Give any four examples of Provision and Reserves with regards to accounting  concepts?

Q: Describe the basic assumptions of accounting.

A: Accounting is a systematic process of identifying, recording, measuring, classifying, verifying,…

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

A: GAAP stands for Generally Accepted Accounting Principles.

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

A: Accounting Principle - Every business entity i.e. proprietorship, partnership and company have to…

Q: Going from general to specific, what are the three primaryobjectives of financial accounting…

A: Financial Accounting is the process by which an organization's revenue, receivables and expenses are…

Q: What is accounting? Explain FOUR functions of accounting

A: Accounting plays an important role for managers to analyze the financial resources of the company.

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

A: “As only one item is given in the question, it is assumed this particular answer is asked by the…

Q: What are three accounting assumptions

A: While preparing financial statements, there are various assumptions to be followed and implemented…

Q: Which of the following branches of accounting is the original form of accounting?

A: The branches of accounting are: 1. Financial Accounting 2. Cost Accounting 3. Management Accounting…

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

A: Accounting Principles:   Accounting principles refers to the rules and guidelines that are to be…

Q: Explain the three elements of the Accounting Equation.

A: The three elements of accounting equation are as fallows  1) shareholders equity  2) assets  3)…

Q: What are the four basic assumptions that underlie the financial accounting structure?

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

Q: Explain the meaning of generally accepted accounting principles (GAAP) and the role of the…

A: GAAP:

Q: What are four key accounting practices that often are referred to as principles in current GAAP?

A: GAAP:   GAAP refers to a common set of accounting principles, standards and procedures issued by…

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: Review the basic assumptions of accounting.

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

Q: State the different types of accounting.

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

Q: Describe about any five elements of financial statement?

A: Financial Statement:   A financial statement is the complete record of financial transactions that…

Q: What are the different branches of accounting?

A: Accounting:Accounting is the process of recording, summarizing and examining the  business events…

Q: Explain generally accepted accounting principles and define and apply several accounting principles.

A: Accounting principles: These are the assumption, concepts, and guidelines necessary to prepare and…

Q: Explain and applyunderlying accountingconcepts, assumptions,and principles

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

Q: What are the different assumptions of Accounting principles?

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

Q: What are the three primary objectives of financial reporting?

A: Financial Reporting:   Financial reporting is the process of disclosing the financial results of the…

Q: What are the four financial statements? Define them.

A: Financial statement is the written record of the company's business and it convey the financial…

Q: Describe four possible types of comparisons that may be made in financial statement analysis

A: Financial statement analysis: Financial statement analysis is a valuable measure for evaluating…

Q: Describe simply what accounting is.

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

Q: Describe the three functions of accounting

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

Q: Meaning and types of accounting

A: Introduction: Accounting is one in all the foremost important roles of a corporation. An accountant…

Q: What is the aim of accounting, to put it in the broadest possible terms?

A: Introduction: A business's financial events and transactions may be summarized and recorded in…

Q: Identify and explain the four possible measurement bases?

A: Measurement is the process of determining the monetary amounts at which the elements of the…

Q: What are the six major elements of accounting?

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

Q: Discuss Practical Implementations of any one generally accepted accounting Principle (GAAP),…

A: Generally Accepted Accounting Principles are used in preparing account of an entity. The purpose of…

Q: accounting consept

A: Introduction Accounting Concept: Accounting concept refers to the fundamental assumptions,…

Q: What are five basic components of an accounting system?

A: Accounting information systems: Accounting information systems collects data from different events…

Q: describe the three ways you would identify if a financial statement is a special purpose financial…

A: The reports that are prepared by the management of to represent the financial performance of a…

Q: Explain briefly any four objectives of ‘Analysis of Financial Statements’

A:

Q: What information should be included in the heading ofeach of the four primary financial statements?

A: In the headings of each of the financial statements one thing that must be included is date at the…

Q: What are the general four criteria used to recognized in the basic financial statements?

A: Financial statements are prepared to analyse financial position of the business. Basic financial…

Q: Define generally accepted accounting principles (GAAP)

A: GAAP Stand for Generally Accepted Accounting Principles.

Q: Distinguish between FASB Accounting Standards Updates and FASB Statements of Financial Accounting

A: Accounting Standards Updates: constitute GAAP and dictate acceptable financial accounting and…