Main objective of financial accounting

Q: advantages of financial accounting

A: Answer are as follows

Q: Describe the conceptual framework of accounting principles.

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

Q: ACCOUNTING THEORY DEFINED AND EXPLAINED

A: Introduction: Accounting is maintaining records of financial events and transactions that occur in a…

Q: Basic purpose of accounting

A: There are two basic purpose of Accounting they are 1. Ascertaining Financial results (Profit ans…

Q: ‘The accounting concepts and accounting standards are generally referred to as the essence of…

A: INTRODUCTION  Financial Accounting refers to collecting , summarizing and presentation of the…

Q: Distinguish between FASB Accounting Standards Updates and FASB Statements of Financial Accounting…

A: Financial accounting standard board (FASB):  The FASB is an independent, designated and non-profit…

Q: Identify the qualitative characteristics of accounting information and the basic elements of…

A: Relevance: information makes difference in decision making Reliability: information is verifiable,…

Q: • Define the following accounting concepts and explain for each their implications for the…

A: I am answering the first three sub-parts of the question as per bartleby guidelines. Please…

Q: Financial Accounting ‏

A: A fiscal year is a period used for preparing the financial statement of the company.

Q: describe accounting methods (choices and estimates) that could be used to manage earnings,cash fl…

A: there are several accounting choices that can be made which will allow company mangers to give the…

Q: Financial accounting information?

A: Introduction: Accounting: The process in which the financial transactions of the business entity are…

Q: Define Financial reporting.

A: Definition:   Financial statements: Financial statements are condensed summary of transactions…

Q: Functions of Financial Accounting Standards Board

A: Accounting is the practice of recording a business's financial transactions. Accounting involves…

Q: The accounting that records and measures the financial transactions by following GAAP is: a.…

A: Internal accounting helps in analysing the internal transactions of the organization  Management…

Q: Describe the conceptual framework of financial accounting.

A: Conceptual Framework: A conceptual framework is a logical presentation of interrelated objectives…

Q: Verifiability of financial accounting information is synonymous with: a.) faithful representation…

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: Discuss the importance of accounting standards for the purpose of preparing financial reports.

A: Accounting Standard Accounting Theory

Q: The main objective of general-purpose financial reports is, a. To describe the characteristics for…

A:

Q: Explain the growth and Development of Financial Accounting.

A: Accounting as we know is the system of recording, summarizing and classifying the financial…

Q: Define Financial accounting.

A: Commerce:   It refers to a platform that facilitates buying and selling of products and services…

Q: Explain accounting principles.

A: Accounting principles: The conventions or rules those are required to prepare and report the…

Q: Conduct Applied Research on Accounting Theory and the Relevance to Financial Reporting.

A: Bookkeeping hypothesis could likewise be used to disclose existing practices to amass a superior…

Q: Describe the v

A: Definition of Financial Reporting Financial Reporting involves the disclosure of financial…

Q: users of the financial information

A: Users of financial information are those people who read the financial statements and use the…

Q: What is a conceptual framework? Why is a conceptual framework necessary in financial accounting?

A: Conceptual Framework: A conceptual framework is a logical presentation of interrelated objectives…

Q: Financial accounting is the area of accounting aimed at serving __________ by providing them with…

A: Financial accounting helps in preparing financial statements like Statement of Income, balance sheet…

Q: Describe the function and primary focus of financial accounting.

A:

Q: Importance of Balance Sheet in understanding Financial statements

A: A balance sheet is a financial statement that details the assets and liabilities of a corporation as…

Q: Classify the following activities as part of the identifying (I), recording (R), or communicating…

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Discuss the terms relevance and faithful representation as they relate to financial accounting…

A: Financial accounting: It can be defined as the branch of accounting that is associated with the…

Q: Identify the majordifferences and similaritiesbetween financial andmanagerial accounting.

A:

Q: Differentiate between accounting and finance

A: Solution:- Accounting :- Accounting may be defined as "Accounting" is the process of measuring,…

Q: Questions: What is the importance of preparing financial statements? Enumeraté the complete set of…

A: Financial statements are important because of the following reason:   1. Financial statements…

Q: accounting

A: Debit  :-  In accounting it indicates benefit received by a particular…

Q: Definition of Financial Accounting

A: Solution:- Definition of financial accounting as follows under:-

Q: Distinguish between FASB Accounting Standards Updates and FASB Statements of Financial Accounting

A: Accounting Standards Updates: constitute GAAP and dictate acceptable financial accounting and…

Q: Economic income

A: Accounting income is the amount of income transferred from the balance of income statement to…

Q: Principles in accounting

A: Basic Accounting assumption are broad concepts that underlie generally accepted accounting…

Q: Explain the following: 1. Development of accounting rules. 2. How Generally Accepted Accounting…

A: Here discuss about the details of development in the Accounting rules which are incurred in the late…