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- 2.Explain the environmental factors that lead to national differences in accounting. 3.What are the two main legal systems operating worldwide? How might these affect accounting? Countries that rely on capital markets for finance, as opposed to banks and governments, are likely to expect greater levels of public disclosure in their accounting systems. Evaluate this argument and provide examples. 5.Outline and discuss three cultural aspects that can differ across countries. How do these cultural differences relate to differences in accounting systems? 6.What does accounting harmonisation mean? Differentiate harmonisation from convergence or adoption. 7.Explain the benefits of global adoption of IFRSs. 8. Outline the key challenges of US GAAP and IFRS convergence.Explain the need for changing Accounting standards across the time. HarvardWhich of the following statements is false? Select one: O A. Management accounting statements need not comply with Accounting regulations O B. Financial accounting statements normally reflect more detail than would be found in management accounting reports O C. Management accounting reports emphasise future activities and future costs O D. Financial accounting data are directed primarily at external users rather than internal users.
- Answer the following question and provide detail examples to support your answer. Analyze and make an assessment of the International Accounting Standard Board's (ASB) Conceptual framework 2018 by highlighting its strength and flaws. Afterward, state how would improve it in order to further enhance the relevance and reliability of financial reporting. 2. a) Define the concept of research methodology in the context of accounting theory. Discuss the consequences of choosing an incorrect research methodology in accounting research, highlighting the strengths and limitations of quantitative and qualitative approaches to accounting research. b) Evaluate the role of accounting theories in guiding research in the field of accounting. Discuss how different accounting theories, such as agency theory, positive accounting theory, and institutional theory, influence research questions, hypotheses formulation, and empirical analysis are from each other, highlighting their strengths and…1. Explain the relationship between the Cost Management System and the Financial Accounting System 2. Distinguish between IASB standards and the Conceptual Framework for Financial Reporting 3. Hardly a day goes by without an article appearing on the crises affecting many of our financial institutions. It is estimated that the financial crises 2007 - 2008 for example, caused a deep recession. Some argue that if financial institutions had been required to report their investments at fair value instead of cost, large losses would have been reported earlier, which would have signaled regulators to close these financial institutions, therefore minimizing the losses to many investors. Explain how reported accounting numbers might affect an individual's perceptions and actions. Cite two examples. 4. Explain principles based vs. rule-based accounting standards. Which one is mostly used as reference by PSAK or IFRS?Is accounting regulation here to stay? If so, why? If not, what event(s) do you thinkwould lead to the deregulation of accounting?
- 9. Technical analysts feel that financial accounting statements lack information, or report it in a way that makes comparisons difficult. Which of the following does not constitute a problem? a. Detailed information concerning sales and expenses by product line. b. Statements of change in financial position. c. Alternative ways of reporting expenses. d. Alternative ways of reporting assets and liabilities. e. The availability of psychological and nonquantitative variables.7. Which of the following best describes generally accepted accounting principles? A. The accounting principles have been formulated in the public sector. B. The accounting principles have been O developed on the basis of such factors as usage and practical necessity. C. The accounting principles are the same as laws. D. The accounting principles do not apply to SMES.1.What are the impact of issues in management accounting practices on the company and stakeholder? 2. Elaborate some suggestions to avoid the recurrence of the issues in management accounting practices.
- Which of the following is correct criticism on the positive accounting theory? O a. It gives prescriptions for accounting practice of the company. O b. It misleads the stock market by manipulating the earnings. O c Its earnings numbers prepared according to a single basis. O d. It says something about good or bad accounting policy of the company.cite an example of accounting adjustment practices that can be utilized to ensure that the book value of a firm reflects accurately its economic value.1. What are interesting facts/ fun facts about management accounting practices? 2. Explain one example management accounting dishonest practices that talked a around the whole?