most common types of accounting distortions

Q: Which one of the following statements is not correct regarding financial accounting and management…

A: Financial Accounting - This is a branch of accounting under which business transactions are recorded…

Q: Changes in accounting policies are always accounted for as prospective in application. TRUE or…

A: Accounting policies means rules, guidelines and procedures that are used for the preparation of…

Q: Can you name some common errors in accounting?

A: Some of the common errors in Accounting are as under: Error of omissions: Here some transactions…

Q: What are the benefits of generally accepted accounting principles (GAAPs)?

A: GAAP stands for Generally Accepted Accounting Principles.

Q: If the accounting information is not clearly presented, which of the qualitative characteristic of…

A: Introduction Information in the books of accounts need some qualities, which are to be fulfilled in…

Q: Which of the following is true regarding whether IFRS specifically addresses the accounting and…

A: IFRS:

Q: In what ways does revenue recognition differ from other financial accounting procedures?

A: Definition: Every corporate entity should record revenues when they are generated, regardless of…

Q: Explain the differences between a positive theory of accounting and a normative theory of…

A: The question is based on the concept of Business Accounting.

Q: What are some of the most common types of accounting distortions that can arise?

A: Accounting refers to the process of examining and documenting all the financial and other…

Q: The Conceptual Framework is a source of guidance for determining an accounting treatment where a…

A: Lets start with understanding what is a meaning of conceptual framework. Conceptual framework is a…

Q: why is uniformity in accounting necessarily implies compariability?

A: Comparability isn't the same as uniformity. Like things must appear alike, and distinct things must…

Q: Which of the following is not an advantage of accounting standards? Select one:   a. All of the…

A: Accounting standards are designed for thr purposes of standardisation of accoutning and reporting…

Q: What are some possible pitfalls of using nonauthoritative sources when doing accounting research

A: Non-authorized Sources:- These are the sources that are not permissible by the government and other…

Q: What is meant by a change in accounting principle? Describe the accounting treatment for a voluntary…

A:

Q: What is the indirect effect of a change in accounting principle?Briefly describe the reporting of…

A: Change in an accounting principle: This change occurs when a company decides to change from an…

Q: Why do you think Accounting Standards are mandatory?

A: Definition:   International Financial Reporting Standards (IFRS): IFRS are a set of international…

Q: what is the Judgement Traps in accounting?

A: Judgment trap is also known as judgment triggers which refers to the inherited issue that leads…

Q: accounting principle is violated.

A: Accounting principles are the set of rules and conventions to be followed while accounting business…

Q: From the following statements which one is not the correct classification of accounting theory

A: Accounting theory is the theory which is actually the set of guidelines, principles or in order…

Q: What are the primary advantages of having a Codification of generally accepted accounting…

A: Generally Accepted Accounting Principles (GAAP): Generally Accepted Accounting Principles are the…

Q: Why do you believe Accounting Standards should be mandatory?

A: A document created by a rule-making body that prescribes how accounting transactions should be…

Q: Discuss how a change in accounting policy is handled when it is impracticable to determine previous…

A:

Q: Which of the following is the least persuasive type of evidence? O purchase orders O bank…

A: Evidence is a proof which can be used for multiple purposes. Work which is highly risky becomes easy…

Q: What are the common errors in accounting?

A:

Q: What cause Fraud in Computerised Accounting

A: Computerized Accounting System:   A computerized accounting system are software programs that are…

Q: What are the implications of a revised accounting estimate

A: The implications of a revised accounting estimate will be explained :

Q: What does it mean to recognize an accountingtransaction?

A: The accounting transactions that directly or indirectly alters the financial aspect of the…

Q: When is it permissible to violate generally accepted accounting principles (GAAP)

A: Certain types of information must be disclosed in a company's audited financial statements in…

Q: The use of alternative accounting methods

A: There are the following types of accounting methods: Cash Accounting method Accrual Accounting…

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: Which of the following principles of accounting are not directly related to accounting depletion…

A: Correct Option : Historical Cost Depletion means the allocation of cost of natural resources…

Q: The primary qualities that make accounting information useful for decision-making are :(a) Relevance…

A: Accounting information: Accounting information refers to the data or the information about the…

Q: What is the desired benefit from revising an accounting standard?

A: Financial Accounting Standards Board:   It is commonly known as FASB. It is a private, non-profit…

Q: Understand the reporting of accounting changes and errors.

A: Accounting Changes and Errors: Meaning: Error Correction and Accounting changes are guidance that…

Q: Role of Judgment in Application of Accounting Standard. Should it reduced or expand the role?

A: Irrespective of the approach that is used by the standard setters to establish accounting standards,…

Q: Fraud is not an accounting problem - it is a social phenomenon. Explain.

A: Fraud is defined as any unethical behavior or trickery committed by one person against another.…

Q: defination of accounting?

A: The business has various transactions while operating, the stakeholders of the business need to know…

Q: Which of the following is not one of the approaches for reporting accounting changes? The change…

A: accounting change is a change that takes place in the accounting principles, accounting estimate or…

Q: The fundamental accounting principle requires “full disclosure.”  What are the consequences of not…

A: Accounting principles are the laws and rules that companies must follow while reporting financial…

Q: Distinguish between termporary differences and permanent differences in Accounting? Provide an…

A: Generally, the reports and financial statements are to be prepared as per the applicable accounting…

Q: Discuss the types of errors in financial accounting and explain why some errors need to go through…

A: Accounting errors are the events which occur unintentionally and not for misleading the information…

Q: Describe how to fix accounting mistakes in detail

A: Accounting mistakes in detail: