Which of the following are not included in the external users of accounting nformation? O a. Tax Authority O b. Creditors Oc. O c. Investors O d. Management

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: 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: 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: Who are the primary users of general-purpose financial statements? O A. Creditors O B. Investors OC.…

A: Introduction: Accounting: Accounting is an art of recording , classifying , summarizing and…

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: All the following statements about users of accounting information are correct EXCEPT Present…

A: There are two types of users of accounting information one is external user who are outside of firms…

Q: Which of the following is not an objective of the conceptual framework? O a. Provides guidance for…

A: A conceptual framework is a lucid arrangement of interrelated goals and fundamentals that can prompt…

Q: Accounting is categorized as a supporting process in managing operations of any organization O a.…

A: There are three processes in managing the operation of any organization Upper Management process…

Q: Which of the following is true regarding whether IFRS specifically addresses the accounting and…

A: IFRS:

Q: Explain the differences between a positive theory of accounting and a normative theory of…

A: The question is based on the concept of Business Accounting.

Q: Discuss agency theory, including its basic assumptions, agency relationships, why the political…

A:

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. Professional accountants…

Q: Which of the following users is not considered an internal user of accounting O a. An employee O b.…

A: Internal user of accounting means the stakeholder within the organization who uses the accounting…

Q: Which of the following factors should influence business and accounting decisions?a. Economicb.…

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: In what ways/How can making accounting standards compulsory cause problems in financial presentation…

A: Financial Statements under IAS 1 The basic standards for financial statements are outlined in…

Q: Generally accepted accounting principles play an important role in financial reporting.a. What is…

A: Requirement a:

Q: e broad conceptual definition of management accounting presented in the text excludes     a. public…

A: Management accounting refers to the system of accounting that uses the informal for internal use by…

Q: Which one of the following characteristics of accounting information is related to Objectivity? a.…

A: Accounting information means that relevant accounting and financial information that is useful for…

Q: Which one of the following statements is not correct regarding financial accounting and management…

A: Financial accounting is a branch of accounting which means preparation and circulation of financial…

Q: Accounting estimates are those adopted by an entity in preparing and presenting its financial…

A: Explanation: Accounting estimates is a approximate amount that is used for measurement when there is…

Q: Which of the following is NOT an application of Accounting Research? O a. Deciding and implementing…

A:

Q: Which is not a purpose of the conceptual framework? a. To provide definitions of key terms and…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Which of the following is not an accounting assumption? Select one: a. Integrity. b. Economic…

A:

Q: Which one of the following statements is not correct regarding financial accounting and management…

A: Financial Accounting: The main purpose is to ascertain profit or loss and to indicate the financial…

Q: Choose the answer which is not true about the conceptual framework for financial reporting. a. the…

A: The conceptual framework for financial reporting is a theory that that provides the basic reasonings…

Q: From the following statements which one is not the correct classification of accounting theory

A: Accounting theory is the theory which is actually the set of guidelines, principles or in order…

Q: Which is not a purpose of the conceptual framework? a. To provide definitions of key terms and…

A: The conceptual framework of accounting is made to enable the accountants/accounting professionals to…

Q: In you own understanding, discuss briefly the salient features of accounting models such as Entity…

A: Accounting concepts are basic rules , assumptions and conditions that…

Q: what are accounting principles?

A: Accounting principles are a set of rules and regulations that should be followed when reporting the…

Q: The users of accounting information such as investors, financiers, suppliers and government are…

A: Accounting information such as financial statements, Notes to accounts, etc will  be used by the…

Q: What is the indirect effect of a change in accounting policy? Briefly describe the approach to…

A: Here is the answer :

Q: Financial accounting information is characterized by all ofthe following except:a. It is historical…

A: Financial accounting information will be information about a business element's exchanges. From…

Q: Which pronouncements are not issued by the FASB? a. Statements of Financial Accounting Concepts b.…

A: FASB is an accounting standard board, the main purpose of which is to establish the GAAP (Generally…

Q: Shareholders are external user of accounting information . The answer is true or false

A: The objective of the financial statement or accounting information is to provide information about…

Q: Explanation of double entry accounting and its relationship to pertinent accounting concepts

A: The notion of double-entry is critical in the accounting system since it allows for more accurate…

Q: Which of the following is in accordance with generally accepted accounting principles? Select one:…

A: Generally accepted accounting principles improves the clarity,  consistency and communication of the…

Q: what are the difficulties may users of financial statements face it in using financial or accounting…

A: Accounting disclosure information: It is information that shows expenses and revenues of the…

Q: Why is an entity permitted by financial reporting standards to change an accounting policy? O The…

A: Solution Concept The change in accounting policy is allowed under two situation                 -the…

Q: Which of the following is not included in the financial statements prepared by accountants?

A: The answer is option (b) Trail  balance

Q: The financial statements are based on the most basic tool of accounting. True or false? Explain how?

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: Which of the following is not one of the basic concepts of accounting? A) RESPONSIBILITY B)…

A: Accounting:- It can be defined by recording the transactions in a systematic order and should be…

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: Which pronouncements are not issued by the FASB? O Statements of Financial Accounting Concepts O…

A: FASB is an accounting standard board, the main purpose of which is to establish the GAAP (Generally…

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: (b) Change in accounting policy may have a material effect on the items of financial statements."…

A: Accounting policies are those rules, regulations and guidelines which needs to be followed at the…

Q: Financial accounting data prepared in accordance with GAAP. But management accounting don’t follow…

A: The answer for the theory question on Financial Accounting vs Management Accounting is presented…

Q: ncerned with? a) Providing statutory information for external use b) Providing internal information…

A: The right answer is option b) Providing internal information for use by management

Q: Which one of the following statements is not correct regarding financial accounting and management…

A: The correct option is  B. Only financial accounting involves the use of accounting information