Going from general to specific, what are the three primaryobjectives of financial accounting information?

Q: What is FASB Financial Accounting Standards Board?

A: It is an organization responsible for establishing and improving GAAP within the territory of the…

Q: What is a compensating balance?

A: As per the guidelines, only one qustion s allowed to be solved. Please resubmit the questions…

Q: Explain why the accounting standards are necessary in financial reporting.

A: Accounting Standards are the rules and guidelines that are used for preparation of financial…

Q: Statement of Financial Accounting Concepts No. 5 identifiesfour characteristics that an item must…

A: Finanacial statement.

Q: Accounting and bookkeeping are two different types of financial reporting

A: Accounting and bookkeeping are two separate forms of financial reporting, as explained in this…

Q: Which of the following branches of accounting is the original form of accounting?

A: The branches of accounting are: 1. Financial Accounting 2. Cost Accounting 3. Management Accounting…

Q: What are the three primary financial statements with whichwe communicate financial accounting…

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

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: 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: task of financial accounting

A: Financial accounting is recording day to day business transactions to get a clear picture of…

Q: What are the four basic assumptions that underlie the financial accounting structure?

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

Q: The accounting that records and measures the financial transactions by following GAAP is: a.…

A: Internal accounting helps in analysing the internal transactions of the organization  Management…

Q: Describe the conceptual framework of financial accounting.

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

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: The main objective of general-purpose financial reports is, a. To describe the characteristics for…

A:

Q: Describe the accrual accounting concepts that appear in financial statements.

A: Accounting is an art of recording, classifying, analyzing and summarizing the financial statement to…

Q: Financial accounting is the area of accounting aimed at serving __________ by providing them with…

A: Financial accounting helps in preparing financial statements like Statement of Income, balance sheet…

Q: Describe the function and primary focus of financial accounting.

A:

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

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

Q: What are the four types of financial statements in accounting?

A: Accounting:   Accounting is the art of recording, classifying and summarizing in a significant…

Q: What are the three basic business activities that financial accounting seeks to measure and…

A:

Q: ancial position in  accordance to IFRS finacial statement presentation. Expain?

A: Accounting Equation is nothing but in simple terms, there should be a balancing entry i.e if there…

Q: What are the four types of financial statements and how are they important in accounting?

A: FINANCIAL STATEMENTS ARE THE RECORDS MADE BY A COMPANY THAT CONVEY BUSINESS ACTIVITY AND FINANCIAL…

Q: What are financial accounting's two main functions?

A: The answer:

Q: What does the concept of objectivity imply for information reported in financial statements?

A: Accounting is a system of information that collects the data, process it and present the data in a…

Q: How are financial statements all linked to each other in accounting?

A: Financial statement contains the key financial information regarding a company's performance. There…

Q: How do I define each branches of accounting? and what are they for?

A: Branches of Accounting have emerged because of economic, industrial and technological developments.…

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

A:

Q: The financial statements are based on the most basic tool of accounting, What is that?

A: The statements that are used to record the financial transactions of the entity are known as the…

Q: Definition of Financial Accounting

A: Solution:- Definition of financial accounting as follows under:-

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: Which account records is the main source of information used to prepare the financial statements

A: generally, primarily we start accounting by recording journal entries, then we do ledger postings,…

Q: Which of the following branches of accounting is the original form of accounting? a. Financial…

A: The branches of accounting are 1 Financial accounting 2 Cost accounting 3. Management accounting…