Why is it necessary to develop a definitional framework for the basic elements of accounting ? Please answer question in the best way possible.

Q: Where can an auditor find a client’s documentation of the accounting system?

A: Internal Control: Internal control is a mechanism or procedure that the company implements so that…

Q: Describe the accounting applications of present value techniques.

A: Present value: This is the amount of future value reduced or discounted at a rate of interest till…

Q: What Is Forensic Accounting?

A: Forensic Accounting i an integral part of Accounting.Its basically kind of Hindsighting in a legal…

Q: Framework, qualitative characteristics of accounting information are essential to assist decision…

A: The accounting information are one of the most important informations as it help it's user that…

Q: Which is the first step within the hierarchy of guidance when selecting accounting policies? a.…

A: Accounting Policies - These are the fixed principles, concepts, rules, etc. which are used by a…

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 substantive analytical procedures might an auditor use to perform an analytical procedure for…

A: The accounts payable liability account in the company's financial statements represents the sum of…

Q: what type of decision-making process is supported by management accounting

A: Type of decision-making process is supported by management accounting will be explained:

Q: are the two fundamental qualities that make accounting information useful for decision making. a.…

A: solution concept Relevance means the information that are relevant for the users of the financial…

Q: Which of the following is a fundamental characteristic of accounting information? Select one: O A.…

A: Fundamental characteristics of accounting information include relevance, which ensures it is useful…

Q: Accounting How do the qualitative characteristics apply to accounting standard setting, standards’…

A: Answer:-  Accounting meaning:- The act of recording a business's financial transactions is generally…

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

A:

Q: What are the different assumptions of Accounting principles?

A: Accounting assumptions provide a fundamental base and structure to record business transactions.The…

Q: Management accounting emphasizes on the roles of reporting for internal users. Discuss.

A: Management accounting is one of the branch of accounting in which decisions are being made on the…

Q: How does the concept of uniformity relate to comparability in the accounting literature?

A: Accounting, which is frequently referred to as simply "accounting," is the process of gathering,…

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: What can be interpreted from Accounting Standards Codification (ASC), of FASB?

A: