11. State the structure of Accounting Equation with different modifications.

Q: Describe rules-based accounting standards.

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

Q: describe uses and limitations of the balance sheet in fi nancial analysis;

A: Introduction: The balance sheet provides users with information on the firm’s assets, liabilities…

Q: What is a classified balance sheet?  Give examples?

A: Classified balance sheet: The main elements of balance sheet assets, liabilities, and stockholders’…

Q: 3.What are the conditions for issuing a report modification and give examples

A: A modified opinion is when the auditor issues an opinion which is not unqualified. This is necessary…

Q: What does MYOB use the Historical Balancing account for?

A: MYOB: It is often defined as an international accounting software that is used by the businesses for…

Q: Evaluate the differences between comparative statement analysis and common size statement analysis

A: Accounting activities involves mainly three such as Identification, recording, communication but…

Q: Which of the following is a fundamental characteristic of accounting information? Select one: O A.…

A: Fundamental characteristics of accounting information include relevance, which ensures it is useful…

Q: Describe the rules of accounting rate of return.

A: The accounting rate of return (ARR) is the percentage rate of return expected on investment or asset…

Q: Explain an example of balance sheet.

A: Balance sheet: This financial statement reports a company’s resources (assets) and claims of…

Q: What is the difference between a PL and a balance sheet?

A: Balance sheet records the assets and liabilities of the firm at a point in time. P&L account or…

Q: Give differences between Revaluation account and Realisation account.

A: Revaluation account: The revaluation account is a nominal account opened to assess the values of the…

Q: Name the major subsystems of the revenue cycle.

A: Revenue cycle refers to tracking a revenue transaction from its beginning to end i.e. from receiving…