Discuss the concept of materiality in financial reporting. How do accountants determine whether an item is material or not?

Which area of accounting needs a computerized accounting information system the most—payroll, tax, or preparing financial statements?

Discuss the concept need answer

Explain the concept of conservatism in accounting. How does the principle of conservatism affect the valuation of assets and liabilities?

When do accountants consider revenue to be realized?What basic question about recording revenue in accountingrecords is answered by the realization principle?

How does the concept of prudence relate to accounting estimates? Explain.

What is the FASB’s Conceptual Framework? What are the objectives of financial reporting? What qualities make Accounting information useful? What are the most important assumptions in Accounting? What is the Financial Reporting model in the Conceptual Framework? What are the components of an Accounting System? What is the Accounting Cycle? How do we record, post and prepare Financial Statements? What is Cash Basis Accounting?

What are the accounting implications of an accounting model whose measurement focus is on “current financial resources”?