Introduction: Financial reports: At every financial year ending Income statement , Statement of cash…

Q: Discuss the  meaning and needs of accounting standards.

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

Q: Please answer the following question and read the discussion question rubric: What is the primary…

A: The primary objective of financial accounting: Financial accounting's primary goal is to accurately…

Q: What is meant by generally accepted accounting principles,and how do these principles add to the…

A:

Q: What are the conceptual issues related to financial reporting and financial disclosures?

A: Introduction: Financial reporting is a common accounting technique in which financial statements…

Q: What are some of the reasons in support of financial reporting regulations?

A: Introduction: Financial reporting: Financial reporting is the process by which information derived…