Identify the majordifferences and similaritiesbetween financial andmanagerial accounting.

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: 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: Describe significant accounting policies.

A: Definition: Accounting policies: Accounting policies are the specific principles and rules which…

Q: Explain the importance of financial accounting information for external parties—primarilyinvestors…

A: Financial Accounting:-Summarizing of all the transactions that occurred in the business during the…

Q: Going from general to specific, what are the three primaryobjectives of financial accounting…

A: Financial Accounting is the process by which an organization's revenue, receivables and expenses are…

Q: How to analyse the accounting measurement and financial measurement? Give examples

A: Accounting Measurements: Accouunting measurement is the computatiion of economic or financial…

Q: Discuss the inter-relationship of the financial statements.

A: Meaning of Financial Statements Financial Statements consists of income statement, Profit and loss…

Q: Materiality is an entity-specific aspect of which of the qualitative characteristics of financial…

A: Materiality is an aspect of relevance in entity specific... The concept of materiality is relevance…

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: Which financial statement's structure is closest to that of the basic accounting ?equation

A: Solution: Basic accounting equation represents: Assets = Liabilities + Equity This is the main…

Q: Identify the qualitative characteristics of accounting information and the basic elements of…

A: Relevance: information makes difference in decision making Reliability: information is verifiable,…

Q: ccounting

A: Account analysis would be delving into the specific line items that make up an account.

Q: Ascertain various conceptual models for the measurement of the elements in the financial statement.

A: Financial statements are known as the written form of statements of a business that depicts the…

Q: Recognize key financial and investment accounts and important statements.

A: This question explains about financial and investment accounts and important statements.

Q: most general and most important objective of financial reporting

A: Option B is wrong because ensuring that the management objectives are met is not an objective of…

Q: Identify the objective and qualitative qualities of financial reporting information as well as the…

A: Introduction: Financial reporting: Financial reporting is the process of communicating information…

Q: Explain the qualitative characteristics of financial reporting information.

A: Conceptual Framework: The FASB's Conceptual Framework for Financial Reporting states the objectives…

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

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

Q: Explain various types of financial report which company can use its financial reporting?

A: Financial reporting gives reports in the form financial statements to the stakeholders of the entity…

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…

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Q: Explain the growth and Development of Financial Accounting.

A: Accounting as we know is the system of recording, summarizing and classifying the financial…

Q: Of what value is a common set of standards in financial accounting and reporting?

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

Q: Explain the relationship of Social and Economic Accounting to Financial What are the features of the…

A: Answer: Social and economic accounting and financial are all related with each other. The basic…

Q: users of the financial information

A: Users of financial information are those people who read the financial statements and use the…

Q: Discuss about the accounting policies, selection, relevance, reliability, faithful representation…

A: Accounting policies are specific principle procedures and measures that are used to record,…

Q: Explain how to develop financial accounting and reporting standards.

A: The financial accounting and reporting standards are created by IASB

Q: What Is The Primary Objective Of Financial Accounting?

A: Financial accounting: Financial accounting is the process of measuring the business activities of an…

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 is the equation that shows the relationship between elements of financial data

A: The equation that shows the relationship between the elements of financial data is shown hereunder :…

Q: Discuss the terms relevance and faithful representation as they relate to financial accounting…

A: Financial accounting: It can be defined as the branch of accounting that is associated with the…

Q: Identify the objective and qualitative characteristics of financial reporting information and the…

A: Financial reporting: Financial reporting is the procedure used to communicate the information…

Q: Identify the qualitative characteristics of accounting information.

A: Definition: Users of financial information: People who rely on accounting information to make the…

Q: Is internal accounting information primarily historical orfuture-oriented? How does that compare…

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Q: Asap Impact of the Financial Accounting Standard Board

A: The Financial Accounting Standards Board was formed to develop reporting standards. It is one of the…

Q: Briefly distinguish between management and financialaccounting information in terms of ( a ) the…

A: Financial accounting: Financial accounting is different from managerial accounting. Financial…

Q: Describe the usefulness of a conceptual framework and the objective of financial reporting.

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Q: Make logical comparison between financial accounting with other fields of accounting ?

A: Accounting It is a process under which financial transactions are recorded ,stored, retrieving ,…

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

A:

Q: Discuss the difference between the financial reporting system and general ledger system.

A: A general ledger, or GL, is a system for recording all of a company's financial transactions.…

Q: explain issues pertaining various conceptual models for the measurement of the elements in the…

A: Financial Statements :- Financial statements  are known as the composed type of articulations of a…

Q: What is meant by generally accepted accounting principles,and how do these principles add to the…

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Q: List and describe thedifferent types of financial intermediaries

A: Step 1: Introduction Financial Intermediary: An entity that acts as a link between the lender and…