What is a “Summary of Significant Accounting Policies”?

Q: What is FASB Financial Accounting Standards Board?

A: It is an organization responsible for establishing and improving GAAP within the territory of the…

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: What accounting terms and ideas are used?

A: Accounting: It is a art of recording, classifying and summarizing in a significant manner and in…

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: What is concern of external users of accounting information in GAAP?

A: Accounting information includes all financial statements like Balance Sheet, Income statements and…

Q: Explain in your own words what generally accepted accounting principles (GAAP) are.

A: GAAP are the rules , standard , guidelines and procedures according to which accounts are prepared.…

Q: Describe the conceptual framework of accounting principles.

A: The conceptual framework can be defined as a system of ideas and objectives that lead to the…

Q: What is the definition of accounting?

A: Accounting is the process of recording financial transactions related to a business. The accounting…

Q: Describe significant accounting policies.

A: Definition: Accounting policies: Accounting policies are the specific principles and rules which…

Q: What is accounting base on

A: The term that is related to the recording of the business transactions, summarizing the data, and…

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: What do the decisions based on accounting information include?

A: Accounting information is the collection and processing of the business transaction to conclude the…

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: Describe the goals of accounting standards.

A: Accounting standards are authoritative standards for financial reporting and are the primary source…

Q: What are the different types of accounting?

A: The accounting is a process to record the business transactions and prepare the financial…

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: What is meant by the term “qualitative characteristics of accounting information”?

A: Qualitative Characteristics of Accounting Information System: Qualitative characteristics are what…

Q: What is the purpose of reporting accounting theory?

A: This question explains about the purpose of reporting accounting theory

Q: What are different types of accounting information?

A: Introduction: Accounting: Accounting is an art of recording, classifying , summarizing and…

Q: Discuss the assumptions underlying accounting measurement and explain their significance.

A: Accounting can be defined as the process of measuring the monetary business transaction for the…

Q: Explain the following: How Generally Accepted Accounting Practices are utilized in financial…

A: Introduction:   Financial statements are documents that describe a company's operations and…

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: Of what value is a common set of standards in financial accounting and reporting?

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: accounting definition?

A: Accounting means a process of recording , classifying , summarizing , interpreting and communication…

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

A:

Q: Describe simply what accounting is.

A: Introduction: Accounting: Accounting is an art of recording , classifying , summarizing and…

Q: Meaning and types of accounting

A: Introduction: Accounting is one in all the foremost important roles of a corporation. An accountant…

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: these are the current set of GAAP or Generally Accepted Accounting Principles. what is it?

A: Generally accepted accounting principles(GAAP) refers to a set of accounting principles issued by…

Q: Identify the qualitative characteristics of accounting information.

A: Definition: Users of financial information: People who rely on accounting information to make the…

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: State the various essential features of an accounting report.

A: Step 1 The report refers to the summary of the information which caters to a particular need. It is…

Q: Is internal accounting information primarily historical orfuture-oriented? How does that compare…

A:

Q: The collection and observation of accounting data was related to what?

A: generally, accounting starts with the collection of data. observation of data is done while making…

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: What is GAAP, Generally Accepted Accounting Principles?

A: The Generally Accepted Accounting Principles (GAAP)is a set of rules used for helping…

Q: What concepts and terminology are utilized in accounting?

A: Introduction: A company's financial transactions are tracked through accounting, which is the…