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 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.From the following statements which one is not the correct classification of accounting theory Select one: a. Inductive approach theory b. Accounting structure theory c. Decision usefulness theory d. Interpretation theory
- In what ways does revenue recognition differ from other financial accounting practices?What is an externality, and why do financial accounting practices typically ignore externalities?What are the different types of accounting theories, and how do they differ from each other? Discuss the strengths and weaknesses of each type of theory.
- 1.Even though reporting entities are required to comply with accounting standards, are they also allowed to highlight and discuss other measures of ‘profits’ that are prepared in a way that is not in accordance with accounting standards? Why would they do this?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.
- 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.Why do you think Accounting Standards are mandatory?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.”