Explain voluntary changes in accounting principle.

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: 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: Changes in accounting policies are always accounted for as prospective in application. TRUE or…

A: Accounting policies means rules, guidelines and procedures that are used for the preparation 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: 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: What are the benefits of generally accepted accounting principles (GAAPs)?

A: GAAP stands for Generally Accepted Accounting Principles.

Q: Explain mandated changes in accounting principle.

A: Accounting principles are the uniform practices that are followed in the preparation of the…

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

A: Accounting principles are the rules and guidelines that companies must follow when reporting…

Q: Explain the accounting principle of adequate disclosure.

A: Accounting Principles: When reporting its financial data, companies are required to mandatorily…

Q: Discuss briefly the three approaches that have been suggested for reporting change in accounting…

A: For reporting amendments in accounting principles, the three approaches proposed are:  Currently…

Q: Which of the following is true regarding whether IFRS specifically addresses the accounting and…

A: IFRS:

Q: How are changes in accounting policies accounted for and disclosed?

A: Accounting policy: These are basically the rules, conventions and principles that are applied by the…

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 meant by a change in accounting principle? Describe the accounting treatment for a voluntary…

A:

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 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: How does a company compute the effect of such changes in accounting principle?

A: Wee first needs to understand the meaning of change of accounting principal. A change in accounting…

Q: What is the indirect effect of a change in accounting principle?Briefly describe the reporting of…

A: Change in an accounting principle: This change occurs when a company decides to change from an…

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: How are changes in accounting principle applied?

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

Q: Discuss how a change in accounting policy is handled when it is impracticable to determine previous…

A:

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: What are the different assumptions of Accounting principles?

A: Accounting assumptions provide a fundamental base and structure to record business transactions.The…

Q: What is the indirect effect of a change in accounting policy? Briefly describe the approach to…

A: Here is the answer :

Q: Identify types of accounting changes and understand the accounting for changes in accounting…

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

Q: How reported accounting numbers can affect an individual's perceptions and actions.

A: Financial reporting means releasing the financial reports of the company to its shareholders and in…

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: 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: The accounting and disclosure requirements for changes in accounting policie

A: This question explains about the accounting and disclosure requirements for changes in accounting…

Q: 1. Explain the difference between Accounting and Auditing

A: Hi student Since there are multiple questions, we will answer only first question. Accounting and…

Q: Why accounting is an infromation system? Explain with your own point of view with example.

A: Accounting Information Systems helps to perform the tasks in the job of Budget Analysis. An…

Q: Understand the reporting of accounting changes and errors.

A: Accounting Changes and Errors: Meaning: Error Correction and Accounting changes are guidance that…

Q: Identify and describe the approach the FASB requires for reporting changes in accounting principles.

A: Accounting method: A set of rules and guidelines through which the organization records and analyzes…

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: Where can authoritative IFRS related to accounting changes be found?

A: Accounting changes include the change in methods or ways of accounting by the company, which will…

Q: Generally accepted methods of accounting for a change in accounting principle include

A: When a change in accounting principle takes place then the concerned company will have to ensure…

Q: What is GAAP, Generally Accepted Accounting Principles?

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

Q: n conceptual framework resolve accounting problems? How?

A: Introduction: Conceptual framework is a guide for preparing financial statements by identifying the…

Q: Explain the reporting of accounting changes and errors.

A: Accounting changes:   Accounting changes are the alterations made to the accounting methods,…

Q: accounting mitigate the problem of agency theory t

A: As per agency theory, management acts as agent of shareholders. Shareholders are owners and…