Which of the following statements is incorrect? Select one: a. Reports produced using management accounting must follow GAAP. b. The information gathered from management accounting is not required by law. c. The practice of management accounting is fairly flexible. d. Management accounting focuses mainly on the internal user.

Q: In virtually all circumstances, a fair presentation is achieved by compliance with applicable IFRSS.…

A: The question is related to Presentation of Financial Statements. IAS 1.

Q: Which of the following statements is/are true? Statement 1: Management accounting has no extern…

A: Ans. Management accounting is basically for the persons within the company and is intended for the…

Q: Which of the following best describes the effect of a contingent fee arrangement on the auditor's…

A: The contingent fees rule has been defined in Section 1.510 of the AICPA’s revised Code of…

Q: All the following statements about users of accounting information are correct EXCEPT Present…

A: There are two types of users of accounting information one is external user who are outside of firms…

Q: Answer the following: In detail, what's the benefit of accounting harmonization?

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

Q: One reason that an cntity is allowed to change its accounting policy is when It is required by an…

A: Accounting Policies-  Accounting principles are the ethics that are to be followed by an accountant…

Q: Which of the following statements is not true about managerial accounting? It is highly aggregated.…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Which of the following is not an objective of the conceptual framework? O a. Provides guidance for…

A: A conceptual framework is a lucid arrangement of interrelated goals and fundamentals that can prompt…

Q: Drawing on your background in accounting, can you think of any accounting procedure differences that…

A: Accounting Procedures: It  is the Procedure  followed by companies to  record  day-to-day financial…

Q: All of the following are causes for the addition of an explanatory paragraph except for: Select one:…

A: Audit report contains the details about the findings of the auditor in the process of audit and…

Q: Indicate whether the following statements about the conceptual framework are true or false. If…

A: a. False Explanation: It is relevance and faithful representation. b. False Explanation: Relevant…

Q: Which of the following arguments is not in favour of entities being required to comply with…

A: Accounting Standards are standard set of rules or practices which must be followed at the time of…

Q: Which of the following is not an advantage of accounting standards? Select one:   a. All of the…

A: Accounting standards are designed for thr purposes of standardisation of accoutning and reporting…

Q: What are some possible pitfalls of using nonauthoritative sources when doing accounting research

A: Non-authorized Sources:- These are the sources that are not permissible by the government and other…

Q: Which one of the following is NOT correct about the difference between accounting and auditing?…

A:

Q: Which one of the following statements is not correct regarding financial accounting and management…

A: Financial accounting is a branch of accounting which means preparation and circulation of financial…

Q: One major difference between financial and management accounting is that A. financial accounting…

A: Financial accounting includes preparation and presentation of financial statements primarily to…

Q: f in the auditor’s judgment, management’s use of the going concern basis of accounting in the…

A: Under going concern concept, entity's financial statements are prepared on the assumption that the…

Q: Which of the following statement is incorrect? Select one: a. Cost accounting is not required by law…

A: Financial accounting, management accounting and cost accounting are three different forms of…

Q: 16. What is the purpose of information presented in notes to financial statements? a. To present…

A: Disclaimer:- Since you asked multiple question in one question, we will provide you the answer of…

Q: Choose the answer which is not true about the conceptual framework for financial reporting. a. the…

A: The conceptual framework for financial reporting is a theory that that provides the basic reasonings…

Q: From the following statements which one is not the correct classification of accounting theory

A: Accounting theory is the theory which is actually the set of guidelines, principles or in order…

Q: ich of these statements is not correct? Australian accounting standards are not enforceable by the…

A: Accounting standards are very important for any country in maintaining standard of accounting and…

Q: Which is not a purpose of the conceptual framework? a. To provide definitions of key terms and…

A: The conceptual framework of accounting is made to enable the accountants/accounting professionals to…

Q: Which of the following is not a function of an Accounting Information System?  a.The efficient and…

A: The functions of AIS are: The efficient and effective collection and storage of data concerning an…

Q: Which of the following is not about harmonization?

A: Answer - . Harmonization is a process of preparing financial statement - Not About Harmonization…

Q: Which of the following statements is false? Oa. Financial accounting must conform to GAAP. Ob.…

A: Financial accounting is that branch of accounting in which all transactions are recorded,…

Q: Which one of the following statements is not correct regarding financial ?accounting and management…

A: Financial accounting is a branch of accounting in which all accounting and financial information is…

Q: TRUE or FALSE Accounting records and statements are based on the most reliable data available so…

A: The objectivity principle states that accounting records should be free from personal opinions.  All…

Q: 68. Which is correct with regards to the financial and managerial accounting? * Financial accounting…

A: >Financial accounting involves accounting for the transaction as they occur, following various…

Q: Financial accounting information can be used for internal reporting purposes.

A: The costs involve the fixed cost and variable cost in the production process of the company.

Q: From the options given below identify which one of the statements shows the meaning of the term…

A: An audit is the evaluation of a person, organization, project, product or primarily for thepurpose…

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

A: It has generally been seen that in large organizations, the responsibility for operating the…

Q: The use of management accounting is Legally obligatory O a . False O b . True

A: Accounting is very vast scope, it has, several branches like cost accounting, financial accounting…

Q: Which of the following statement is correct? while comparing between management accounting and…

A: Financial accounting is the process of recording, summarizing and reporting a company's business…

Q: Under this qualitative characteristic, users are assumed to have a reasonable knowledge of business…

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

Q: Standardization means eliminating all accounting alternatives to process financial transaction , and…

A: Standardization is the process where all the organizations of a certain industry follow the same…

Q: Both financial and managerial accounting rely exclusively on GAAP for reporting. True False

A: Generally Accepted Accounting Principles (GAAP) are framed for uniformity in accounts. Different…

Q: Which report would not be appropriate for a public accounting firm to provide on financial reporting…

A:

Q: Management accounting is required to follow generally accepted accounting principles. Select one:…

A: Management accounting is done mainly for users like executives , product managers, sales managers to…

Q: Which one of the following statements is not correct regarding financial accounting and management…

A: The correct option is  B. Only financial accounting involves the use of accounting information

Q: All of the following is correct about Management Accounting except: a. Uses analytical tools b. None…

A: Management accounting is a system of accounting in which information is provided to managers of the…

Q: Identify the circumstances under which it may be appropriate to change accounting policy in…

A: Accounting policies: Accounting policies can be defined as the rules, regulation and the procedures…

Q: Which of the following statements is false? a.Financial accounting must conform to GAAP.…

A: Financial and managerial accounting both are branches of accounting wherein financial accounting is…

Q: (GAAP) a

A: GAAP refers to the set of accounting principles, procedures, or systems that aim to bring clarity,…

Q: Which of the following statements are True? a) The financial statements are management's…

A: Financial statements are the reports that are prepared to indicate the financial position of any…

Q: Under which of the following circumstances would a disclaimer of opinion not beappropriate?(1) The…

A: From the various given statements we have to find out the circumstances where a disclaimer of…