On July 7, 2016, Rancho Realty Co. performed cash services of $1,900. The entry to record this transaction would include a. Credit to Accounts Receivable of $1,900 O b. Debit to Cash of $1,900 O c. Credit to Accounts Payable of $1,900 O d. Debit to Service Revenue of $1,900

Q: 16- Which of the following is the second level in the conceptual framework of Accounting? a.…

A: Solution:- Identification of second level in the conceptual framework of Accounting as follows…

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

A: GAAP stands for Generally Accepted Accounting Principles.

Q: two characteristic

A: Accounting principles are standards, statutes and guidelines adopted by the management for the…

Q: 7-Appropriateness of methodologies which are carried out in social science researches, are one of…

A: The appropriateness of the method refers to the finding of the most beneficial accounting theory…

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: Considering whether to use historical cost or fair value relates to which of the following…

A: The procedures applied and principles followed by the company to prepare its financial statements…

Q: What are the 2 Fundamental Qualities of useful accounting information? Answers: Faithful…

A: Accounting information is concerned with the financial statements produced by bookkeeping and…

Q: Discuss the relationship of accounting information with the Efficient Market Hypothesis (EMH)

A: Accounting information is a wider term, it includes all financial information of the firm. It is…

Q: How do the different schools of accounting thought, such as the normative, positive, and critical…

A: The function of accounting is to provide financial information about an organization's activities to…

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: Q5. A. Explain the need for high-quality standards in the accounting and reporting. B. Explain the…

A: Standard- Standard are the rules and regulations in accounting which are made by the accounting body…

Q: Which of the following should financial information not be? Group of answer choices a.…

A: Financial information should be reliable, accurate, timely and substantiated.

Q: Harriet has been reviewing the accounting system for her company and she is very concerned about the…

A: Accounting System:- It is a system that is employed in a company to organize Financial information.…

Q: understandable. ncial statements that are fa nat they nurnort to renreser

A: Financial Statement: It is the statement that consists of the trial balance, income statement, and…

Q: Describe the difference between rules-based and principles- based financial statements.  Which do…

A: SOLUTION ACCOUNTING IS THE SYSTEM OF RECORDING SUMMARIZING BUSINESS AND FINANCIAL TRANSACTIONS AND…

Q: 6. How and why would the accounting profession use the results of behavioural research in…

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: 3)      How the political system factors influencing to development of accounting system? (short…

A: The accounting system allows a business organization to keep track of all the financial…

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: Please answer with reason for all why the option is correct and why the other options are…

A: Accounting is a process to record the transactions that affect the business process. The…

Q: What is the difference between-1 accounting and Finance? answer this ?question with suitable example…

A: The difference between accounting and finance is as follows:

Q: 8. Financial information is capable of making a difference in decisions if it has predictive value…

A: Financial information: It implies to the information that relates to the company's financial status…

Q: are the two fundamental qualities that make accounting information useful for decision making. a.…

A: solution concept Relevance means the information that are relevant for the users of the financial…

Q: Why do you believe Accounting Standards should be mandatory?

A: A document created by a rule-making body that prescribes how accounting transactions should be…

Q: Which type of entit(ies) may prepare financial statements using a special purpose framework. Issuers…

A: Financial reports that are created for the purpose of presenting financial information to a select…

Q: Name the various types of Accounting Select one: a. none of the above b. Financial Accounting c.…

A: Accounting means a process of identifying, classifying, summarising, analysing and preparing…

Q: What do you think? Is accounting an art or a science? Please elaborate why you believe your answer…

A: Accounting :— Accounting is a Process of Recording the Financial Transaction related to the…

Q: require independence? I. Management Consulting II. Tax Consulting III, Audit IV. Review Group…

A: The different field of study help us to gain knowledge to different areas and many fields are…

Q: ) Describe the advantages and disadvantages of these two approaches to accounting standards setting,…

A: Accounting standards are those standards which state the guidelines, rules and regulations which is…

Q: What concepts of mathematics are important in the field of accountancy?

A: Accounting: It is the process of recording, classifying, summarizing all transactions of a business…

Q: Explain in detail for the following with your own examples. a. Scope of Management Accounting b.…

A: a. Scope of Management Accounting Management accounting is the process of collecting, analysing, and…

Q: What exactly do you mean by the idea of materiality in accounting?

A: This question explains about the idea of materiality in accounting

Q: From the options given below identify which one of the statements shows the meaning of the term…

A: An audit is the evaluation of a person, organization, project, product or primarily for thepurpose…

Q: What is the benefits of subject accounting in our future? And what is the importance of the subject…

A: Managers, owners, and other stakeholders can use final accounts to get a sense of a company's…

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: 1. Compare and contrast the view of accounting from the following three perspectives: a. Normative…

A: The act of measuring, processing, and communicating financial and other information about…

Q: Accounting and Accounting theory are deeply rooted in  general systems theory. Discuss

A: A framework of collecting and organizing a set of elements to achieve a common objective is known as…

Q: 49-Which of the following is the qualitative characteristics of financial information? a. Past…

A: This question is answered as per IFRS, Conceptual framework for financial reporting.

Q: Hw.226. Give a detailed account what accounting theory stands for within the general framework and…

A: Accounting theory encapsulates assumptions,  methodology & framework used in the application of…

Q: Critically explain each one of the following financial terms: i. Asymmetric information ii. Moral…

A: Asymmetrical information will be existing in the market because markets are not completely efficient…

Q: Question. Explain briefly Balance sheet?

A: Introduction: A balance sheet is a breakdown of all the assets and liabilities of a company…

Q: What is the difference between a conceptual framework and accounting standards ?

A: Standards: These are defined as the measurement criteria or benchmarks that are established for…