Which of the following are not included in the external users of accounting nformation? O a. Tax Authority O b. Creditors Oc. O c. Investors O d. Management
Q: Q8. Which of the following statements about users of accounting information is correct? Present…
A: Accounting information is generally prepared for the users or stakeholders of the organisation.…
Q: For which classification of users are financial statements prepared? What characteristic of these…
A: Solution Generally Accepted accounting Principle (GAAP) to a common set of accounting principles ,…
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: Who are the primary users of general-purpose financial statements? O A. Creditors O B. Investors OC.…
A: Introduction: Accounting: Accounting is an art of recording , classifying , summarizing and…
Q: Which principle or concept states that businesses should use the same accounting methods and…
A: Answer: c) Consistency In accounting the concept of consistency states that company should maintain…
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: 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: Accounting is categorized as a supporting process in managing operations of any organization O a.…
A: There are three processes in managing the operation of any organization Upper Management process…
Q: Which of the following is true regarding whether IFRS specifically addresses the accounting and…
A: IFRS:
Q: Explain the differences between a positive theory of accounting and a normative theory of…
A: The question is based on the concept of Business Accounting.
Q: Discuss agency theory, including its basic assumptions, agency relationships, why the political…
A:
Q: Which of the following is NOT related to accounting? O a. Management accounting O b. Financial…
A: Accounting:- Accounting includes recording of business transactions. Professional accountants…
Q: Which of the following users is not considered an internal user of accounting O a. An employee O b.…
A: Internal user of accounting means the stakeholder within the organization who uses the accounting…
Q: Which of the following factors should influence business and accounting decisions?a. Economicb.…
A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…
Q: In what ways/How can making accounting standards compulsory cause problems in financial presentation…
A: Financial Statements under IAS 1 The basic standards for financial statements are outlined in…
Q: Generally accepted accounting principles play an important role in financial reporting.a. What is…
A: Requirement a:
Q: e broad conceptual definition of management accounting presented in the text excludes a. public…
A: Management accounting refers to the system of accounting that uses the informal for internal use by…
Q: Which one of the following characteristics of accounting information is related to Objectivity? a.…
A: Accounting information means that relevant accounting and financial information that is useful for…
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: Accounting estimates are those adopted by an entity in preparing and presenting its financial…
A: Explanation: Accounting estimates is a approximate amount that is used for measurement when there is…
Q: Which of the following is NOT an application of Accounting Research? O a. Deciding and implementing…
A:
Q: Which is not a purpose of the conceptual framework? a. To provide definitions of key terms and…
A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
Q: Which of the following is not an accounting assumption? Select one: a. Integrity. b. Economic…
A:
Q: Which one of the following statements is not correct regarding financial accounting and management…
A: Financial Accounting: The main purpose is to ascertain profit or loss and to indicate the financial…
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: 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: In you own understanding, discuss briefly the salient features of accounting models such as Entity…
A: Accounting concepts are basic rules , assumptions and conditions that…
Q: what are accounting principles?
A: Accounting principles are a set of rules and regulations that should be followed when reporting the…
Q: The users of accounting information such as investors, financiers, suppliers and government are…
A: Accounting information such as financial statements, Notes to accounts, etc will be used by the…
Q: What is the indirect effect of a change in accounting policy? Briefly describe the approach to…
A: Here is the answer :
Q: Financial accounting information is characterized by all ofthe following except:a. It is historical…
A: Financial accounting information will be information about a business element's exchanges. From…
Q: Which pronouncements are not issued by the FASB? a. Statements of Financial Accounting Concepts b.…
A: FASB is an accounting standard board, the main purpose of which is to establish the GAAP (Generally…
Q: Shareholders are external user of accounting information . The answer is true or false
A: The objective of the financial statement or accounting information is to provide information about…
Q: Explanation of double entry accounting and its relationship to pertinent accounting concepts
A: The notion of double-entry is critical in the accounting system since it allows for more accurate…
Q: Which of the following is in accordance with generally accepted accounting principles? Select one:…
A: Generally accepted accounting principles improves the clarity, consistency and communication of the…
Q: what are the difficulties may users of financial statements face it in using financial or accounting…
A: Accounting disclosure information: It is information that shows expenses and revenues of the…
Q: Why is an entity permitted by financial reporting standards to change an accounting policy? O The…
A: Solution Concept The change in accounting policy is allowed under two situation -the…
Q: Which of the following is not included in the financial statements prepared by accountants?
A: The answer is option (b) Trail balance
Q: The financial statements are based on the most basic tool of accounting. True or false? Explain how?
A: Financial statements: Financial statements are condensed summary of transactions communicated in the…
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: Which of the following is NOT related to accounting? O a. Management accounting O b. Financial…
A: Accounting:- Accounting includes recording of business transactions. Under accounting, the…
Q: Which pronouncements are not issued by the FASB? O Statements of Financial Accounting Concepts O…
A: FASB is an accounting standard board, the main purpose of which is to establish the GAAP (Generally…
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: (b) Change in accounting policy may have a material effect on the items of financial statements."…
A: Accounting policies are those rules, regulations and guidelines which needs to be followed at the…
Q: Financial accounting data prepared in accordance with GAAP. But management accounting don’t follow…
A: The answer for the theory question on Financial Accounting vs Management Accounting is presented…
Q: ncerned with? a) Providing statutory information for external use b) Providing internal information…
A: The right answer is option b) Providing internal information for use by management
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
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- The first step in solving an ethical dilemma is to identify the alternatives. weigh the impact of each alternative on various stakeholders. O recognize an ethical situation and the ethical issues involved. O identify and analyze the principal elements in the situation.What is concern of external users of accounting information in GAAP?Which of the following is not a user of internal accountinginformation?a. Store manager.b. Chief executive offi cer.c. Creditor.d. Chief fi nancial offi cer.
- Which of the following is true regarding whether IFRS specifically addresses the accounting and reporting for effects of changes in accounting policies? Direct Effects Indirect Effects a. Yes Yes b. No No c. No Yes d. Yes Nodo not copy from chegg What are financial statements and explain different types of users of finanacial statement including their interests?Why accounting is an infromation system? Explain with your own point of view with example.
- what are the common problems inc accounting?From the following statements which one is not the correct classification of accounting theory Select one: a. Inductive approach theory b. Accounting structure theory c. Decision usefulness theory d. Interpretation theorywhy are current liabilites important in accounting