What are the primary advantages of having a Codification of generally accepted accounting principles?

Q: Discuss the primary differences between U.S. GAAP and IFRS with respect to the  development of…

A: U.S. GAAP    The Generally Accepted Accounting Principles in the US (US GAAP) refer to the…

Q: Briefly discuss the difference between (A) a “rules-based" approach to accounting standard setting…

A: Rules-based accounting: Rules-based accounting is based on a set of detailed rules that the…

Q: Explain generally accepted accounting principles (GAAPs).

A: GAAP stands for Generally accepted principles.

Q: Which of the following branches of accounting is the original form of accounting?

A: The branches of accounting are: 1. Financial Accounting 2. Cost Accounting 3. Management Accounting…

Q: How are changes in accounting policies accounted for and disclosed?

A: Accounting policy: These are basically the rules, conventions and principles that are applied by the…

Q: Compare and contrast the different types of accounting regulation that exist.

A: Accounting Regulation: Accounting regulations are being developed to allow investors , managers and…

Q: Generally Accepted Accounting Principles

A: Generally accepted accounting principles (GAAP) seek advice from a standard set of accounting…

Q: Explain the meaning of generally accepted accounting principles (GAAP) and the role of the…

A: GAAP:

Q: What are four key accounting practices that often are referred to as principles in current GAAP?

A: GAAP:   GAAP refers to a common set of accounting principles, standards and procedures issued by…

Q: Advantages and Disadvantages of Harmonization of Accounting Standards

A: The process of raising the level of agreement among countries in accounting standards and practices…

Q: Why is it necessary to develop a definitional frameworkfor the basic elements of accounting?

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: standard setting process for Generally Accepted Accounting Principles, including the standard…

A:

Q: What are the objective of any accounting system?

A: The accounting information system is software in which inputs are added in the form of sales or…

Q: An item that meets the definition of an accounting element should be given recognition in the…

A: Accounting Elements:- Assets, Liabilities, Equity, Capital, Drawings, Revenue, and Expenses are the…

Q: What are the two of the qualitative characteristics of accounting information that contribute to its…

A:

Q: Why does The conceptual framework has been described as an “Accounting Constitution”?

A: The conceptual framework sets the boundary within which financial accounting and reporting takes…

Q: Explain and applyunderlying accountingconcepts, assumptions,and principles

A: Accounting concepts and principles:   Financial statements are prepared in accordance with 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: Principles

A: Answer: Accounting is the subject that is more concerned with the treatment of the numbers so that…

Q: What exactly do you mean by the idea of materiality in accounting?

A: This question explains about the idea of materiality in accounting

Q: on

A: Yes, cultural influences are likely to have an impact on accounting measurement or disclosure…

Q: Describe the recognition, measurement, and disclosure concepts that guide accounting practice.

A: Accounting concepts are referred to the basic assumptions, principle and rules which guides the…

Q: State the accounting assumption, principle, qualitative characteristic, or constraint that is most…

A: State the accounting assumption, principal qualitive characteristic or constraint that is most…

Q: What is the aim of accounting, to put it in the broadest possible terms?

A: Introduction: A business's financial events and transactions may be summarized and recorded in…

Q: Briefly explain the importance of independence of the accounting function in Accounting Information…

A: Accounting Information System: The system which helps to gather, store and process the accounting…

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: Discuss Practical Implementations of any one generally accepted accounting Principle (GAAP),…

A: Generally Accepted Accounting Principles are used in preparing account of an entity. The purpose of…

Q: Why does the FASB undertake a series of elaborate information-gathering steps before issuing a…

A:

Q: Why is the evidence provided by source documents important to accounting?

A: Source Document Source document are refer as the original record which contains the detail…

Q: In general, what is the conceptual framework that underlies accounting principles?

A: Accounting principles are the specific rules and guidelines that are to be followed in preparation…

Q: Where can authoritative IFRS related to accounting changes be found?

A: Accounting changes include the change in methods or ways of accounting by the company, which will…

Q: The concept of the accounting entity is aplicable

A: Accounting is the process of recording all the financial transactions pertaining to a business.

Q: What is the difference between accounting and auditing?

A:

Q: What can be interpreted from Accounting Standards Codification (ASC), of FASB?

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