Required: Prepare the journal entries to record the disposal of the mixer at the end of second year,

Q: Distinct features between management accounting and financial accounting

A: The objective of this question is to distinguish between management accounting and financial…

Q: what are the charatristics of accounting

A: The answer is as fallows

Q: Define financial data.

A: Financial Data means the unaudited salary explanations identifying with activity of the property for…

Q: What measurement attributes are commonly used in financial reporting?

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: Relationship between IT Control and Financial reporting

A: Information Technology (IT) control can be defined as the specific activities that are performed by…

Q: Who Governs The Financial Reporting Standard?

A: Accounting controls: These are the internal controls which ensure continuous reliability of…

Q: Discuss the role of GAAP in financial reporting

A: Generally Accepted Accounting Principles (GAAPs) are the accounting procedures or standards that lay…

Q: Explain the qualitative characteristics of financial reporting information.

A: Conceptual Framework: The FASB's Conceptual Framework for Financial Reporting states the objectives…

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: Differentiate Financial Reporting and Management Reporting. How are they related?

A: Financial report shows the financial results of the company which has already achieved. Management…

Q: How is financial accounting different frommanagement accounting?

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

Q: What assumption is made regarding the external users of financial statements?

A: Financial Statements: The organization records the financial information related to transactions.…

Q: What does the Relevance in the context of financial reporting means?

A: Introduction Financial Reporting is communicating accurate information along with the financial…

Q: Conceptual framework underlying financial reports

A: The Conceptual Framework sets out the fundamental concepts for financial reporting that guide the…

Q: WHAT IS THE MEANING OF FINANCIAL STATEMENT?

A: Financial statements are the written records of the business activities which show the financial…

Q: what the difference between accounting income and economic income?

A: Accounting income can be defined as an estimate of the performance in the operations of the company.…

Q: What are pro forma financial statements based on?

A: Pro forma financial statements are financial projections that show how a company's financial…

Q: What is financial reporting environment?

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

Q: To what extent are you familiar with financial statements and their interrelationships? Explain

A: This question explains about  the financial statements and interrelationships

Q: Importance of Financial System

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

Q: What is meant by the term materiality in financial reporting?

A:

Q: How does income statements disclosures are made?

A: Income Statement:   It is financial statement of an organization at the end of the period to report…

Q: discuss the ‘primary users’ of general-purpose financial reports?

A: General purpose financial reports means the financial statement including trading and profit and…

Q: What is the significance of analyzing financial statements?

A: Introduction: A set of financial statements summarizes an organization's financial results,…