What are reversing entries? Are they required by GAAP?

Q: What is full form of GAAP? Describe about it.

A: Generally Accepted Accounting Principles, are commonly known as GAAP

Q: What are the scopes of the IPSASs?

A: Financial Accounting- It is the branch of accounting that records events of financial nature that…

Q: Explain how materiality affectsaudit reporting decisions.

A: American Institute of Certified Public Accountants (AICPA): AICPA is the organization which supports…

Q: Explain all differences between GAAP and IFRS

A: Generally accepted accounting principle (GAAP) It is the common set of procedures, principles, and…

Q: When is nonfinancial information relevant?

A: Non-Financial information: Non- Financial decisions are qualitative in nature and do not include…

Q: how does the change in accounting of nonrecurring items?

A: Non Recurring items are the ones that do not occur frequently.

Q: What does MYOB use the Historical Balancing account for?

A: MYOB: It is often defined as an international accounting software that is used by the businesses for…

Q: What approaches may be employed in applying the LCNRVprocedure? Which approach is normally used and…

A: Lower-of-cost-or-net realizable value: The lower-of-cost-or-net realizable value (LCNRV) is a method…

Q: What are some of the techniques of disclosure for thebalance sheet?

A: Balance Sheet: Balance Sheet is one of the financial statements which summarize the assets, the…

Q: What is a wraparound filing?

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

Q: What determines the order of the information shown on thebalance sheet?

A: Balance sheet is a part of financial statements that lists company’s assets, liabilities and…

Q: What is meant by Wraparound filing?

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

Q: What are GAAP principles

A: The management of the company is the main responsible for preparing the financial statements which…

Q: What are the distinguishing features of a legacy system?

A: Legacy system:   It is an old method technology computer system. It can also be called an…

Q: What are the classes of transcription errors?

A: Definition: Internal control: Internal control is a process which ensures continuous reliability of…

Q: What is an estoppel? Why is it used?

A: Estoppel is the legal principle which is helpful for any future contradiction. It means that…

Q: What are the functions of the PCAOB?

A: Introduction PCAOB stands for Public Company Accounting Oversight Board. This is a private…

Q: What does disclosure mean?

A: Meaning of Disclosure - Disclosure is generally making the information and facts available to the…

Q: State the meaning of incomplete records?

A: Accounting refers to the process through which the financial transactions related to a business are…

Q: Explain the differences between IFRS and GAAP

A: GAAP is a common set of accepted accounting principles, standards, and procedures that companies and…

Q: When is a GAAP departure appropriate?

A: Definition:   Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to…

Q: What is the importance of date of declaration, date of record, and date of payment?

A: Following are the importance of declaration date, record date and payment date in accordance with…

Q: What are the differences between GAAP and IFRS?

A: The companies are required to follow a set of guidelines and rules in the presentation of financial…

Q: What is EBITDA?

A: EBITDA is a metric which is used to measure the company's profitability. Though there is no legal…

Q: Which method(s) are required for external reporting? For internal reporting?

A:

Q: What is USALI? Is it required under GAAP? Why would you use it?

A: USALI is Uniform System of Accounts for the lodging industry. The USALI states that all financial…

Q: What major types of items are reported in the retainedearnings statement?

A:

Q: What is the correct amount of nventory?

A: Goods in transit, shipped at FOB shipping point are to be removed from inventory because they left…

Q: What is a prefiling conference, and why might it be helpful to a registrant?

A: Prefilling conference: A prefilling conference is requested by a company if it faces problems or…

Q: What are some types of divestitures?

A: A divestiture or divestment is the disposal of the company’s assets or a through sale, exchange,…

Q: What is GAAP? When was it formed?

A: Generally Accepted Accounting Principles (GAAP): Generally Accepted Accounting Principles (GAAP) is…

Q: What is its Cumulative Bulletin citation? Is it still a valid Reveune Ruling?

A: Will Be Explained:

Q: For what purpose Form 2553 is required?

A: Form 2553   By completing IRS Form 2553, Election by a Small Business Corporation, businesses…

Q: COA needs to journalize the appropriation and allotment released by DBM. * true or false?

A: The government uses a different way to report their financial statements than the private sector…

Q: Under what conditions should a provision be recorded?

A: Provision:   A provision is an account that records a liability of an organization. The liability is…

Q: Is there are any relation between the CFPS, EPS, and DPS?

A: The financial statements of a firm is used and analysed by determining various types of financial…

Q: What are the Copies of all approved requisitions?

A: Requisition:-It is a process where one person requests using service or item. A requisition is a…

Q: What indexes does Target use to measure the LIFO provision?

A: Inventory:   Inventory for a business refers to stock in hand, work in process, raw materials,…

Q: What is interim reporting?

A: Financial Reporting:   It refers to the disclosure of the financial results of the organization to…

Q: What is disclosure? Write down about disclosure notes.

A: Disclosure means disclose the information properly for the users. Disclosure should be complete and…