1) Name the parties involved in the development of Generally Accepted Accounting Principles (GAAP) in the United States.
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: Generally accepted accounting principles
A: These include accounting principles, Statutes , guidelines issued by various authorities Generally…
Q: Explain in your own words what generally accepted accounting principles (GAAP) are.
A: GAAP are the rules , standard , guidelines and procedures according to which accounts are prepared.…
Q: Discuss briefly the three approaches that have been suggested for reporting changes in accounting…
A: Accounting changes are the alterations made to the accounting methods, accounting estimates,…
Q: Which principle or concept states that businesses should use the same accounting methods and…
A: Answer: c) Consistency In accounting the concept of consistency states that company should maintain…
Q: What is the purpose of Regulation S–K? Choose the correct.a. Defines generally accepted accounting…
A: Correct option is D i.e. indicates which companies must file with the SEC on an annual basis.
Q: Please tell which factors lead to national difference in accounting?
A: Introduction- Accounting System is a computerized and manual set of organized accounting methods,…
Q: If you were preparing the financial statements of a publicly traded company, which of the following…
A: Public limited companies are required to publish the financial report periodically.
Q: Explain generally accepted accounting principles (GAAPs).
A: GAAP stands for Generally accepted principles.
Q: Which of the following branches of accounting is the original form of accounting?
A: The branches of accounting are: 1. Financial Accounting 2. Cost Accounting 3. Management Accounting…
Q: Explain the meaning of generally accepted accounting principles (GAAP) and the role of the…
A: GAAP:
Q: What are four key accounting practices that often are referred to as principles in current GAAP?
A: GAAP: GAAP refers to a common set of accounting principles, standards and procedures issued by…
Q: Discuss the types of accounting changes and the accounting for changes in accounting principles.
A: Accounting changes: When a company requires to sacrifice the consistent accounting methods and…
Q: Who among the following is a direct user of accounting information? Labor association Financial…
A: Users of accounting information is classified into 2 categories: a. Direct users b. Indirect users…
Q: The notes to the financial statements should provide information: I. About the entity's accounting…
A: Notes to financial statements is very important part of financial statements.
Q: Under what circumstances might it be acceptable for a company preparing IFRS financial statements to…
A:
Q: Briefly describe the organization that is responsible fordeveloping accounting measurement rules…
A: Accounting concepts and principles: Financial statements are prepared in accordance with the…
Q: Explain generally accepted accounting principles and define and apply several accounting principles.
A: Accounting principles: These are the assumption, concepts, and guidelines necessary to prepare and…
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: nting in the United States follows Generally Accepted Accounting Principles (GAAP), which are based…
A: The Financial Accounting Standards Board issues a set of accounting principles, standards, and…
Q: If an event occurs ‘after the reporting period’, then from the perspective of accounting standards,…
A: International Accounting Standard -IAS 10 says about events after reporting period. It states the…
Q: In the process of applying the entity's accounting policies, management makes various judgments,'…
A: Solution Note : As per the Q&A guideline we are required to answer the first question only .…
Q: Accounting in the United States follows Generally Accepted Accounting Principles (GAAP), which are…
A: Full form of GAAP is generally accepted accounting principles. This is the collection of commonly…
Q: Describe the SEC’s role in establishing generally accepted accounting principles (GAAP).
A: The Generally Accepted Accounting Principles (GAAP) are the accounting principles issued by 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: US generally accepted accounting principles are currently developed by which entity? C . Th e Public…
A: Generally Accepted Accounting Principles (GAAP): It refers to accounting principles, standards and…
Q: Using concrete examples, explain how International Accounting Standard 23 might apply to your…
A: Introduction: Using concrete examples, explain how International Accounting Standard 23 might apply…
Q: What are the two extreme approaches that a company might follow in determining appropriate…
A: The two approaches that company might follow in determining accounting policies to be followed under…
Q: Which fundamental characteristic of accounting requires that financial statements are prepared in a…
A: Fundamental characteristics of accounting are the desired qualities in accounting information by the…
Q: What are the accounting measurements (principles and p
A: Accounting principles are the rules and criteria that companies must follow when reporting financial…
Q: Identify and describe the approach the FASB requires for reporting changes in accounting principles.
A: Accounting method: A set of rules and guidelines through which the organization records and analyzes…
Q: What is the applicable financial reporting framework in the U.S. known as? a. The Internal Revenue…
A: Accounting standards: It refers to the rules and policies for financial reporting.
Q: State and explain the 3 main elements of regulatory framework in accounting standards
A: Accounting standards refers to the code of conduct or set of rules or authoritative standards set…
Q: Which came first? Accounting regulations or the need for accounting regulations? Explain.
A: Accounting regulations are important part of accounting and regulation of accounting make accounting…
Q: What is GAAP, Generally Accepted Accounting Principles?
A: The Generally Accepted Accounting Principles (GAAP)is a set of rules used for helping…
Q: Define generally accepted accounting principles (GAAP)
A: GAAP Stand for Generally Accepted Accounting Principles.
Q: Define and apply many accounting concepts as well as explain commonly accepted accounting…
A: Accounting fundamentals: These are the assumptions, ideas, and rules required to produce and present…
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…
Q: Explain what the accrual basis of accounting is and who requires it.
A: Accrual basis of accounting: Under this method of accounting, the revenues, and their related…
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- In common law countries accounting focuses on economic substance and the standards and procedures are incorporated into national laws Select one: O True O FalseWhat should you tell your friend about the presence of accounting standards in theUnited States? Who has the authority for standard setting? Who has the responsibility?Please explain and analyze the effect of major differences between IFRS and U.S. GAAP related to the financial reporting of a specific category of account (e.g. current liabilities, provisions, employee benefits, share-based payment, income taxes, revenue, financial instruments, leases).
- Discuss the primary differences between U.S. GAAP and IFRS with respect to the development of accounting standards and the conceptual framework underlying accounting standards.Discuss similarities and differences between the accounting treatment for U.S. GAAP and IFRS if any from the topic you selected.How the hierarchy of U.S. generally accepted accounting principles for state and local government accounting can be used to resolve financial reporting issues?
- What is the applicable financial reporting framework in the U.S. known as? a. The Internal Revenue Code b. IFRS c. GAAP d. GAAS8. In common law countries accounting focuses on economic substance and the standards and procedures are incorporated into national lawsSelect one:TrueFalseWhich of the following groups sets standards for audits of federal financial assistance recipients? a. U.S. General Accounting Office b. U.S. Office of Management and Budget c. Governmental Accounting Standards Board d. Financial Accounting Standards Board
- Governmental accounting normally takes three forms:cash basis modified accrual andThe notes to the financial statements should provide information: I. About the entity's accounting policies. II. Which is relevant to an understanding of the financial statements. III. As required by international standards, if not presented elsewhere in the financial statements.You are required to discuss and report on methodologies usedwhen conducting Financial Reporting Research under the U.S. GAAP Process in comparison with the requirements of IFRS