Identify each of the following terms or phrases as an accounting (a) principle, (b) assumption, or(c) constraint. Going-concern

Q: two characteristic

A: Accounting principles are standards, statutes and guidelines adopted by the management for the…

Q: Identify each of the following terms/phrases as either an accounting (a) principle, (b) assumption,…

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

Q: Identify each of the following terms or phrases as an accounting (a) principle, (b) assumption,…

A: “As only one item is given in the question, it is assumed this particular answer is asked by the…

Q: Identify each of the following terms/phrases as either an accounting (a) principle, (b)…

A: Accounting Principles:   Accounting principles refers to the rules and guidelines that are to be…

Q: Give any four examples of Provision and Reserves with regards to accounting  concepts?

A: Provision is an term used in accounting in which an amount was estimated to be happen in future…

Q: All of the following items are classified as accounting assumptions and coventions except for a.…

A: Accounting assumptions and conventions are basically the guidelines which are used in providing the…

Q: this multiple choice questions from ACCOUNTING PRINCIPLES I

A: Question 13 option D is correct  income statement  Depreciation appears on income statement.

Q: According to our authors, give the accounting equation and explain why it is true.

A: Introduction: The accounting equation is a key component of the balance sheet and a fundamental…

Q: Accounting being an information system follows basic accounting concepts or principles also known as…

A: Notes: “Since you have asked multiple questions, we will solve the first question for you. If you…

Q: Determine the second level in the conceptual framework of accounting. a. Qualitative characteristics…

A: A conceptual framework of accounting is a system of ideas and major goal which lead to the making of…

Q: Identify each of the following terms/phrases as either an accounting (a) principle, (b)…

A: Accounting assumption: These are the accounting practices or principles which are considered to be…

Q: Identify each of the following terms or phrases as an accounting (a) principle, (b) assumption,…

A: Time period is the accounting assumption.

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: Which of the following is not an accounting assumption? Select one: a. Integrity. b. Economic…

A:

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: An accounting policy is

A: Accounting policy are not judgement applied to record a transaction. Accounting estimates are…

Q: Review the basic assumptions of accounting.

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

Q: are the two fundamental qualities that make accounting information useful for decision making. a.…

A: solution concept Relevance means the information that are relevant for the users of the financial…

Q: Accounting is sometimes described as the language of busi-ness. What is meant by this description?

A: Accounting: It refers to a process of recording and summarizing the financial transactions and…

Q: Which of the following are the fundamental characteristics of accounting information? O a.…

A: The fundamental qualities of Accounting Information are Relevance and Faithful Representation.…

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: Identify each of the following terms/phrases as either an accounting (a) principle, (b)…

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

Q: Explain any three fundamental easons that accounting bodies shoulc ceep in mind when developing…

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

Q: What are the different assumptions of Accounting principles?

A: Accounting assumptions provide a fundamental base and structure to record business transactions.The…

Q: Identify each of the following terms/phrases as either an accounting (a) principle, (b)…

A: Going concern:

Q: Identify each of the following terms or phrases as an accounting (a) principle, (b) assumption,…

A: Accounting principles are those rules and regulations which helps in accounting.

Q: The IASB has created accounting standards that are: Select one: a. Rules-based. b.…

A: IASB stands for International Accounting Standard Board.

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: Identify each of the following terms/phrases as either an accounting (a) principle, (b) assumption,…

A: Principles are the rule made for every business.

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: Identify each of the following terms/phrases as either an accounting (a) principle, (b)…

A: Accounting principle: These are the guidelines which are to be applied while preparing the…

Q: Each external transaction will have a dual effect on the accounting equation. Explain what this…

A:

Q: State any TWO (2) objectives of accounting.

A: Every business always operates for deriving profits and gains. Books of accounts need to be…

Q: What is the aim of accounting, to put it in the broadest possible terms?

A: Introduction: A business's financial events and transactions may be summarized and recorded in…

Q: The accounting equation may be expressed as?

A: Accounting Equation: The accounting equation provides the foundation of the accounting system. This…

Q: Discuss Practical Implementations of any one generally accepted accounting Principle (GAAP),…

A: Generally Accepted Accounting Principles are used in preparing account of an entity. The purpose of…

Q: The measurement phase of accounting is accomplished by?

A: Accounting is the process of identifying, recording, summarizing and analysing financial information…

Q: Which of the following sets includes only accounting assumptions and conventions? a. timeliness,…

A: b. matching, comparability, a period of time, and reliability c. the monetary unit, going concern,…

Q: Explain what is meant by materiality in relation to financial statements and state two factors…

A: Materiality is the last trial of what data ought to be given in a specific arrangement of budget…

Q: The going-concern assumption is an essential consideration in interpreting financial statements for…

A: The notion of a going concern is as follows: The going concern notion presupposes that the firm will…

Q: Indicate which accounting principle(assumption) correctly suits the statement given in each item.

A: 1. Business entity concept 2. Realization concept 3. Money measurement concept 4. Accrual accounting…

Q: Identify each of the following terms or phrases as an accounting (a) principle, (b) assumption, or…

A: Accounting assumptions :      As the name suggests, these are the assumptions to be considered by…

Q: 1. Explain in detail “The difference between GAAF and IFRS in respect of preparing Balance Sheet and…

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