Explain the concepts of fiscal and operational accountability and the basis of accounting used to capture each concept.

Q: Define in detail the basic activities performed in the revenue cycle along with its key decisions…

A: Revenue cycle Revenue cycle is a technique of shaping and maintaining the techniques used for…

Q: Discuss the primary differences between U.S. GAAP and IFRS with respect to the  development of…

A: U.S. GAAP    The Generally Accepted Accounting Principles in the US (US GAAP) refer to the…

Q: The principles and objectives that guide the creation of accounting information under accrual…

A: The matching principle, which is related to accrual accounting, asserts that an expense must be…

Q: For which classification of users are financial statements prepared?  What characteristic of these…

A: Solution Generally Accepted accounting Principle (GAAP) to a common set of accounting principles ,…

Q: describe the importance of fi nancial statement notes and supplementary information—including…

A: The importance of financial statement notes and supplementary information thatincluding disclosures…

Q: Describe the conceptual framework of accounting principles.

A: The conceptual framework can be defined as a system of ideas and objectives that lead to the…

Q: The accounting process generates financial reports forboth internal and external users. Describe…

A:

Q: Which of the following statement best explains the need for a regulatory framework? A regulatory…

A: Financial statements are prepared for various purposes such as for external reporting, managerial…

Q: Which of the following are considered secondary characteristics of accounting information? a.…

A: Accounting information is used by various users for different purposes. The primary characteristics…

Q: Describe the Management’s Responsibility for Financial Statements.

A: The financial statements of the company are the responsibility of management. The financial…

Q: How can a broader conceptualization of accounts, accounting and accountability (the 3As), and the…

A: These 3As like Accounts, Accounting and Accountability are three different concept and it must be…

Q: Explain the purpose of Generally Accepted Accounting Principles (GAAP), including the organization…

A: Generally Accepted Accounting Principles:   GAAP (Generally Accepted Accounting Principles) is a…

Q: Describe the goals of accounting standards.

A: Accounting standards are authoritative standards for financial reporting and are the primary source…

Q: If generally accepted accounting principles were followed, how would the items above relating to…

A: Financial Statement:   It refers to the financial records of an organization that reports their…

Q: n the role of the accounting system according to the agency theory

A: Agency theory is one of the common problem in the organization form of the system and that exist due…

Q: Distinguish between Opinions of the Accounting Principle Board and Accounting Standards Updates.

A:

Q: Why is it necessary to develop a definitional frameworkfor the basic elements of accounting?

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: Which of the following characteristics must exist for accounting information to be useful in making…

A: Definition:

Q: Which of the following are considered secondary characteristics of accounting information? a.…

A: Secondary Qualitative Characteristics of accounting information is how useful the information is.…

Q: How can a broader conceptualization of accounts, accounting and accountability (the 3As), and the…

A: Accounts is the individual’s personal account, real account and nominal account which is prepared to…

Q: Discuss the assumptions underlying accounting measurement and explain their significance.

A: Accounting can be defined as the process of measuring the monetary business transaction for the…

Q: An entity shall disclose for each reportable segment a measure of all of the following, except A.…

A: Answer; The reportable segment is the segment which reports the revenue that includes the…

Q: An item that meets the definition of an accounting element should be given recognition in the…

A: Accounting Elements:- Assets, Liabilities, Equity, Capital, Drawings, Revenue, and Expenses are the…

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

A:

Q: Explain the purpose of the Public Company Accounting Oversight Board.

A: Auditing:   In auditing, auditors verify the correctness and fair presentation of financial…

Q: Explain and applyunderlying accountingconcepts, assumptions,and principles

A: Accounting concepts and principles:   Financial statements are prepared in accordance with the…

Q: Discuss about the accounting policies, selection, relevance, reliability, faithful representation…

A: Accounting policies are specific principle procedures and measures that are used to record,…

Q: Explain why establishing accounting standards is characterized as a politicalprocess

A: The standard setting process is a political process that is affected by the impact of several…

Q: What does the conceptual framework intend to establish? a. the objectives and cocepts foruse in…

A: Accounting framework defines the rules and framework which depicts the rules, standards that were…

Q: Describe the recognition, measurement, and disclosure concepts that guide accounting practice.

A: Accounting concepts are referred to the basic assumptions, principle and rules which guides the…

Q: According to the convention of consistency Select one: a. Accounting policies and practices once…

A: In accounting, the convention of consistency means that accounting methods once adopted must be…

Q: Identify the qualitative characteristics of accounting information.

A: Definition: Users of financial information: People who rely on accounting information to make the…

Q: Explain the importance of accounting information for internal parties—primarily management—in terms…

A: Accounting information:-Management uses this information, analyzes the data, and displays the…

Q: conceptual framework, the second level

A: Option b is wrong because "Financial reporting objectives" is included in the first level of the…

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 are the key activities and the logical tasks, sources and uses of information, and movement of…

A: The spending or the expenditure cycle also known as the buy and pay cycle, invoices all processes…