defination of accounting?

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

A: Financial Accounting - This is a branch of accounting under which business transactions are recorded…

Q: What need has the changing definition of accounting fulfilled?

A: Accounting is described as process in which the transactions or events pertaining to the firm are…

Q: Can you name some common errors in accounting?

A: Some of the common errors in Accounting are as under: Error of omissions: Here some transactions…

Q: What are the benefits of generally accepted accounting principles (GAAPs)?

A: GAAP stands for Generally Accepted Accounting Principles.

Q: What are the basic foundation of Accounting?

A: Accounting: Accounting is the practice of documenting financial transactions that occur in the…

Q: If the accounting information is not clearly presented, which of the qualitative characteristic of…

A: Introduction Information in the books of accounts need some qualities, which are to be fulfilled in…

Q: How does management accounting differ from financial accounting?

A: State the way in which the management accounting differs from financial accounting:Accounting is an…

Q: What are the golden rules of accounting?

A: Accounting is the process of recording, classifying and summarising financial transactions in order…

Q: In what ways does revenue recognition differ from other financial accounting procedures?

A: Definition: Every corporate entity should record revenues when they are generated, regardless of…

Q: What is the matching principle of accounting?

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: asis accounting. Explain with examples?

A: Answer: Basis of differences Cash Basis Accrual Basis Types of transactions recorded Only cash…

Q: What is meant by a change in accounting principle? Describe the accounting treatment for a voluntary…

A:

Q: Why is the accrual basis of accounting generally preferred over the cash basis?

A: Accrual accounting aims to record the impacts of accounting events in the period when such events…

Q: What do you mean by materiality concept in accounting?

A: Materiality concept:Materiality concept refers to a condition wherein, the financial information of…

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: How is financial accounting different frommanagement accounting?

A: The financial accounting and the management accounting are used for taking decisions for the…

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: What is the difference between accounting and bookkeeping

A: Bookkeeping and accounting are both are relatable and most essential for business transactions to be…

Q: Is there a type of accounting that is not financial accounting?

A: Yes, there are two type of accounting which is not a financial accounting.

Q: what are accounting principles?

A: Accounting principles are a set of rules and regulations that should be followed when reporting 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: What are the common errors in accounting?

A:

Q: What are the different objectives of accounting?

A: Accounting: An organization's financial transactions are recorded through accounting. Reporting…

Q: Why does accounting rely on inexact or approximate measures?

A:

Q: What are the different assumptions of Accounting principles?

A: Accounting assumptions provide a fundamental base and structure to record business transactions.The…

Q: Is there a distinction between management and financial accounting?

A: Accounting refers to a process through which all day-to-day activities or transactions occurred or…

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 are the differences between EVA and net profit in accounting

A: Introduction : Businesses may assess investment prospects using economic value-added and 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: Is accounting theory really necessary for the making of accounting rules?

A: Solution:- Is accounting theory really necessary for the making of accounting rules:- Accounting…

Q: What is the purpose of valuation in terms of accounting?

A: Valuation is the technique of estimating and determining the fair price or value of a property such…

Q: How do you maintain accounting accuracy?

A: Maintaining accuracy in the accounting records is an essential requirement for every entity involved…

Q: When is it permissible to violate generally accepted accounting principles (GAAP)

A: Certain types of information must be disclosed in a company's audited financial statements in…

Q: Difference Between Financial Accounting And Bookkeeping?

A: Definition:   Bookkeeping: Bookkeeping is the process of recording financial transactions and other…

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: fer from o

A: Revenue should be recognised when it is generated, not when it is received, according to the revenue…

Q: Role of Judgment in Application of Accounting Standard. Should it reduced or expand the role?

A: Irrespective of the approach that is used by the standard setters to establish accounting standards,…

Q: Why is the evidence provided by source documents important to accounting?

A: Source Document Source document are refer as the original record which contains the detail…

Q: How important is the accounting?

A: Businesses require a system that can help in measurement and evaluation of different financial…

Q: How are the balance sheet and income statement affected by fair value accounting?

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Q: How does the ethics are important in the accounting?

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

Q: What is the difference between accounting and auditing?

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Q: n conceptual framework resolve accounting problems? How?

A: Introduction: Conceptual framework is a guide for preparing financial statements by identifying the…