What two different accounting equalities must be maintained in transaction analysis?

Q: Explain what is meant by: The benefits of accounting information must exceed the costs.

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Q: Which of the following is not a component of an accounting system?   the input source documents…

A: The Components of an accounting system is : The Input source documents The output reports.

Q: Which of the following are considered secondary characteristics of accounting information? a.…

A: Accounting information is used by various users for different purposes. The primary characteristics…

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: What are the main advantages of each of the main approaches (methods) of branch accounting

A: 1. Branch accounting is a bookkeeping system in which separate accounts are kept for each branch of…

Q: What is the matching principle of accounting?

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: What is the origin of the term "double accounting systems" for certain types of accounting?

A: This subject discusses the origins of the phrase "double accounting systems" for specific forms of…

Q: Briefly explain what is meant by transaction analysis. Whatare the two principles underlying…

A: The process of identifying the economic effects of each transaction of the business is known as…

Q: What are the outputs of the accounting cycle, why are they important and how are they interrelated?

A: Outputs of the accounting cycle-First of all, we need to understand what is an accounting cycle.  An…

Q: How efficient is an Analysis at the account level technique?

A: The question is to discuss efficiency of financial analysis at account level or based on the data…

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 are the popular accounting applications?

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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: differentiate internal user from external user of accounting information

A: Accounting is the detailed process of recording, classifying, summarising and reporting accounting…

Q: What are different types of accounting information?

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

Q: nship or differences between Accounting and accountability?

A: Accounting: Every business has various types of transactions like monetary, goods and services. To…

Q: are the two fundamental qualities that make accounting information useful for decision making. a.…

A: solution concept Relevance means the information that are relevant for the users of the financial…

Q: What is a mixed attribute measurement model? Why is it used in accounting?

A: (1) It is a measurement basis that is used to measure the value of assets and liabilities under "US…

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

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Q: What is accounting information system and what is its components and explain.

A: All the transactions in the company will be recorded in the journal book in a chronological manner.…

Q: Illustrate one of the Statistical methods for the measurement of accounting harmonization in detail

A: This article shows however the distinction between the ascertained frequencies of accounting policy…

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: What is the most important basic accounting operation? Explain the procedure.

A: Introduction : Accounting is the discipline of recording a business's financial transactions. The…

Q: Accounting and business environment are commonly interchanged.

A: Accounting refers to the process of recording financial transactions of a business concern in order…

Q: What are the roles of transaction in accounting?

A: The transactions are the business events that can be measured in monetary form.

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: Each external transaction will have a dual effect on the accounting equation. Explain what this…

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Q: What different accounting transaction process needs a data warehouse? Why?

A: Accounting Information system is a set of components used for gathering, making, storing, preparing,…

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: 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: Briefly describe the two fundamental qualities of useful accounting information.

A: Accounting information is data about a business entity’s transactions. From buying inventory and…

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: Difference between going concern and matching principle of accounting

A: Going concern concept: It is a concept under which it is assumed that the organization will continue…

Q: Explain differential effects on accounting standards.

A: Accounting standards deals with the issues of: Recognition of events and transaction in financial…

Q: n conceptual framework resolve accounting problems? How?

A: Introduction: Conceptual framework is a guide for preparing financial statements by identifying the…

Q: Explain the accounting constraint of materiality.

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Q: Why should the responsibility for maintaining the accounting records be separated from the…

A: Internal control refers to the policies and plans of the business organization along with other…