The accounting that records and measures the financial transactions by following GAAP is: a. Internal accounting b. Management accounting c. Financial accounting d. External accounting

Q: The principles and objectives that guide the creation of accounting information under accrual…

A: The matching principle, which is related to accrual accounting, asserts that an expense must be…

Q: Describe the reporting environment for financial statements

A: This question explains about  the reporting environment for financial statements:

Q: Explain how the accounting equation organizes financial information using T-accounts and debits and…

A: Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: What is a compensating balance?

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

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: What are the principles of accounting according to GAAP?

A: GAAP: Generally Accepted Accounting Principle (GAAP) is a common set of accounting principles,…

Q: of element (Asset, Liability, Income, Expense, Owner's Equity). Taking into account that each…

A: The process of accounting involves identification, measurement and recording of financial…

Q: Who are the primary users of financial accounting information?

A: Primarily there are 2 types of users of financial accounting information: Internal users External…

Q: - The two main sets of accounting standards followed by businesses are GAAP and IFRS. Briefly…

A: GAAP refers to the Generally Accepted Accounting Principles. It is a set of guidelines which are set…

Q: What is the list in which all accounts to be used in accounting transactions are systematically and…

A: Accounting means the record and summary of all the business transaction and calculate the profit of…

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: 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: task of financial accounting

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

Q: Which is the last step of accounting as a process of information? Select one: O a. Preparation of…

A: Introduction:- Accounting is the process of recording, classifying, and summarizing financial…

Q: What are some of the processes in accounting such as the accounting equation, the ledger general,…

A: Process is the action point in accounting where the raw data is provided by different sources and…

Q: What is financial accounting process

A:

Q: Explain what it means to manage, define accounting, and discuss the nature and purpose of…

A: Introduction: Accounting is concerned mainly with recognizing, documenting, measuring, and…

Q: What are the information about the balance sheet and income statement account groups and their…

A: In Day to day business, Company requires various accounting information's to carry its business. Due…

Q: What is accounting? Explain and discuss the accounting standards and assumptions.

A: Accounting is the process of identifying, recording, summarizing, analyzing, interpretation and…

Q: Verifiability of financial accounting information is synonymous with: a.) faithful representation…

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: What is a mathematical equation in accounting? Which financial statement contains information on the…

A: This question tells about mathematical equation in accounting and  financial statement contains…

Q: Give an example of how this chosen principle affect the financial reporting process. You can explain…

A: The principle of consistency suggests that you need to adhere to and follow this principle…

Q: What does the balance sheet measure? What is the “Accounting Equation” used in a balance sheet?

A: Financial statements are the reports that indicate the performance of the business during the…

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: what are the accounting concepts? define in detail every one of them in financial accounting.

A: Accounting Concepts May be considered as postulates i.e., basic assumptions or conditions upon which…

Q: With the aid of the accounting equation, explain why increases in assets in accounting are recorded…

A: Ans. As per the double entry book keeping, the accounting equation is total assets is equal to the…

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: Accounting measurement is the computation of.......... Select one : a . All the other points b .…

A: Accounting is the process of identifying, recording, classifying, summarising and circulating…

Q: dentify and explain the 4 fundamental accounting concepts that guides the preparation and…

A: Financial statements:(FS) FS refers to presenting a company's true financial position based on the…

Q: A worksheet a. is a journal used to record transactions. b. is a financial statement that reports…

A: Worksheet: A worksheet is a tool that is used while preparing a financial statement. It is a type of…

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: Write the accounting equation used for financial statements?

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

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: AS I required that an entity prepare its financial statements (except cash flows statement) using…

A: Solution Concept IAS 1 is the standard related to presentation of the financial statements It…

Q: ollowing is an accounting concept which serves as the basis for revenue and expense recognition :…

A:

Q: What are the accounting measurements (principles and p

A: Accounting principles are the rules and criteria that companies must follow when reporting financial…

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: The accounting process involves all of the following except O a. Analyzing and interpreting…

A: the correct option with proper explanation are as follows

Q: The synonyms of financial statements are? a. Financial analysis b. Financial reports c. Financial…

A: Financial statements are those statements which are prepared at the end of accounting period in…

Q: What is the accounting equation? Which financial statement reports the accounting equation?

A: The accounting equation is the formula used to capture the effect of the relationship of financial…

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…

Q: Explain the following: 1. Development of accounting rules. 2. How Generally Accepted Accounting…

A: Here discuss about the details of development in the Accounting rules which are incurred in the late…