3. A cooperative has the followingcharacteristic, EXCEPTO A. Organized by at least five (5) membersB. Members can become part of thecooperative by purchasing sharesC. It can either be incorporated orunincorporatedD. Names of directors who shall manageO the cooperative must be included in thearticles of cooperation 1. Accounting being regarded as theperformance of specific actions suchas identifying, measuring, andcommunicating financial informationis through the nature of accounting asO A. a skillO B. an artO Ca processO D. a service activity

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

1. Accounting being regarded as the performance of specific actions such as identifying, measuring, and communicating financial information is through the nature of accounting as O A. a skill O B. an art O C.a process O D. a service activity

1. Accounting being regarded as the performance of specific actions such as identifying, measuring, and communicating financial information is through the nature of accounting as O A. a skill O B. an art O C.a process O D. a service activity

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

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: 16- Which of the following is the second level in the conceptual framework of Accounting? a.…

A: Solution:- Identification of second level in the conceptual framework of Accounting as follows…

Q: Describe accounting's internal function in organisations.

A: Introduction: Accounting is transmitting financial data to users such as investors, individuals, and…

Q: True or False: The primary purpose of financial accounting is to provide information for internal…

A: Financial accounting is a branch of accounting that focuses on the preparation, analysis, and…

Q: information would include ........ .

A: External users are people outsidebusiness entity who use accounting information.external users are…

Q: accounting is used by internal decision makers and accounting is used for external

A: Management accounting & Financial accounting are both branches of accounting, while the former…

Q: Management accounting is: a. Communication oriented b. Finance oriented c. Past oriented d. Future…

A: Introduction: Accounting: Accounting is an art of recording , classifying , summarizing and…

Q: Compare managerial accounting and financial accounting in terms of the following: • types of…

A: Solution:- Introduction:- Managerial accounting used by managers and directors to make decisions…

Q: The accounting system should provide information for:

A: The accounting system should provide information for: D. All of the above. The accounting system…

Q: Which type of accounting information is intended to satisfy the needs of external users of…

A: Lets understand the basics.Financial accounting, management accounting and cost accounting are…

Q: collection

A: Ans. Inductive approach is merely a reasoning method by which a law or general principle is…

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: Value added statement is a statement prepared under: O Financial Accounting O Management Accounting…

A: Value Added Statements are financial statements that show how a business creates value and…

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: Please help with this Accounting type Question: Which of the following is not a tool of management…

A: This accounting feild deals to analyse, communicate the accounting information to the managers, so…

Q: An accounting policy is

A: Accounting policy are not judgement applied to record a transaction. Accounting estimates are…

Q: Discuss how and why accounting concepts are relevant in accounting discipline

A: Accounting concepts, also known as accounting principles or generally accepted accounting principles…

Q: What are the fundamental concepts of Accounting Information Systems (AIS)? What are the main stages…

A: Introduction: Because you asked numerous questions, we will answer the first one for you. If you…

Q: Identify the following users of accounting information as either an (a) external or (b) internal…

Q: The body of rules and procedures that guide the measurement and communication of financial…

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

Q: Describe the difference between financial accounting and managerial accounting, highlighting their…

A: Financial Accounting: Financial accounting is a branch of accounting that focuses on the recording,…

Q: Describe the ethics in accounting.

A: Accountants and the accountancy profession exist as a means of public service; the distinction which…

Q: Differentiate broadly between financial accounting and managerial accounting.

A: Financial accounting:Financial accounting is the process of recording, summarizing, and reporting…

Q: mples where accounting is used as aid in performing the management funct

A: Basic Accounting Concept Management Information System

Q: Which of the following is a major challenge facing the accounting profession? O A. Accounting for…

A: Major challenges facing the accounting profession are :- Non financial measurements Forward looking…

Q: GAAP stands for

A: Correct answer D. GENERALLY ACCEPTED ACCOUNTING PRINCIPLE

Q: Describe the function and primary focus of financial accounting.

Q: The field of accounting that focuses on providing information for external decision makers is A.…

A: The objective of the question is to identify the branch of accounting that is primarily concerned…

Q: What does the conceptual framework intend to establish? a. the objectives and cocepts foruse in…

A: Accounting framework defines the rules and framework which depicts the rules, standards that were…

Q: A firm is considering two capital projects: Project Zeta and Project Omega. The firm's required rate…

A: Npv is net present value, which is capital budgeting concept. It is calculated by using present…

Q: What is the basic principles of Accounting Information Systems (AIS)?

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Discuss the terms relevance and faithful representation as they relate to financial accounting…

A: Financial accounting: It can be defined as the branch of accounting that is associated with the…

Q: Transactions and events are recognized initially at the exchange price to provide relevant and…

A: Accounting Principles: These refer to the rules and guidelines which companies need to follow while…

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…

Question

3. A cooperative has the following
characteristic, EXCEPT
O A. Organized by at least five (5) members
B. Members can become part of the
cooperative by purchasing shares
C. It can either be incorporated or
unincorporated
D. Names of directors who shall manage
O the cooperative must be included in the
articles of cooperation

1. Accounting being regarded as the
performance of specific actions such
as identifying, measuring, and
communicating financial information
is through the nature of accounting as
O A. a skill
O B. an art
O Ca process
O D. a service activity

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Which of the following is TRUE of both financial accounting and management accounting? a. The emphasis is on timeliness and flexibility b. They use the information provided by the cost accounting system c. It generates general-purpose financial statements d. They are regulated by accounting standards and statute
Classify the following activities as part of the identifying (I), recording (R), or communicating (C) aspectsof accounting. Analyzing and interpreting reports
Financial accounting is a branch of accounting refers to the communication of information within an organization so that internal decisions can be made in an appropriate manner. True False
The main user group of management accounting is the O A. managers O B. investors O C.creditors O D. lenders
Classify the following as to whether they are normally related or not to accounting and finance functions: 1. Investment management 2. Preparation of accounting systems and procedures manual 3. Marketing 4. Cost reduction studies
Which of the following branches of accounting is often limited to preparing and distributing financial reports? a. auditing b. cost accounting c. managerial accounting d. financial accounting
Don't give answer in image format
Distinguish between managerial and financial accounting on
What concepts and terminology are utilized in accounting?