Distinguish between the revenue/expense and the asset/liability approaches to setting financial reportingstandards

Q: Explain the following measurement bases of the elements of financial statements and indicate how…

A: Financial statements are prepared by businesses to estimate the true and fair view of the financial…

Q: Explain the following measurement bases of the elements of financial statements and indicate how…

A: Basis of accounting, is the way through which the various financial transactions are recorded in the…

Q: Materiality is an entity-specific aspect of which of the qualitative characteristics of financial…

A: Materiality is an aspect of relevance in entity specific... The concept of materiality is relevance…

Q: What is an asset and liability per the IASB framework definition for the preparation and…

A: Financial statement includes: 1) Balance sheet  2) Income statement 3) Cash flow statement  4)…

Q: Contrast a revenue/expense approach and an asset/liability approach to  accounting standard setting.

A: Revenue Expense approach recognizes Income statement items first Whereas, Asset/liability approach…

Q: Identify the objective and qualitative qualities of financial reporting information as well as the…

A: Introduction: Financial reporting: Financial reporting is the process of communicating information…

Q: What are the quality information with regards to financial reporting?

A: Financial reporting is to communicate the financial position and its soundness to the shareholders,…

Q: Outline the recognition criteria for the following elements of financial statements:

A: Assets are measured by accumulation of equity and liabilities. Some eg are, land, property, cash…

Q: Explain how the conceptual definition of assets and liabilities and recognition criteria improve…

A: Assets are the resources that are controlled by the entity and from which economic benefits flows to…

Q: Understand the disclosures required for revenue recognition, accounts receivable,contract assets,…

A: Much disclosure is required for revenue recognition. For example, a seller recognises contract…

Q: major disclosure requirements  for revenue accounts, capital. assets and liabilities

A: ANSWER:-   For revenue accounts, companies typically need to disclose the amount of revenue…

Q: describe diff erent types of assets and liabilities and the measurement bases of each

A: Assets are worthy resources that business owns to get future benefits. They are fixed assets which…

Q: Define Income and methods of measuring it for internal reporting purposes.

A: Income refers to the money a person or organization receives from various sources, such as wages,…

Q: Identify significant accounts and relevantassertions related to the revenue andcollection cycle.

A: Revenue and collection cycle: Under this procedure, the collection period from the customer is to be…

Q: Provide a data analysis of the liability part of the financial statement.

A: Introduction: A financial statement is a compilation of your company's financial information.…

Q: How does the revenue-expense approach differ from the asset-liability approach for defining…

A: In accounting there are many methods of preparing the account statement each method have own…

Q: explain issues pertaining various conceptual models for the measurement of the elements in the…

A: Financial Statements :- Financial statements  are known as the composed type of articulations of a…

Q: Service revenue belongs on which financial statement?

A: Service revenue is in the nature of Revenues account. Therefore, the Balance of Service revenues…

Q: Define and contrast financial statementauditing, attestation, and assurance servic

A: financial statement auditing means independent inspection and examination of financial statements of…

Q: dentify the objective and qualitative qualities of financial reporting information and financial…

A: Answer: Concept Financial reporting information are the information that can be checked from…