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

Q: Accounting equation remains intact under all circumstances. Justify thestatement with the help of an…

A: Accounting equation: Accounting equation represents the mathematical relationship between assets,…

Q: two characteristic

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

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

A: Accounting Principle - Every business entity i.e. proprietorship, partnership and company have to…

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: plain what’s manage define accounting and describe nature and objective of accounting.

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

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: 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: A recognition test assists with deciding whether items should be included in the financial…

A: Financial statements seem to be a set of summary-level statements that summarise an organization's…

Q: Question 2 Considering whether to use historical cost or fair value relates to which of the…

A: Accounting Policies refer to specific accounting principles and methods of applying these principles…

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: According to PAS 1 Presentation of Financial Statements, the general features of financial…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

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: 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: Identify the two main categories of accounting principles.

A: Accounting principles are the principles and rules that organizations must follow when announcing…

Q: Which of the following requires accounting information to be complete, neutral, and free from…

A: Accounting principles:   These are the assumption, concepts, and guidelines necessary to prepare and…

Q: Explain and applyunderlying accountingconcepts, assumptions,and principles

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

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: Principles

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

Q: Explain the nature of the going concern assumption and its implications for the preparation of…

A: Going Concern Assumption: The going concern concept assumes that a company will continue to operate…

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: Briefly explain the following generally accepted accounting principles with your own words and…

A: Conservatism principle refers to a concept which states that the expenses of the business or…

Q: Which theory predict the facts but not assume any particular outcome? O a. Normative theory O b.…

A: The question is multiple choice question. Required  Choose the Correct option

Q: Which of the following is in accordance with generally accepted accounting principles? Select one:…

A: Generally accepted accounting principles improves the clarity,  consistency and communication of 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: 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: Briefly describe the two fundamental qualities of useful accounting information.

A: Accounting information is data about a business entity’s transactions. From buying inventory and…

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: 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: Recognition is the process of: A. Capturing, for inclusion in the statement of financial position…

A: Balance Sheet and Income statement are two important financial statements of business. Balance sheet…

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: 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: 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…