Generally Accepted Accounting Principles

Q: The principles and objectives that guide the creation of accounting information under accrual…

A: The matching principle, which is related to accrual accounting, asserts that an expense must be…

Q: Briefly discuss the difference between (A) a “rules-based" approach to accounting standard setting…

A: Rules-based accounting: Rules-based accounting is based on a set of detailed rules that the…

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: What is the purpose of the Code of Professional Conduct for the accounting profession?

A: A code of ethics must have traditionally been the conventional mechanism whereby a profession…

Q: What is the importance of Accounting Information System in the modern practice of Accounting?

A: Accounting Information System refers to the system where financial and accounting data is collected,…

Q: What is a certification authority, and what are the implications for the accounting profession?

A:

Q: explain the relationship between culture and the adoption of accounting practices

A: Culture includes the beliefs, ideas and customs followed by the individuals in a particular society.…

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: Why is a knowledge of accounting terms and concepts use-ful to persons other than professional…

A:

Q: n the role of the accounting system according to the agency theory

A: Agency theory is one of the common problem in the organization form of the system and that exist due…

Q: What is the relevance of the Accounting Information System in the modern practice of accounting?

A: Accounting Information System: When a company employs an accounting information system (AIS), it…

Q: Generally Accepted Accounting Principles (GAAP) are currently formulated by the< Financial…

A: Find the board that is responsible for creation and governance of GAAP.

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

A:

Q: What is the cornerstone of accounting ethics?

A: Introduction: Accounting ethics is a subset of applied ethics that is linked to business ethics and…

Q: Who among the following is a direct user of accounting information? Labor association Financial…

A: Users of accounting information is classified into 2 categories:  a. Direct users  b. Indirect users…

Q: opines on the professional responsibilities of the accountant in his practice of accounting and…

A: Professional Responsibility of Accountant: An Accountant assists organizations in making key…

Q: Discuss the importance of Accounting Research in the practice of of Accounting profession.

A: Accounting research Accounting research examines however accounting is employed by people,…

Q: What is the relevance of the Accounting Information System in the present practice of accounting?

A: Accounting Information System: An accounting information system (AIS) is a framework that a company…

Q: Which is not a purpose of the conceptual framework? a. To provide definitions of key terms and…

A: The conceptual framework of accounting is made to enable the accountants/accounting professionals to…

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: What are the Universal Standards in Accounting?

A: Universal standard of accounting is also known as International standard of accounting. 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: Why is it necessary to develop a definitional framework for the basic elements of accounting ?…

A: Accounting serves as the foundation for the creation of financial statements. Accounting is carried…

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: Principles

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

Q: Accounting in the United States follows Generally Accepted Accounting Principles (GAAP), which are…

A: Full form of GAAP is generally accepted accounting principles. This is the collection of commonly…

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: 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: Which of the following organizations is responsible for the creation and governance of accounting…

A: The answer is option (b.) [i.e, Financial Accounting standards Board (FASB)] Refer Step 2 for…

Q: Explain what the accrual foundation of accounting is and who is required to use it in your…

A: This question explains about the accrual foundation of accounting .

Q: what are the Approaches adopted in the development of accounting standards ,indicating and explain…

A: International accounting standards Board (IASB) is an independent body for setting the International…

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: For what purposes did the AICPA create the Accounting Principles Board?

A: Accounting principles board: It is an authoritative body of American Institute of Public…

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: Briefly explain the following generally accepted accounting principles and give examples. a)…

A: General accepted accounting principles means those set of standards which is followed while…

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: 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…

Q: Define and apply many accounting concepts as well as explain commonly accepted accounting…

A: Accounting fundamentals: These are the assumptions, ideas, and rules required to produce and present…