When is it permissible to violate generally accepted accounting principles (GAAP)
Q: Generally accepted accounting principles
A: These include accounting principles, Statutes , guidelines issued by various authorities Generally…
Q: Explain the problems associated with inappropriate accounting practices.
A: Fraud: Fraud is a malicious act committed by people to fulfill their personal benefits. In case of…
Q: What is concern of external users of accounting information in GAAP?
A: Accounting information includes all financial statements like Balance Sheet, Income statements and…
Q: Changes in accounting policies are always accounted for as prospective in application. TRUE or…
A: Accounting policies means rules, guidelines and procedures that are used for the preparation of…
Q: One reason that an cntity is allowed to change its accounting policy is when It is required by an…
A: Accounting Policies- Accounting principles are the ethics that are to be followed by an accountant…
Q: Explain voluntary changes in accounting principle.
A: An accounting principle is a general guideline to follow when recording and reporting financial…
Q: Which of the following is true regarding whether IFRS specifically addresses the accounting and…
A: IFRS:
Q: What are some of the most common types of accounting distortions that can arise?
A: Accounting refers to the process of examining and documenting all the financial and other…
Q: why is uniformity in accounting necessarily implies compariability?
A: Comparability isn't the same as uniformity. Like things must appear alike, and distinct things must…
Q: What are the accounting and disclosure procedures for accounting policy changes
A: The accounting and disclosure procedures for accounting policy changes will be explained :
Q: What is meant by a change in accounting principle? Describe the accounting treatment for a voluntary…
A:
Q: What is the indirect effect of a change in accounting principle?Briefly describe the reporting of…
A: Change in an accounting principle: This change occurs when a company decides to change from an…
Q: you agree or disagree upon accounting debits and credits as an information system?
A: Debits and Credits 1) An account shows the effect of transactions on a given asset, liability,…
Q: How are changes in accounting principle applied?
A: Accounting Principles: It refers to a set of guidelines that all organisations must follow while…
Q: what is the Judgement Traps in accounting?
A: Judgment trap is also known as judgment triggers which refers to the inherited issue that leads…
Q: accounting principle is violated.
A: Accounting principles are the set of rules and conventions to be followed while accounting business…
Q: Explain why arise issues scandal in auditor based public accounting
A: Auditing: Auditing refers to an independent examination of financial information of any…
Q: What are the primary advantages of having a Codification of generally accepted accounting…
A: Generally Accepted Accounting Principles (GAAP): Generally Accepted Accounting Principles are the…
Q: Why do you believe Accounting Standards should be mandatory?
A: A document created by a rule-making body that prescribes how accounting transactions should be…
Q: What are the Universal Standards in Accounting?
A: Universal standard of accounting is also known as International standard of accounting. The…
Q: Which of the following would be accounted for as a change in accounting principle?
A: The correct option is "Changing an estimate for the allowance for doubtfull accounts. As per one the…
Q: Why does The conceptual framework has been described as an “Accounting Constitution”?
A: The conceptual framework sets the boundary within which financial accounting and reporting takes…
Q: How should an accounting professional go about determining whether a proposed action is in the…
A:
Q: Why does accounting rely on inexact or approximate measures?
A:
Q: Explain the relevant accounting assumption or principle which is an exception to Full Disclosure…
A: Full Disclosure Principle states that any entity is required to record all the important information…
Q: What guidance does the Codification provide concerning the format of accounting disclosures?
A: The FASB Accounting Standard Codification is a source of the Generally Accepted Accounting…
Q: What exactly do you mean by the idea of materiality in accounting?
A: This question explains about the idea of materiality in accounting
Q: What does it mean to recognize an accountingtransaction?
A: The accounting transactions that directly or indirectly alters the financial aspect of the…
Q: In what way is the Securities and Exchange Commission concerned about and supportive of accounting…
A: Securities and Exchange commission (SEC): It is a government body established to safeguard the…
Q: these are the current set of GAAP or Generally Accepted Accounting Principles. what is it?
A: Generally accepted accounting principles(GAAP) refers to a set of accounting principles issued by…
Q: Is there an indirect consequence to a change in accounting policy? Introduce the methodology for…
A: This question tells about consequence to a change in accounting policy
Q: Briefly explain the following generally accepted accounting principles with examples. a)…
A: a) Conservatism Principle DEFINATION: The accounting principle that only concerns about the…
Q: Explain how and why some changes in accounting principle are reportedprospectively.
A: Changes in accounting principle: A change in accounting principle is said to be a change in a…
Q: How does the concept of consistency aid in the analysis of financial statements? Why type of…
A: General accepted accounting principles means those set of standards which is followed while…
Q: The abbreviation for GAAP is Generally Accepted Accounting Principles. Select one alternative:…
A: The Generally Accepted Accounting Principles (GAAP or US GAAP) are a set of financial reporting…
Q: How has the Sarbanes-Oxley Act changed Public Accounting? Cite examples.
A: Sarbanes-Oxley Act (SOA)The Sarbanes-Oxley Act is the most far-reaching and significant federal…
Q: Briefly explain the following generally accepted accounting principles and give examples. a)…
A: General accepted accounting principles means those set of standards which is followed while…
Q: The fundamental accounting principle requires “full disclosure.” What are the consequences of not…
A: Accounting principles are the laws and rules that companies must follow while reporting financial…
Q: Even though reporting entities are required to comply with accounting standards, are they also…
A: The Accounting Standards provide the framework within which a firm prepares its books of accounts by…
Q: Discuss how a change in accounting policy is handled when it is impractical to ascertain earlier…
A: This question explains about impractical to ascertain earlier values due to unforeseen…
When is it permissible to violate generally accepted accounting principles (GAAP)?
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