) Describe the advantages and disadvantages of these two approaches to accounting standards setting, and tell how these advantages and disadvantages vary across different groups of finan

Q: Explain whether the cost of accounting systems primarily support internal or external reporting

A: Cost Accounting System: Cost accounting system can be defined as a framework designed by the…

Q: Explain the objectives of financial reporting.

A: Financial reporting: Financial reporting is the procedure used to communicate the information…

Q: From the following statements which one is not the correct classification of accounting theory

A: Accounting theory is the theory which is actually the set of guidelines, principles or in order…

Q: Which of the following are the fundamental characteristics of accounting information? O a.…

A: The fundamental qualities of Accounting Information are Relevance and Faithful Representation.…

Q: s that influence the adoption of computarised ac

A: Using computerized accounting systems, you may set up revenue and expenditure accounts for things…

Q: the importance of the elements of correct recognition and measurement of financial statements?

A: Answer:-  Financial statement:- Financial statements are the official records of a company's or…

Q: Describe briefly the following characteristics of useful accounting information.  Comparability…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Explain differential effects on accounting standards.

A: Accounting standards deals with the issues of: Recognition of events and transaction in financial…

Q: What can be interpreted from Accounting Standards Codification (ASC), of FASB?

A: