GOOD ACCOUNTING FORM

Q: What are the benefits of generally accepted accounting principles (GAAPs)?

A: GAAP stands for Generally Accepted Accounting Principles.

Q: distinguish between conservative and aggressive accounting;

A: Accounting is the process through which financial statement are recorded, analyzed, summarized and…

Q: Accounting risk: types, explanations and examples

A: Accounting risk refers to the potential for errors, inaccuracies, or misstatements in an…

Q: explain the relationship between culture and the adoption of accounting practices

A: Culture includes the beliefs, ideas and customs followed by the individuals in a particular society.…

Q: Discuss the differences between financial and management accounting and support your arguments with…

A: We know that financial accounting and management accounting are two branches of accounting.…

Q: Which of the following are considered secondary characteristics of accounting information? a.…

A: Accounting information is used by various users for different purposes. The primary characteristics…

Q: nciples- Based and Rules-Based Accounting Standards, which would you use and do you think that this…

A: Accounting Standard - An accounting standard is a collection of procedures and guidelines used to…

Q: Describe the accounting applications of present value techniques.

A: Present value: This is the amount of future value reduced or discounted at a rate of interest till…

Q: How does management accounting differ from financial accounting?

A: State the way in which the management accounting differs from financial accounting:Accounting is an…

Q: At March 31, 2019, the end of the first year of operations at Lukancic Inc., the firm’s accountant…

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

Q: An objective of financial reporting is

A: Financial reporting uses financial statements to disclose financial data that indicates the…

Q: What is the best accounting method?

A: Accounting Method: The accounting method is the method used for maintaining the books of accounts of…

Q: Critically comment on Positive Accounting Theory (PAT) (

A: Accounting is a process that involves the recording of the transactions of financial nature.

Q: Explain the differences between a positive theory of accounting and a normative theory of…

A: The question is based on the concept of Business Accounting.

Q: How does the concept of prudence relate to accounting estimates? Explain.

A: Prudence in accounting refers to using care and cautious judgment while creating accounting…

Q: quality of accounting standards?

A: Accounting standards determine thee accounting information must have relevance, must be reliable and…

Q: How do Accounting standards Increase Financial Statement Reliability?

A: Accounting standards are established regulations for financial reporting from which widely accepted…

Q: Explain factors that encourage high-quality financial reporting.

A: A conceptual framework can be defined as a system of ideas and objectives that lead to the creation…

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: Which of the following are considered secondary characteristics of accounting information? a.…

A: Secondary Qualitative Characteristics of accounting information is how useful the information is.…

Q: what type of decision-making process is supported by management accounting

A: Type of decision-making process is supported by management accounting will be explained:

Q: How is financial accounting different frommanagement accounting?

A: The financial accounting and the management accounting are used for taking decisions for the…

Q: Explain the objectives of financial reporting.

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

Q: Name different accounting concepts.

A: Lets start with the basics. Accounting concepts are the basic thing to make the accounting…

Q: nship or differences between Accounting and accountability?

A: Accounting: Every business has various types of transactions like monetary, goods and services. To…

Q: How would you describe the accounting profit?

A: The answer is about the accounting profit:

Q: Discuss the assumptions underlying accounting measurement and explain their significance.

A: Accounting can be defined as the process of measuring the monetary business transaction for the…

Q: Define strategy in accounting?

A: Strategic management accounting refers to the managing and analyzing finances of company which help…

Q: Which of the following is a fundamental quality of useful accounting information? Select one: a.…

A: The question pertains to the fundamental qualities that make accounting information useful for users…

Q: Discuss about the accounting policies, selection, relevance, reliability, faithful representation…

A: Accounting policies are specific principle procedures and measures that are used to record,…

Q: What is financial reporting environment?

A: A short introduction to Financial Reporting- Basically it is a standard accounting practice that…

Q: Examine the advantages and disadvantages of interpretative accounting theory

A: Introduction : Interpretive Accounting theory has developed and contributed significantly to our…

Q: Financial Soundness requirements different FSPs must comply with.

A: Financial Soundness refers to the ability of an Asset to generate future income using the funds in…

Q: Importance of Financial System

A: The financial system consists of insurance companies, banks, stock exchanges that facilitate the…

Q: Which of the following is a fundamental quality of useful accounting information?   Select one:…

A: The objective of the question is to identify the fundamental quality of useful accounting…

Q: what makes accounting a valueable discipline?

A: Accounting, often regarded as the language of business, holds a position of paramount importance in…

Q: What is sound financial management

A: Finance is referred as the study of the assets as well as funds. It intertwined but does not same…