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

Q: Describe the Accounting Processing Cycle.

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

Q: Where can an auditor find a client’s documentation of the accounting system?

A: Internal Control: Internal control is a mechanism or procedure that the company implements so that…

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: to be useful, accounting information should be presented using

A: The company will record each and every day to day transactions happened during the operations of the…

Q: What is the primary purpose of an accounting system?

A: the primary objective of accounting is to record the financial transactions in the books of…

Q: collection

A: Ans. Inductive approach is merely a reasoning method by which a law or general principle is…

Q: describe the fl ow of information in an accounting system

A:

Q: What is the premise behind the double - entry recording framework developed and refined in the…

A: Double entry system is an accounting system in which two aspects of each transaction are required to…

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: What is meant by the term “qualitative characteristics of accounting information”?

A: Qualitative Characteristics of Accounting Information System: Qualitative characteristics are what…

Q: What is the purpose of an accounting system?

A: Accounting is an art of systematic recording, classifying and summarising financial transactions…

Q: What type of internal and external accounting reports will you use in the process of making…

A: Internal accounting reports are managerial reports which are generated for use by managers at…

Q: Which of the following characteristics must exist for accounting information to be useful in making…

A: Definition:

Q: What are the objective of any accounting system?

A: The accounting information system is software in which inputs are added in the form of sales or…

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: ‘An accounting report is essential a report which must be able to fulfilcertain basic criteria ‘…

A: Report can be define as when a data is processed properly than it become information and when such…

Q: Review the basic assumptions of accounting.

A: Financial accounting structure: A system that records, maintains, and creates reports for the…

Q: Some principles should be followed in the development of an accounting information system. Identify…

A: The principles that should be followed in the development of Accounting information systems are…

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: Name some users of accounting information.

A: Accounting is defined as an information system that reports the financial performance of a business…

Q: Classify the following activities as part of the identifying (I), recording (R), or communicating…

A:

Q: What is the most important basic accounting operation? Explain the procedure.

A: Introduction : Accounting is the discipline of recording a business's financial transactions. The…

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: List and explain various functions of accounting.

A: Accounting is the process of recording financial transactions pertaining to a business. The…

Q: W

A: According to AICPA, "accounting is an art of recording, classifying, summarizing in a significant…

Q: impact of measurement bases in the usefulness of accounting report.

A: Measurement bases are values used to measure particular items in the financial statements.

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: Describe about the external and internal events of the accounting.

A: An Accounting event is a transaction that is recorded in the books of accounts of the company. The…

Q: Explain how and why some changes in accounting principle are reportedprospectively.

A: Changes in accounting principle: A change in accounting principle is said to be a change in a…

Q: What is the first step in the accounting processing cycle? What role do source documents fulfill in…

A: Accounting Processing Cycle: Accounting processing cycle refers to the process of recording a…

Q: Explain the methods of accounting.

A: Accounting methods refers to the ways which are adopted by the company in order to record its income…

Q: How is the use of accounting information diverse and varied?

A: Definition: Accounting Information: Accounting Information refers to the data which makes a decision…

Q: accounting and auditing

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

Q: Explain the application of the basic principles of accounting.

A: Income tax expense:   The expenses which are related to the taxable income of the individuals and…

Q: Classify the following activities as part of the identifying (I), recording (R), or communicating…

A: Identifying function: helps the organization to select from its business activities, the…

Q: Why is the evidence provided by source documents important to accounting?

A: Source Document Source document are refer as the original record which contains the detail…

Q: The collection and observation of accounting data was related to what?

A: generally, accounting starts with the collection of data. observation of data is done while making…

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 is the function of the Accounting Information System in current accounting?

A: Accounting Information Systems are the systems that help the organizations to record their…