mechanical aspect of accounting

Q: Which of the following action shall explain the prudence concept in the most appropriate way?…

A: Prudence concept:- Amount of revenues recognised  and assets  should not be overestimated; Amount of…

Q: Determining organizations that govern accounting Suppose you are starting a business, Wholly Shirts,…

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Q: How does the time period assumption affect an accountant's analysis of business transactions ?

A: Time period assumption state that business organizations are required to prepare and present their…

Q: ome specific activities that a financial manager does? For example: Review balance of company…

A: Financial manager have many important activities that need to be done on daily routine basis and…

Q: accounti

A: There are various branches of accounting say Financial Accounting, Cost Accounting, Management…

Q: Many accounting professionals work in one of the following three areas.A. Financial accounting B.…

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Q: Which of the following is true of financial accounting information? Select one: a.It focuses on the…

A: Financing accounting information determines the financial status and health of a business. This is…

Q: The cost of having financial statements audited by an independent accounting firm.

A: Cost refers to the monetary value which includes the expenditure for supplies, services,…

Q: The primary objective of financial reporting is to provide information . In an ethical manner.  To…

A: The objective of financial reporting is to give information about financial performance and…

Q: Private accounting, as a sub-discipline of accounting, includes: Select one: a. Management…

A: 1. Private accounting, as a sub-discipline of accounting, includes Cost Accounting, Financial…

Q: Which of the following would be considered a preparation of financial statements engagement?a.…

A: The service in which accountants prepare financial statements of various clients is referred as…

Q: Why would a client ask an accountant to report on a financial statement element?

A: Definition:

Q: Management, not the accountants, prepares a company's financial statements. Think what what this…

A: The answer :

Q: The basic function of financial accounting is to Select one: a. Interpret financial data b. Record…

A: Introduction:- Accounting is an art of recording, classifying, summarizing and interpreting the data…

Q: Which of the following would not be considered internal users of accounting data for a company? a.…

A: The company produces accounting data in the form of financial reports and related disclosures. There…

Q: Discuss the two main branches of accounting and explain the differences between financial accounting…

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

Q: Many accounting professionals work in one of the following three areas.A. Financial accounting B.…

A: Financial Accounting:   It involves identifying, recording, summarizing and reporting the economic…

Q: how accounting information helps shareholders and lenders to make decisions concerning the…

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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: Which of these persons generally does not participate in writing the management letter?a. Client’s…

A: Answer: Option a.

Q: Question 1 In the table below are a number of business needs/activities. Determine the roles and…

A: A working business will have many transactions taking place each day, which are pre-requisite for…

Q: Professional judgment plays a major role in the practice of accounting.a. In general terms, explain…

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

Q: t

A: Definition of an Accountant An accountant is an expert who is liable for keeping and deciphering…

Q: Which of the following is NOT correct about the importance of accounting? Select one: a. It ensures…

A: Financial Statements are prepared by the management for reporting purposes. These are the essential…

Q: The main purpose of financial accounting is: To provide useful information to stakeholders Keep…

A: Financial accounting is one of the branch of accounting. Process of recording, summarizing and…

Q: Recording transactions in the accounting system requires knowledge of the important characteristics…

A: IASB has made a revised framework which has been released in 2018

Q: terpretation of Account

A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…

Q: Which of the following is TRUE of both financial accounting and management accounting? a. The…

A: Solution Concept Financial accounting               The accounting that is done for the purpose of…

Q: Which of the following activities is associated with the management accounting information system?…

A: The Question has covered the concept of Cost of Quality. The Cost of Quality is a method of measures…

Q: Many accounting professionals work in one of the following three areas. A. Financial accounting B.…

A: B. Managerial accounting - 1. Internal auditing A. Financial accounting - 2. External auditing B.…

Q: provides individuals within an organization with the financial information needed to make good…

A: Accounting has various branches that are used for different purposes and parties. The cost…

Q: Which is the last step of accounting as a process of information? Select one: a. Recording the…

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

Q: Determining the cost of producing specific products or providing services and analyzing for cost…

A: The answer is stated below:             Note: Answering the first three subparts as there are…

Q: A worksheet is a: formal document shown with a company's annual report. formal document required by…

A: Solution: Worksheet is not a format documents that is prepared in compliance of any statutory…

Q: dentify which branch or field of accounting provides the functions and services stated below. Choose…

A: There are several branches of accounting and these branches have their own purposes. These are:…

Q: Consider the following statements. For each one of them state whether the statement is true or false…

A: Accounting's goals include keeping a systematic record of all financial transactions in a book of…

Q: Which of the following statements pertaining to Accounting is correct? A. Accounting is a fixed…

A: Accounting is the way of collecting, recording, processing and communicating the effect of various…

Q: Which of the following is not one of the general ledger and reporting activities? A. Updating the…

A: General ledger: It is the T-accounts prepared for every journal entry and get recorded in their…

Q: Which of the following is not considered an analyticalaspect of the accounting profession?a.…

A: The analytical aspect of the accounting profession helps the management to make an efficient and…

Q: Explain the following for a manufacturing, retail, or service business: The primary purpose of the…

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Q: Which of the following statement is true about purpose of accounting? Select one: a. The purpose…

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