Why are accounting principles, once adopted, normally consistently applied over time?

Q: Discuss the history of Accounting?

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

Q: What need has the changing definition of accounting fulfilled?

A: Accounting is described as process in which the transactions or events pertaining to the firm are…

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: 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: Why and when the generally accepted accounting principles were established?

A: Generally accepted accounting principle- It contains the set of rules, regulations and criteria for…

Q: Why accounting information is important?

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

Q: Application of Generally Accepted Accounting Principles (GAAP) (e.g., matehing prineipte,…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

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 does the accounting equation show?

A: An accounting equation shows the relationship between Assets, Liabilities and Equity of a entity. It…

Q: What are the golden rules of accounting?

A: Accounting is the process of recording, classifying and summarising financial transactions in order…

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: Explain the changes in accounting principles.

A: Change in accounting principle is one of the type of accounting change it may undergoes during…

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: Discuss the types of accounting changes and the accounting for changes in accounting principles.

A: Accounting changes: When a company requires to sacrifice the consistent accounting methods and…

Q: What is the purpose of an accounting system?

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

Q: What is accounting? Explain and discuss the accounting standards and assumptions.

A: Accounting is the process of identifying, recording, summarizing, analyzing, interpretation and…

Q: Describe changes in accounting principles.

A: A change in an accounting principle is a change in a method used, such as using a different…

Q: What do you mean by materiality concept in accounting?

A: Materiality concept:Materiality concept refers to a condition wherein, the financial information of…

Q: How are changes in accounting principle applied?

A: Accounting Principles:   It refers to a set of guidelines that all organisations must follow while…

Q: what is the function of accounting cycle?

A: Bookkeeping means recording the transactions which have any monetary value. It is the business…

Q: What are the basic accounting rules?

A: Introduction: To understand the golden principles of accounting, you must first learn everything…

Q: What was the most fundamental aspect of accounting?

A: The activity of maintaining track of a supplementary ledger is known as accounting. Accounting…

Q: Explain accounting principles.

A: Accounting principles: The conventions or rules those are required to prepare and report the…

Q: what are accounting principles?

A: Accounting principles are a set of rules and regulations that should be followed when reporting the…

Q: Which of the following would be accounted for as a change in accounting principle?

A: The correct option is "Changing an estimate for the allowance for doubtfull accounts. As per one the…

Q: how do i understand in accounting whats to be decreased and whats to be increased?

A: Account: Account is the basic record that reports all changes in the value of particular assets,…

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 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: Explain in your own words the process of Accounting cycle.

A: The accounting cycle refers to a process that is followed in preparing and recording all the…

Q: What are the accounting concept?

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

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: What is Basis of accounting

A: The system by which revenues and expenses are recognized in a company's financial statements is…

Q: What is your insight/reflection about accounting?

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

Q: What are the steps of the accounting cycle?

A: Accounting cycle is a cycle which defines as the overall accounting process starting from the step…

Q: Explain how and why some changes in accounting principle are reportedprospectively.

A: Changes in accounting principle: A change in accounting principle is said to be a change in a…

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: esult of the accounting change?

A:

Q: What is the meaning of accounting?

A: Bookkeeping refers to the way of recording day-to-day business transactions and information.…

Q: Describe how changes in accounting principle typically are reported.

A: A change in an accounting principle is a change in a method used, such as using a different…

Q: What is GAAP, Generally Accepted Accounting Principles?

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

Q: how do you find the answer to componets of accounting equations

A: The accounting equation is as followsTotal Assets= Liabilities+ Owner's Equity.So, whenever any…