Why do you think Accounting Standards are mandatory?

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: Explain the problems associated with inappropriate accounting practices.

A: Fraud: Fraud is a malicious act committed by people to fulfill their personal benefits. In case of…

Q: Can you name some common errors in accounting?

A: Some of the common errors in Accounting are as under: Error of omissions: Here some transactions…

Q: Why accounting information is important?

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

Q: how does accounting work?

A: Accounting is the method of recording all the financial transactions of the business. This process…

Q: What are some of the shortcomings of teaching accounting only as a skill?

A: The shortcomings of teaching accounting only as a skill are being discussed considering the dynamics…

Q: Explain voluntary changes in accounting principle.

A: An accounting principle is a general guideline to follow when recording and reporting financial…

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: 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: What are the popular accounting applications?

A:

Q: Is accounting a trustworthy profession? How would you know whether it is or is not?

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

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: what is accounting and why do we need it?

A: Accounting is the art of recording,  classifying and summarizing business transactions to take…

Q: what is the Judgement Traps in accounting?

A: Judgment trap is also known as judgment triggers which refers to the inherited issue that leads…

Q: What is the difference between accounting and bookkeeping

A: Bookkeeping and accounting are both are relatable and most essential for business transactions to be…

Q: Exactly why do you need an accounting system?

A: An accounting system is a bundle of processes with integrated procedures and controls. The…

Q: What are the basic accounting rules?

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

Q: Why do you believe Accounting Standards should be mandatory?

A: A document created by a rule-making body that prescribes how accounting transactions should be…

Q: Difference between domestic accounting and International accounting?

A: Accounting is a tool of recording, summarising and analysing the financial transactions and events…

Q: Is there a type of accounting that is not financial accounting?

A: Yes, there are two type of accounting which is not a financial accounting.

Q: What are the Universal Standards in Accounting?

A: Universal standard of accounting is also known as International standard of accounting. The…

Q: what are accounting principles?

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

Q: What are the common errors in accounting?

A:

Q: Why do you think " Gross versus Net"  became such a big  issue in accounting?

A: Gross includes all the deduction such as return, allowance, depreciation, and others while the net…

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 does it mean to recognize an accountingtransaction?

A: The accounting transactions that directly or indirectly alters the financial aspect of the…

Q: What are the accounting concept?

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

Q: Why Are Financial Accounting and Bookkeeping So Different?

A: The bookkeeping is recording the transactions and accounting is process to classify, record the…

Q: Why should you as accounting student need to understand normalization

A: Normalization techniques are important because they help in proper storage of data by eliminating…

Q: Which of the following is not one of the basic concepts of accounting? A) RESPONSIBILITY B)…

A: Accounting:- It can be defined by recording the transactions in a systematic order and should be…

Q: Why do people care about accounting?

A: This question discusses accounting.

Q: What is the desired benefit from revising an accounting standard?

A: Financial Accounting Standards Board:   It is commonly known as FASB. It is a private, non-profit…

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: 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: Exactly what does it mean when people talk about "double accounting systems"?

A: This question explains about "double accounting systems"

Q: Explain differential effects on accounting standards.

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

Q: why accounting important to people?

A: Accounting: Accounting is recording , classifying, summarising , analysing and interpreting of…

Q: How does the ethics are important in the accounting?

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

Q: What is the difference between accounting and auditing?

A:

Q: What difficulties do differences in accounting standards create for investors?

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