What are the three basic business activities that financial accounting seeks to measure and communicate to external parties? Define each.

Q: Explain the importance of financial accounting information for external parties—primarilyinvestors…

A: Financial Accounting:-Summarizing of all the transactions that occurred in the business during the…

Q: What is the definition of a conceptual framework? Why is it vital to have a conceptual framework in…

A: Conceptual Framework: A conceptual framework logically explains connected aims and foundations that…

Q: Describe the goals of accounting standards.

A: Accounting standards are authoritative standards for financial reporting and are the primary source…

Q: Why is it necessary to develop a definitional frameworkfor the basic elements of accounting?

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

Q: What is meant by the term “qualitative characteristics of accounting information”?

A: Qualitative Characteristics of Accounting Information System: Qualitative characteristics are what…

Q: What is financial accounting's principal purpose?

A: The financial accounting main and principal purpose is to allow the third parties to assess the…

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: What are the two primary functions of financial accounting?

A: Financial accounting is that field of accounting in which all financial transactions are recorded in…

Q: Of what value is a common set of standards in financial accounting and reporting?

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

Q: What are the two of the qualitative characteristics of accounting information that contribute to its…

A:

Q: What are the different objectives of accounting?

A: Accounting: An organization's financial transactions are recorded through accounting. Reporting…

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

A:

Q: What are the three primary objectives of financial reporting?

A: Financial Reporting:   Financial reporting is the process of disclosing the financial results of the…

Q: What Is The Primary Objective Of Financial Accounting?

A: Financial accounting: Financial accounting is the process of measuring the business activities of an…

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: Who are the focused users/stakeholders of financial accounting and cost accounting?

A: Financial and Cost accounting are the major accounting area in an organization. It will helpful to…

Q: How distinguishes business administration form accounting

A: Accounting: It is the process of recording any financial transactions incurred in the financial year…

Q: What are financial accounting's two main functions?

A: The answer:

Q: In general, what is the conceptual framework that underlies accounting principles?

A: Accounting principles are the specific rules and guidelines that are to be followed in preparation…

Q: Identify the second level in the conceptual framework of accounting. a. Objectives b. Recognition…

A: The conceptual framework consists of ideas and objectives that helps to create consistent rules and…