What is meant by GAAG? Why should all companies follow GAAP in reporting to external users?

Q: Explain how the move towards greater use of fair value accountingmight increase information risk

A: Introduction: Information risk: Information Risk is the risk that the information based on which…

Q: Describe a company's accounting system. Why is this function significant and what does it do? What…

A: Every company involved in carrying out business transactions is required to keep a proper record of…

Q: Is there a need to change Accounting standards with Evolving technology

A: The answer is provided as follows:

Q: What is the purpose of determining the BEP? How does a company use this in its daily activities?…

A: Breakeven point analysis is a tool used to determine when a business will be able to cover all its…

Q: Which of the accounting controls ensure that a company's resources are used efficiently and…

A: Controls are the procedures which are designed and monitored by the management to ensure that the…

Q: Which transaction cycle includes interactions between an organization and its suppliers? Select one:…

A: Transaction cycle is set of various business transactions which can be aggregated to small number of…

Q: What information must an enterprise report by geographic area?

A: The information that an enterprise must report by geographic area are:  Revenues from external…

Q: How are management’s actions incorporated in EVA and MVA? How are EVA and MVAinterconnected?

A: Economic added value (EVA) is a measured cash-deductible reduction of capital costs of a firm's…

Q: W

A: According to AICPA, "accounting is an art of recording, classifying, summarizing in a significant…

Q: Describe how a firm's accounting function works. What role does this perform, and why is it…

A: The answer :

Q: What is a reasonably foreseeable use of a productand why is it important to companies?

A:

Q: What are the steps that would be needed for a company to transition from GAAP to IFRS?

A: GAAP refers to Generally Accepted Accounting Principles which is followed by US companies. IFRS is…

Q: what are the accounting standards codification and how companies apply them to their activities?

A: Accounting standard: It is a set of basic rules and principles which is set by the Financial…

Q: Exactly what does it mean when people talk about "double accounting systems"?

A: This question explains about "double accounting systems"

Q: What control system and subsidiary accounts should be included in Ermler & Trump’s manual accounting…

A: Control system and subsidiary accounts that should be included in Ermler & Trump’s manual…

Q: What is the main goal for accounting rules in the UnitedStates and around the world? What…

A: The main goal of GAAP and IFRS is to guarantee that the companies prepare financial information must…

Q: What does GAAP mean? Why should businesses adhere to GAAP when reporting to external stakeholders?

A: The accounting is a process to identify, classify and record the transactions of the business and to…

Q: Do you need to eliminate inter-company transactions when it comes to JV? explain briefly.

A: A joint venture is a business entity that can be defined as a joint arrangement where the parties…

Q: Why do companies need internal control?

A: A company id defined as the legal form of business organization, which is incorporated by group of…