Q: and define six major elements of accounting

A:

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 is the importance of Accounting Information System in the modern practice of Accounting?

A: Accounting Information System refers to the system where financial and accounting data is collected,…

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: Briefly describe the two major fields of accounting.

A: Accounting: Accounting is the process of recording, summarizing, and examining the business events…

Q: ow does the accounting conceptual framework apply to the following IAS? Or how does the conceptual…

A: Accounting standards refer to a defined set of rules and regulations and processes that formulates…

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: xplain the conceptual framework of accounting and discuss its importance in the development of…

A: Accounting standards, also known as Generally Accepted Accounting Principles (GAAP), are a set of…

Q: International Financial Reporting Standard should be adopted in ____________ accounting. a. All b.…

A: Accounting is the process of recording, classifying, summarising and analysing accounting…

Q: Explain generally accepted accounting principles (GAAPs).

A: GAAP stands for Generally accepted principles.

Q: Which type of accounting information is intended to satisfy the needs of external users of…

A: Lets understand the basics.Financial accounting, management accounting and cost accounting are…

Q: Discuss briefly the different areas of accounting.

A: Accounting is the process of identifying, measuring, recording, and communicating financial…

Q: From the following sub areas of accounting information system, identify, which one belongs to the…

A: Accounting Information system is a set of components used for gathering, making, storing, preparing,…

Q: What are four key accounting practices that often are referred to as principles in current GAAP?

A: GAAP:   GAAP refers to a common set of accounting principles, standards and procedures issued by…

Q: Define Financial Accounting Standards Board (FASB)

A:

Q: Q#03: Draw and explain the hierarchy of accounting qualities?

A: Accounting Qualities are very important for the decision maker. The quantitative data is not…

Q: What are the five fundamental principles of accounting information systems?

A: Accounting information systems collect data from different events and associated transactions across…

Q: What are the Universal Standards in Accounting?

A: Universal standard of accounting is also known as International standard of accounting. The…

Q: Define International Accounting Standards Board (IASB).

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

Q: Reasons why accounting is social science

A: Accounting The process under transactions that are financial in nature are recorded, analyzed, and…

Q: Describe the ethics in accounting.

A: Accountants and the accountancy profession exist as a means of public service; the distinction which…

Q: Identify the two main categories of accounting principles.

A: Accounting principles are the principles and rules that organizations must follow when announcing…

Q: What does the conceptual framework intend to establish? a. the objectives and cocepts foruse in…

A: Accounting framework defines the rules and framework which depicts the rules, standards that were…

Q: Discuss all the concepts of accounting?

A: Accounting concepts are list of concepts which are require to be used by all kind of business to…

Q: Why is it important to have a governing set of principles for accounting practices? Provide specific…

A: Matching Principle The Matching Principle is a fundamental accounting concept that requires…

Q: Differentiate the branches of accounting.

A: Introduction: Accounting: Accounting is an art of recording , classifying , summarizing and…

Q: What accounting terms should I be familiar with?

A: . Accounting information summarizes and reports on a company's financial actions. Companies might be…

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…