All of the following items are classified as accounting assumptions and coventions except for a. going concern b. timeliness c. monetary unit d. entity

Q: hich of the following elements of financial statements is most closely related to company…

A: Financial statements are important reports that provide financial data about a firm at a certain…

Q: What goes under assets and what goes under liablilities for a balance sheet?  Wanting specific list…

A: A balance sheet is a financial statement that reports a company's assets, liabilities and…

Q: What are the effect of unclassified accounts in the financial statements to the stakeholders

A: The record is one among the four basic money statements firms prepare every accounting cycle. The…

Q: The expense recognition principle (“matching”) controlsa. Where on the income statement expenses…

A:

Q: The accounting equation underlies the process used to capture the effect of economic events. The…

A: Accounting equation: Accounting equation is an accounting tool expressed in the form of the…

Q: Explain the following measurement bases of the elements of financial statements and indicate how…

A: Basis of accounting, is the way through which the various financial transactions are recorded in the…

Q: Sales of products or services are referred to as  a. Assets. b. Revenues. c. Liabilities. d.…

A:

Q: Materiality is an entity-specific aspect of which of the qualitative characteristics of financial…

A: Materiality is an aspect of relevance in entity specific... The concept of materiality is relevance…

Q: Explain the other statements that the financial statement is comprised of.

A: Financial statements are the reports that are prepared at the end of the period. These are prepared…

Q: what are the Measurement bases – elements of financial statements ?

A: Financial statements are the records maintained by the company to record the business transactions…

Q: Which of the following is ascertained from the income and expenses of an entity?   A financial…

A: Income means revenue earned from the sale of goods and services in the business. Expenses means…

Q: Which financial statement's structure is closest to that of the basic accounting ?equation

A: Solution: Basic accounting equation represents: Assets = Liabilities + Equity This is the main…

Q: be viewed as a going concern C. The financial statements are reliable D. Accounting policies are…

A: Only items that fit the definitions of an asset, a liability, or equity are recognised in the…

Q: Which of the following is not an element of the financial statements? Multiple Choice Net income…

A: Solution:- Introduction:- The following items is not a element in financial statements as follows…

Q: • Define the following accounting concepts and explain for each their implications for the…

A: I am answering the first three sub-parts of the question as per bartleby guidelines. Please…

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: A recognition test assists with deciding whether items should be included in the financial…

A: Financial statements seem to be a set of summary-level statements that summarise an organization's…

Q: The accounting equation can be restated as: Assets - Equity = Liabilities. True or False True False

A: Solution: The basic accounting equation, also named as balance sheet equation, reflects the…

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: Review the basic assumptions of accounting.

A: Financial accounting structure: A system that records, maintains, and creates reports for the…

Q: According to PAS 1 Presentation of Financial Statements, the general features of financial…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Why is the going-concern assumption an important consid-eration in understanding financial…

A:

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: Identify each of the following terms/phrases as either an accounting (a) principle, (b)…

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

Q: Distinguish between statement of affairs and balance sheet.

A: Difference between Statement of Affairs and Balance Sheet: Objective of balance sheet is show…

Q: Explain and applyunderlying accountingconcepts, assumptions,and principles

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

Q: When an organization considers its work-in-process, how should it be classified on a balance sheet?…

A: Work in process is a part of the inventory component of balance sheets, Inventory is categorized…

Q: Identify each of the following terms/phrases as either an accounting (a) principle, (b)…

A: Going concern:

Q: a) Distinguish between financial assets and real assets for each of the following characteristics.…

A: Differences between financial assets and real assets on the basis of certain characteristics are…

Q: Explain the concept of NORMAL BALANCE and how it works for assets, liabilities and equity.

A: Concept of NORMAL BALANCE : Generally, the most of the companies follows double entry method of book…

Q: what is the Criteria for recognising the elements of the financial statements

A: Criteria for recognizing the elements of the financial statements The flow of Future economic…

Q: Identify each of the following terms/phrases as either an accounting (a) principle, (b)…

A: Accounting principle: These are the guidelines which are to be applied while preparing the…

Q: The usefulness of the balance sheet is enhanced by classifying assets and liabilities according to…

A: A balance sheet is divided into three parts- Assets, liabilities and owner's equity. Each of the…

Q: Briefly explain the "accrual basis assumption" and why financial statements are prepared under this…

A: As per our protocol we provide solution to the one question only but as you have asked multiple…

Q: Is internal accounting information primarily historical orfuture-oriented? How does that compare…

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Q: Compare the essential features of each financial account statement to analyse the differences…

A: Journal-Journal is the original book of entry wherein financial transactions are recorded for the…

Q: Question: Describe the following scales and identify which scales are applied in accounting…

A: Level of measurement also known as scale of measure is defined as the classification that…

Q: Recognition is the process of: A. Capturing, for inclusion in the statement of financial position…

A: Balance Sheet and Income statement are two important financial statements of business. Balance sheet…

Q: Demonstration of the relationship between GAAP and accounting practices (e.g., matehing prineiple…

A: The process by which financial transactions of the business are recorded and communicated with the…

Q: Which of the following is not a proper representation of the accounting equation? Equity = Assets…

A: Total assets should always equal the total of liabilities and equity.

Q: Which of the following is ascertained from the income and expenses of an entity? O A. financial…

A: Income statement means where all expenses and income are shown . Balance sheet means where all…

Q: The concept of the accounting entity is aplicable

A: Accounting is the process of recording all the financial transactions pertaining to a business.

Q: how is the feature of materiality and aggregation applied in the presentation of financial…

A: Preparation of Financial statement includes preparing of final accounts, preparing ratios, comparing…

Q: Service revenue belongs on which financial statement?

A: Service revenue is in the nature of Revenues account. Therefore, the Balance of Service revenues…