What distinguishes positive accounting theory from normative accounting theory? a) It explains and predicts actual accounting practices rather than prescribing rules b) It only focuses on what should be done c) It deals exclusively with tax accounting d) It ignores actual business practices
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- What distinguishes positive accounting theory from normative accounting theory? a) It explains and predicts actual accounting practices rather than prescribing rules b) It only focuses on what should be done c) It deals exclusively with tax accounting d) It ignores actual business practicesWhat is the concept of conservatism in accounting and why is it important? Discuss the potential drawbacks of applying conservatism too strictly.Explain the differences between a positive theory of accounting and a normative theory of accounting.
- What is an externality, and why do financial accounting practices typically ignore externalities?NoneWhich of the following statements is false? a.Financial accounting must conform to GAAP. b.Managerial accounting sometimes relies on past information. c.Managerial accounting does not need to conform to GAAP. d.There is no overlap between financial and managerial accounting.
- Multiple choice: 1. Which of the following statements is incorrect? A. Accounting education is the branch of accounting that deals with the teaching of accounting and related subjects in order to produce competent and responsible business professionals. B.. Erroneous financial statements can lead to bad financial decisions. C. Internal users of financial information refer to the entity’s management personnel. D. Tax accounting refers to the branch of accounting that deals with tax computations, filing of tax returns, and tax planning. 2. Transactions and other events are recorded in the periods in which they occur, not when they affect cash. A. Going concern B. Accrual basis C. Reporting period D. Consistency 2. Under this concept, a business is not expected to end its operations in the near term. A. Separate entity concept B. Going concern C. Stable monetary unit D. MaterialityWhat characterizes the faithful representation principle in accounting?Which of the following statements is false? Select one: O A. Management accounting statements need not comply with Accounting regulations O B. Financial accounting statements normally reflect more detail than would be found in management accounting reports O C. Management accounting reports emphasise future activities and future costs O D. Financial accounting data are directed primarily at external users rather than internal users.
- Evaluate the following statements from an ethical perspective:“Earnings management in a narrow sense is the behavior of management to play with the discretionary accrual component to determine high or low earnings.”“Earnings are potentially managed, because financial accounting standards still provide alternative methods.”It has been suggested that not all accounting choices are made by management in the best interest of fair and consistent financial reporting. Required: What motivations can you think of for management’s choice of accounting methods?Give answer to this