what criteria do accountants use to decide whether to use present or future values in accounting statements?

Q: Discuss the history of Accounting?

A: Italy, birthplace of many of the world's most important historical figures like Michelangelo,…

Q: For which classification of users are financial statements prepared?  What characteristic of these…

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

Q: Why is GAAP Important? and how it will be used in understanding accounting

A: GAAP is a basic set of generally accepted accounting principles which work as a basic guideline in…

Q: What are some of the accounting information costs? What are some advantages of accounting data?…

A: The answer:

Q: explain the relationship between culture and the adoption of accounting practices

A: Culture includes the beliefs, ideas and customs followed by the individuals in a particular society.…

Q: What is the rationale behind the Financial Accounting Standards Board's classification of accounting…

A: Introduction

Q: Considering whether to use historical cost or fair value relates to which of the following…

A: The procedures applied and principles followed by the company to prepare its financial statements…

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: What aspects of accounting for inventory on financial statements would be of interest to…

A: Inventory can be defined as assets held for sale in the ordinary course of business or in the…

Q: Why would a client ask an accountant to report on a financial statement element?

A: Definition:

Q: What is the significance of accounting to people?

A: SOLUTION-   ACCOUNTING TO PEOPLE  MEANS ACCOUNTING TO USERS . THERE ARE SOME USERS OF ACCOUNTING ARE…

Q: How would you define the fundamental accounting equation

A: Fundamental Accounting Equation: The "basic accounting equation' refers to the mathematical equation…

Q: Discuss the importance of accounting standards for the purpose of preparing financial reports.

A: Accounting Standard Accounting Theory

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: When it comes to accrual accounting, what do you name the principles and goals that influence the…

A: It is required that a cost be recorded in the same period as the corresponding income is collected…

Q: What is the FASB’s Conceptual Framework? What are the objectives of financial reporting? What…

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Conduct Applied Research on Accounting Theory and the Relevance to Financial Reporting.

A: Bookkeeping hypothesis could likewise be used to disclose existing practices to amass a superior…

Q: What is meant by “economic Consequences” in accounting standard-setting

A: Definition: Financial accounting standards board (FASB): This is the organization that creates,…

Q: t

A: Definition of an Accountant An accountant is an expert who is liable for keeping and deciphering…

Q: What exactly is accounting? Describe and debate the accounting standards and assumptions

A: SOLUTION-   MEANING OF ACCOUNTING - IT IS A PROCESS OF RECORDING , SUMMARIZING ,ANALYZING AND…

Q: What are the different assumptions of Accounting principles?

A: Accounting assumptions provide a fundamental base and structure to record business transactions.The…

Q: Principles

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

Q: What elements should accountants examine while developing a company's PPE accounting policy

A: The assets on a company's balance sheet are the things that will bring it money in the future. The…

Q: Why is having knowledge of accounting terms useful to persons other than in an accounting…

A: Accounting terminology refers to complete description of associated terms that are used and for the…

Q: To understand and use accounting information in makingeconomic decisions, you must understand: a.…

A:

Q: How reported accounting numbers can affect an individual's perceptions and actions.

A: Financial reporting means releasing the financial reports of the company to its shareholders and in…

Q: What is your insight/reflection about accounting?

A: Every business operates for the purpose of generating profits. For calculating and measuring results…

Q: Which of the following is not included in the financial statements prepared by accountants?

A: The answer is option (b) Trail  balance

Q: Explain what the accrual foundation of accounting is and who is required to use it in your…

A: This question explains about the accrual foundation of accounting .

Q: What are the two extreme approaches that a company might follow in determining appropriate…

A: The two approaches that company might follow in determining accounting policies to be followed under…

Q: How do the Accountants measure the net income of a specified operating period?

A: Net income: The bottom line of the income statement which is the result of excess earnings from…

Q: what is professional judgement in financial accounting ?

A: Financial accounting is that branch of accounting which deals in recording of transactions,…

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: When do accountants consider revenue to be realized?What basic question about recording revenue in…

A:

Q: Make logical comparison between financial accounting with other fields of accounting ?

A: Accounting It is a process under which financial transactions are recorded ,stored, retrieving ,…

Q: Briefly explain the following generally accepted accounting principles with your own words and…

A: The rules and guidelines followed by company while maintaining and reporting financial data are said…

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: What impact will creative accounting have on the accounting profession and annual statements?

A: Accounting refers to the process of systematic recording, analysis, and verifying of all the…

Q: Explain certain accounting principles that are important for an understanding of financial…

A: While it would sound exhausting or exclusive, financial accountancy assumes a key half that allows…