Toll ing: Attempt of financial Accounting a) Limitations b) Convention of Materjality c) Real A/C d) Purchase Book 9-m-
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- According to Statement of Financial Accounting Concepts No. 8, to be relevant an earnings report is expected to have which of the following?The following are characteristics of financial accounting, except A. It is used by both internal and external users. B. It contains historical financial data. C. It is used primarily for decision-making D. It is verifiable (Choose letter only)(a) ‘Accounting is irrelevant in decision making because the information it providesrelates only to the past.’ Evaluate this remark. (b) Describe three ways you would identify if a financial statement is a specialpurpose financial statement or a general purpose financial statement.There are various differet charactristics of special purpose financial statement and general purpose financial statement. We can easily identify them by those characteristics. Some of major character which helps us to identify either it is general purpose financial structure or it is special purpose financial statement are coined below, (c) Users of accounting information can be identified as internal and external users.List two of users in each category and the type of information they require.(d) You have decided that now is the time to buy a new laptop for your MPA studies.List the factors that are important in choosing a new laptop. Given that you have amaximum of $1600 to spend, identify which model you…
- Accounting equation is the basis for the preparation of statement of financial position in accordance to IFRS finacial statement presentation. Expain?Which pronouncements are not issued by the FASB? a. Statements of Financial Accounting Concepts b. Technical Bulletins c. Opinions d. InterpretationsGenerally accepted accounting principles play an important role in financial reporting.a. What is meant by the phrase generally accepted accounting principles?b. What are the major sources of these principles?c. Is there a single comprehensive list of generally accepted accounting principles? Explain. d. What types of accounting reports are prepared in conformity with generally accepted account-ing principles?
- Listed below are several types of pronouncements that the FASB issues. Following the lis is a series of descriptive statements. a. Statements of Financial Accounting Standards b. Interpretations c. Technical Bulletins d. Statements of Financial Accounting Concepts e. Guide for Imprementation _____ Establishes a theoretical foundation upon which to base fanancial accounting and reporting standards. _____ Provides clarification of conflicting or unclear issues relating to previously issued pronouncements. _____ FASB Q's and A's. _____ Establishes generally accepted accounting principles. _____ Provides guidance on accounting and reporting problems related to an underlying standard.Which sentence is incorrect? Select one: a. According to the GAAP in Accrual-Basis Accounting, companies recognise revenues when they perform for their services. b.The Accrual and Cash-basis accounting are in accordance with generally accepted accounting principles. c.In the Accrual-Basis Accounting, expenses are recognized when incurred. d. IFRS & GAAP use the same process for recording transactions.Which of the following statements are true?An accounting Conceptual Framework:(i) Sets out who the users of the accounts are and how it is to be used (ii) Is not an obligatory piece of legislation(iii) Defines concepts such as going concern, relevance and materiality a) All of the above is trueb) Only (i) is truec) Only (ii) and (iii) is trued) (i) and (iii) is true
- Discuss the fundamental principles of accounting, including the matching principle, the revenue recognition principle, and the historical cost principle. How do these principles affect the preparation of financial statements?D3) Describe the advantages and disadvantages of these two approaches to accounting standards setting, and tell how these advantages and disadvantages vary across different groups of financial statement users.The accounting equation is often described as being very important inaccounting. Explain the purpose of the accounting equation and state twodifferent forms or ways in which it can be written.
