Define "Accounting" respectively: 1. according to American Institute of Certified Public Accountants (AICPA) 2. according to American Accounting Association (AAA) 3. according to Accounting Standards Council (ASC)
Q: define financial accounting and explain its role in business
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Q: Many accounting professionals work in one of the following three areas.A. Financial accounting B.…
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Q: Application of Generally Accepted Accounting Principles (GAAP) (e.g., matehing prineipte,…
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Q: What are the principles of accounting according to GAAP?
A: GAAP: Generally Accepted Accounting Principle (GAAP) is a common set of accounting principles,…
Q: In Canada, Generally Accepted Accounting Principles (GAAP) are established: Multiple Choice by the…
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Q: What is the purpose of financial accounting? List at least three and explain why they are…
A: Introduction: Accounting is concerned mainly with recognizing, documenting, measuring, and…
Q: Many accounting professionals work in one of the following three areas.A. Financial accounting B.…
A: Financial accounting: It involves identifying, recording, summarizing and reporting the economic…
Q: There are various users of accounting information. Identify any three and explain how they benefit…
A: The accounting information is crucial for businesses because it helps in the determination of the…
Q: The basic function of financial accounting is to Select one: a. Interpret financial data b. Record…
A: Introduction:- Accounting is an art of recording, classifying, summarizing and interpreting the data…
Q: INSTRUCTIONS: Write the similarities and differences of the definition given by three (3)…
A: Accounting means to record the monetary transactions of the business entity. It helps in summarizing…
Q: Accounting being an information system follows basic accounting concepts or principles also known as…
A: Notes: “Since you have asked multiple questions, we will solve the first question for you. If you…
Q: What are the accounting concepts and conventions? Name them and explain any four accounting concepts…
A: Accounting is recording of all monetary transaction in the books of accounts by considering…
Q: The accounting that records and measures the financial transactions by following GAAP is: a.…
A: Internal accounting helps in analysing the internal transactions of the organization Management…
Q: Discuss the place of books and documents in accounting, considering the functions and basic concepts…
A: The accounting process starts with the identification of monetary transactions and recording of…
Q: Many accounting professionals work in one of the following three areas.A. Financial accounting B.…
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Q: mation used in the financial accounting and management accounting Accounting Education b. a. Cost…
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Q: Discuss the two main branches of accounting and explain the differences between financial accounting…
A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…
Q: What is a mathematical equation in accounting? Which financial statement contains information on the…
A: This question tells about mathematical equation in accounting and financial statement contains…
Q: What is Accounting? Bookkeeping vs. Accounting Purpose of Accounting Generally Accepted Accounting…
A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…
Q: Role of accounting officer
A: An accounting officer is a person who is responsible for the financial record keeping of the…
Q: GAAP (general accepted accounting principle)
A: GAAP is the set of principles to be followed during the preparation of financial statements. It is…
Q: Professional judgment plays a major role in the practice of accounting.a. In general terms, explain…
A: Accounting process: Accounting process is a system of collecting and organizing economic…
Q: Identify the two main categories of accounting principles.
A: Accounting principles are the principles and rules that organizations must follow when announcing…
Q: 1. (TCO 1) Which of the following was the first private sector entity that set accounting standards…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
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: Listed below are several types of pronouncements that the FASB issues. Following the lis is a series…
A: FASB stands for Financial Accounting Standards Board that is a private, not-for-profit organization…
Q: 2. Explain why companies must follow accounting standards in presenting financial statements.
A: Accounting standards considered to be common set of standards. These are common set of procedures…
Q: Common Acronyms used in Accounting Below, you will see acronyms for several organizations that are…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
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: Accounting measurement is the computation of.......... Select one : a . All the other points b .…
A: Accounting is the process of identifying, recording, classifying, summarising and circulating…
Q: Description of Canadian accounting organizations and the services offered by them to support…
A: Canadian accounting organizations are nonprofit organizations that represent accounting…
Q: To understand and use accounting information in makingeconomic decisions, you must understand: a.…
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Q: dentify and explain the 4 fundamental accounting concepts that guides the preparation and…
A: Financial statements:(FS) FS refers to presenting a company's true financial position based on the…
Q: Briefly discuss the relevance of accounting theory to accounting practice in FOUR (4) distinct ways
A: Accounting Theory The basic factors which are rely upon the accounting theory which helps to make…
Q: Many accounting professionals work in one of the following three areas.A. Financial accounting B.…
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Q: Which of the following is NOT related to accounting? O a. Management accounting O b. Financial…
A: Accounting:- Accounting includes recording of business transactions. Under accounting, the…
Q: Many accounting professionals work in one of the following three areas. A. Financial accounting B.…
A: B. Managerial accounting - 1. Internal auditing A. Financial accounting - 2. External auditing B.…
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: Many accounting professionals work in one of the following three areas.A. Financial accounting B.…
A: Financial Accounting: It refers to the process of recording the financial transactions of the…
Q: The initials GAAP stand for a.generally accepted accounting principles b.generally accepted plans…
A: GAAP means those principles which has been followed globally and accepted every where.
Q: Which of the following statement is true about purpose of accounting? Select one: a. The purpose…
A: Introduction: Accounting: Accounting is an art of recording , classifying , summarizing and…
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: Many accounting professionals work in one of the following three areas.A. Financial accounting B.…
A: Accounting in business can take form of financial accounting, management accounting, cost accounting…
Q: Explain the following: 1. Development of accounting rules. 2. How Generally Accepted Accounting…
A: Here discuss about the details of development in the Accounting rules which are incurred in the late…
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- The standards, procedures, and principles companies must follow when preparing their financial statements are known as which of the following? A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual frameworkGenerally Accepted Accounting Principles (GAAP) are currently formulated by the< Financial Accounting Standards Board (FASB). Securities and Exchange Commission (SEC). Institute of Management Accountants (IMA). American Institute of Certified Public Accountants (AICPA).Define Financial Accounting Standards Board (FASB)
- Generally Accepted Accounting Principles (GAAP) are currently formulated by the a. Financial Accounting Standards Board (FASB). b. Securities and Exchange Commission (SEC). c. Institute of Management Accountants (IMA). d. American Institute of Certified Public Accountants (AICPA).Which of the following organizations is responsible for the creation and governance of accounting standards in the United States? O A. Securities and Exchange Commission B. Financial Accounting Standards Board C. Institute of Management Accountants D. American Institute of Certified Public AccountantsAccounting practices in the United States are governed by a set of accounting rules referred to as: The International Financial Reporting Standards (IFRS) The Financial Accounting Standards The Accounting Principles Generally Accepted Accounting Principles (GAAP)
- What do you understand as the meaning of the term Generally Accepted Accounting Principles (GAAP)? Discussion should involve a description of its component parts (bodies of influence) in defining the role of the accountant.How does the conceptual framework assists accountants in the application of accounting standards? Please Explain.Common Acronyms used in Accounting Below, you will see acronyms for several organizations that are somehow related to accounting. Indicate what the acronym stands for and what the organization to which the acronym refers does. FASB Financial Accounting Standard Board IASB International Accounting Standard Board IRS Internal Revenue Service SEC Securities and exchange commission AICPA For what do the following acronyms stand? Also, explain the concept behind the acronym. GAAP Generally Accepted Accounting Principles. It is set of rules and regulations followed by accounting firms in the United States IFRS International Financial Reporting Standards Set of rules and regulations generally followed by firms around the world. Adjusting for Deferrals On October 1, 2019, a company prepays for 6 months of rent at $1,000 per month. Assume that the rental begins on October 1, 2018, that the company adjusts on a monthly basis, and a December 31, 2019 fiscal year end. Create a…
- The FASB issues accounting standards in the form of: Financial Accounting Standards. Financial Technical Bulletins. Accounting Standards Updates. Accounting Research Bulletins.What is the rationale behind the Financial Accounting Standards Board's classification of accounting as an information system?INSTRUCTIONS: Write the similarities and differences of the definition given by three (3) authoritative bodies in accounting. Use the Venn diagram to illustrate your ideas. Accounting Standards Council (ASC) American Institute of American Accounting Certified Public Accountant (AICPA) Association (AAA)