accounting process
Q: hat are the accounting information needed by: a. Internal users b. External users
A: Accounting Information:- This is that information that is required by both external and internal…
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: Which of the following statements are true? An accounting Conceptual Framework: (i) Sets out who the…
A: A conceptual framework can be defined as a system of ideas and objectives that lead to the creation…
Q: plain what’s manage define accounting and describe nature and objective of accounting.
A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…
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 function of accounting is investigating the meaning of the information in the reports and the…
A: Analyzing: Under this function of accounting includes line-by-line inspections that break down…
Q: Which of the following does NOT define accounting? Concluding Recording Summarising Classifying
A: Accounting is the art of Recording, Summarising and Classifying the financial transaction or events.
Q: What is the first step in the accounting cycle and what role do source documents fulfill in this…
A: Accounting cycle is the process of recording, classifying, summarising and analysing accounting…
Q: n the role of the accounting system according to the agency theory
A: Agency theory is one of the common problem in the organization form of the system and that exist due…
Q: Accounting being an information system follows basic accounting concepts or principles also known as…
A: Notes: “Since you have asked multiple questions, we will solve the first question for you. If you…
Q: What is meant by a change in accounting principle? Describe the possible accounting treatments for a…
A: Accounting principle: These are the guidelines which are to be applied while preparing the…
Q: What type of internal and external accounting reports will you use in the process of making…
A: Internal accounting reports are managerial reports which are generated for use by managers at…
Q: What is the relevance of the Accounting Information System in today's accounting practice, and how…
A: SOLUTION THE PURPOSE OF ACCOUNTING INFORMATION SYSTEM IS TO COLLECT ,STORE AND PROCESS FINANCIAL AND…
Q: An accounting policy is
A: Accounting policy are not judgement applied to record a transaction. Accounting estimates are…
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: 1. Name the transactions or events which can be considered "IDENTIFYING" based on the definition of…
A: "IDENTIFYING" means determining the transactions that are financial in nature and needs to be…
Q: Accounting is sometimes described as the language of busi-ness. What is meant by this description?
A: Accounting: It refers to a process of recording and summarizing the financial transactions and…
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: Who are the èxternal user's of accounting information
A: The accounting information is used by the external user and internal user. The External users are…
Q: When it comes to the contemporary practice of accounting, what is the significance of the Accounting…
A: Here is the Answer
Q: 2. Who are users of accounting information, what are its types? Explain with examples.
A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS “Since you have asked multiple questions, we will…
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: W
A: According to AICPA, "accounting is an art of recording, classifying, summarizing in a significant…
Q: What is Basis of accounting
A: The system by which revenues and expenses are recognized in a company's financial statements is…
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 related to accounting? O a. Management accounting O b. Financial…
A: Accounting:- Accounting includes recording of business transactions. Under accounting, the…
Q: The reporting of accounting theory is related to ........ Select one : a . Principles b .…
A: Accounting refers to the process of systematic recording of the transactions of the business. Such 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: 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: Required: Enter the impact of each transaction on individual items of the accounting equation. minus…
A: Important Accounting Equation Assets = Liabilities + Equity This Equation helps in the Preparation…
Q: The measurement phase of accounting is accomplished by?
A: Accounting is the process of identifying, recording, summarizing and analysing financial information…
Q: f the Accounting Information S
A: Accounting information system: It is the system prepared to collect, record, manage, and process the…
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: 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: 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: Which came first? Accounting regulations or the need for accounting regulations? Explain.
A: Accounting regulations are important part of accounting and regulation of accounting make accounting…
Q: 1. One of the functions of accounting is to "supply information for decision making". Explain this…
A: Accounting is referred to the process which involves recording business events and transactions in…
Q: Which of the following branches of accounting is the original form of accounting? a. Financial…
A: The branches of accounting are 1 Financial accounting 2 Cost accounting 3. Management accounting…
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- Which of the following is not a component of an accounting system? the input source documents the output reports the framework for operation of the system All of these answer choices are components of an accounting system.Which of the following are the fundamental characteristics of accounting information? O a. Predictive value and feedback value. Ob. Relevance and faithful representation. Oc Relevance and verifiabilily. Od. Timeliness and understandability. O e. Verifiability and taithful representation.Which of the following management assertions is not associated with classes of transactions and events? Select one: a. classification b. rights and obligations c. occurrence d. accuracy
- Which of the following is not a fundamental quality of useful accounting information? Group of answer choices Faithful representation. Relevance. Faithful representation and Relevance. MaterialityWhat is accounting base onDescribe briefly the following characteristics of useful accounting information. Comparability (consistency). Neutrality.
- Which of the following are considered secondary characteristics of accounting information? a. verifiability and feedback value b. predictive value and timeliness c. comparability and consistency d. representational faithfulness and neutralitywhich internal users need the accounting informationWhich of the following are considered secondary characteristics of accounting information? a. varifiability and feedback value b. predictive value and timeliness c. comparability and consistency d. representational faithfulness and neutrality