36 - Which of the following is the basic accounting equivalence? A) Resources = Assets + Liabilities B) Assets = Foreign Resources - Equity C) Assets = Resources D) Resources = Assets - Liabilities E) Assets = Liabilities + Resources

Q: Q8. Which of the following statements about users of accounting information is correct? Present…

A: Accounting information is generally prepared for the users or stakeholders of the organisation.…

Q: d. Unearned Income 2. Which of the following is an element of a statement of comprehensive income?…

A: (1.)  Revenues is an element of a statement of comprehensive income. Therefore, the option (b)…

Q: Accounting ideas and technologies are transferred through conquest, commerce and other forces…

A: A country's culture is normally dictated by the people. The people are greatly influenced by the…

Q: Question 8 of Assets are ... (1) all the resources owned by the entity. (2) equal to equity less…

A: As per IFRS, an assets is the resource controlled by an entity because of past events and the entity…

Q: 4. Comment on the company’s ability to utilize its assets and manage its liabilities effectively…

A: Ratios: Ratios help us in effectively analyzing a company's performance for a given period. They can…

Q: e balance sheet applies to all economic organizations regardless of size, type * .of company, or…

A: The balance sheet represents the financial position of the business with assets and liabilities on a…

Q: 3. The measurement basis most commonly adopted by entities in preparing their financial statements…

A: Measurement basis: This implies to the basis that is used for recording and valuing the company's…

Q: Listed below are several terms and phrases associated with the FASB’s conceptual framework. Pair…

A: FASB’s conceptual framework provides rules relating to preparation of financial statements

Q: 0. The following stat To meet the objective, financial statements should provide information about…

A: The answer is POINT 'B'

Q: Accounting deals with

A: First option is wrong because accounting includes measurement of transactions into monetary value…

Q: 1. The accounting equation can be expressed as a. Assets + Liabilities = Shareholders' Equity b.…

A: Accounting equation, also known as basic accounting equation, provides the foundation for all…

Q: Which of the following associations would most likely describe the relationship between an internal…

A: Economic Event: Economic event means events which include transferring the ownership of resource…

Q: to a wide range of users in making economic decisions b. To prepare and present a balance sheet, an…

A: The financial statement which is also known as a financial report refers to the recording of…

Q: Q3: Match the items below by entering the appropriate code letter in the space provided. G. Working…

A: Accounting principles seem to be the fundamental rules and standards that businesses must adhere to…

Q: 3)      How the political system factors influencing to development of accounting system? (short…

A: The accounting system allows a business organization to keep track of all the financial…

Q: 5. Which of the following financial statement elements is found on balance sheet? a. Sales revenue…

A: Sales revenue, rent expense and foreign exchange loss are considered while computing the income for…

Q: Which of the following terms is used when assuming a business will continue to operate in…

A: Accounting assumptions means a set of rules that will ensure business operations of an organization…

Q: Examine the purpose of the accounting function within an organization.

A: Accounting is the art and science of identifying, recording, classifying, summarising, and…

Q: ) Describe the advantages and disadvantages of these two approaches to accounting standards setting,…

A: Accounting standards are those standards which state the guidelines, rules and regulations which is…

Q: Identify each of the following terms/phrases as either an accounting (a) principle, (b) assumption,…

A: Principles are the rule made for every business.

Q: QUESTION 31 The term balance sheet is used because the following accounting iden A) Assets =…

A: Balance sheet consists of assets and laibilties.Both must be balance each other in balance sheet.

Q: Using practical examples describe how International Accounting Standard 23 would apply to Assets in…

A: Using practical examples describe how International Accounting Standard 23 would apply to Assets in…

Q: 18 - In which accounting type is Foreign Trade Accounting included? A) Management Accounting B)…

A: Foreign trade means when trade or purchase/sale transactions are incurred between two countries.…

Q: 23. n a single period common sized statement, the base amount is net sales in the Statement of…

A: Solution:- Common sized statement is a statement where each item is shown as percentage of a common…

Q: Define and discuss the economic order quantity (EOQ) technique, including assumption and accounting…

A: Definition of Economic order quantity: The optimal order quantity for a company to buy in order to…

Q: The purchase of supplies on credit to be use on the main office of the entity, will cause a…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: What is the difference of basic accounting equation from the expanded accounting equation?

A: Accounting: It is the process of recording, classifying, summarizing all transactions of a business…

Q: 1. It pertains to resources which are controlled and owned by the business. a. Assets c. Equity d.…

A: As we answer only one question, I am answering the first one. Please resubmit the questions…

Q: Meaning of accounting principles with examples: i. Money measurement concept ii. Dual aspect concept…

A: Accounting principles are the defined rules which are required to be followed by each company and…

Q: 4. Discuss the environmental factors that impact on the development of a country’s accounting…

A: An accounting system enables a company to keep a record of all kinds of financial transactions, such…