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

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: Which function do accounting information systems provide in current accounting procedures

A: An accounting information system (AIS) constitutes of gathering, storage, and processing of…

Q: Why accounting information is important?

A: The accounting is a process to identify the business transactions, record the transactions, and…

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

A: Introduction

Q: The reporting of accounting theory is related to what?

A: Accounting theory is all related to the preparation of financial statements of the business.…

Q: What is the primary purpose of an accounting system?

A: the primary objective of accounting is to record the financial transactions in the books of…

Q: Where does accounting information technology fit into current accounting practice?

A: Introduction: Accounting Information Technology: Accounting Information Technology is a system that…

Q: What is the relationship between accounting theory reporting and?

A: This question illustrates the connection between accounting theory and reporting.

Q: What role does an Accounting Information System play in today's accounting?

A: The accounting information system is a way to keep the track of all the business transactions and…

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: What is the relevance of the Accounting Information System in the modern practice of accounting?

A: Accounting Information System: When a company employs an accounting information system (AIS), it…

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 an accounting system?

A: Accounting is an art of systematic recording, classifying and summarising financial transactions…

Q: What type of internal and external accounting reports will you use in the process of making…

A: Internal accounting reports are managerial reports which are generated for use by managers at…

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: you agree or disagree upon accounting debits and credits as an information system?

A: Debits and Credits 1) An account shows the effect of transactions on a given asset, liability,…

Q: What is the purpose of reporting accounting theory?

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

Q: What is the relevance of the Accounting Information System in today's accounting practice, and how…

A: SOLUTION THE PURPOSE OF ACCOUNTING INFORMATION SYSTEM IS TO COLLECT ,STORE AND PROCESS FINANCIAL AND…

Q: What are different types of accounting information?

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

Q: ng information?

A: Concept: Information contains in the financial statements is said as free from bias. It reflects a…

Q: Who are the users of accounting information?

A: Users of accounting information means the stakeholders that will use the accounting information for…

Q: In history's accounting practise, what function does an Accounting Information System play?

A: Accounting information system (AIS) is a collective mechanism wherein information or data related to…

Q: What is accounting information?

A: Solution:- Accounting information means as follows under:-

Q: What mean accounting information?

A: The basic concept of Accounting is to Record the transaction which was pertaining in the…

Q: What are the accounting concept?

A: Solution:- Introduction:- Accounting concepts are defined as basic assumptions on the basis of which…

Q: How IT can affect accounting field?

A: Accounting is the recording, classifying, analyzing and interpreting of financial transactions…

Q: What is the purpose of accounting?

A: Accounting is the process of recording the financial transactions and events of a business. The…

Q: What is an accounting system for?

A: Accounting system basically refers to the way of maintaining the books of accounts. It is an…

Q: Describe about the external and internal events of the accounting.

A: An Accounting event is a transaction that is recorded in the books of accounts of the company. The…

Q: How is the use of accounting information diverse and varied?

A: Definition: Accounting Information: Accounting Information refers to the data which makes a decision…

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: 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 broad general terms, what is the purpose of accounting?

A: Accounting: It can be defined as the process of summarizing and recording the financial events and…

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: So, what exactly is the purpose of an accounting system?

A: solution accounting system                 Accounting system in general refers to the system which…

Q: What is the function of the Accounting Information System in current accounting?

A: Accounting Information Systems are the systems that help the organizations to record their…

Q: What concepts and terminology are utilized in accounting?

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