Setting accounting standards by the private sector is Select one: a. Independent discipline approach b. Microeconomic approach c. Common law accounting d. Code law accounting

Q: Define accounting, and describe the roles of private andpublic accountants.

A: Accounting is a process of identifying business transaction, analyzing, measuring, recording, and…

Q: Differentiate accounting for government and not-for-profit organization from a business enterprise.

A: Business enterprises are those organisation which run and execute their business for the purpose of…

Q: Which among the following is an external user of accounting information? a. Government authorities…

A: Accounting information means financial statements and results that are useful for decision makers…

Q: Each of these parties plays a role in the quality of financial reporting. Match each group with its…

A: Groups and functions:

Q: Choose one specialized industry and identify one specific financial reporting standards or distinct…

A: An industry is a branch of the economy that generates a closely related collection of raw materials,…

Q: In Canada, Generally Accepted Accounting Principles (GAAP) are established: Multiple Choice by the…

A: Hey, Since there are multiple questions posted, we will answer first question. If you want any…

Q: Setting accounting standards by the private sector is

A: The common law is developed on the basis of the particular case. It represents the development of…

Q: Compare and contrast the following terms as used in public sector accounting   1. Cash Basis of…

A: Accounting is the process which involves the recording of transactions, posting them into ledgers,…

Q: Generally Accepted Accounting Principles (GAAP) are currently formulated by the< Financial…

A: Find the board that is responsible for creation and governance of GAAP.

Q: Can you think of any reasons why the SEC relies on private sector bodies to set accounting…

A: Securities and Exchange Commission (SEC): SEC was created under the Securities Act of 1933 and…

Q: What type of organization primarily offers tax compliance auditing and consulting service A.…

A: It’s a business that provides accounting expertise, such as auditing and tax services, to…

Q: Financial reporting depends on the needs of external users of the information reported. Who are the…

A: Financial reporting is done and provided by all types of companies irrespective of the industry in…

Q: Which of the following statements about desirable attributes of accounting standards boards is most…

A: Accounting standards boards should not concede to political pressures because then it will not be…

Q: Who among the following is a direct user of accounting information? Labor association Financial…

A: Users of accounting information is classified into 2 categories:  a. Direct users  b. Indirect users…

Q: Which of the following reason(s) help explain why accounting practices may differ across countries?…

A: International Financial Reporting Standards:- IFRS are set of standards that are developed by the…

Q: Distinguish between government and not-for-profit organizations from business entities and describe…

A: Business entities are described as those units which are formulated to provide professional…

Q: Choose one specialized industry and identify one specific financial reporting standards or distinct…

A: Financial reporting standards are those standards which are to be followed by each business in order…

Q: In terms of Accounting Theory: Part A - What are the symptoms of a regulatory system being public,…

A: Here discuss about the theories which are involved for public interest theory, regulatory capture…

Q: The body of rules and procedures that guide the measurement and communication of financial…

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

Q: What is the difference between accounting and business government

A: Accounting: It is the process of recording any financial transactions incurred in the financial year…

Q: Explain the purpose of the Public Company Accounting Oversight Board.

A: Auditing:   In auditing, auditors verify the correctness and fair presentation of financial…

Q: What are the importance of measuring and evaluating performance relating to finance and accounting…

A: Finance and accounting are important aspects of any business because it deals with overall funds and…

Q: According to the FASB conceptual framework, the objectiveof financial reporting for business…

A: FASB is an independent 7 member board, of accounting professionals overseeing the creation of…

Q: What elements should accountants examine while developing a company's PPE accounting policy

A: The assets on a company's balance sheet are the things that will bring it money in the future. The…

Q: Explain why establishing accounting standards is characterized as a politicalprocess

A: The standard setting process is a political process that is affected by the impact of several…

Q: In what way is the Securities and Exchange Commission concerned about and supportive of accounting…

A: Securities and Exchange commission (SEC): It is a government body established to safeguard the…

Q: Which of the following are elements of a single, widely accepted set of high-quality accounting…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Describe the organization of public accounting firms and identify the variousservices that they…

A: A small business might use a public accounting firm to prepare the monthly or quarterly financial…

Q: Which of the following organizations is responsible for the creation and governance of accounting…

A: The answer is option (b.) [i.e, Financial Accounting standards Board (FASB)] Refer Step 2 for…

Q: 1. State and explain the Reasons for the existence of the public sector.

A: We shall answer the first question since the exact question wasn't specified. Please resubmit a new…

Q: what are the reasons financial accounting standards inspire or encourage political action and…

A: The financial accounting standards are used while accounting by all the entities which are required…

Q: Describe the roles of the following organizations in establishing generally accepted…

A: a. The Financial Accounting standards Board (FASB) is the primary standard-setting body in the…

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

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: Explain the difference between public and private accounting

A: SOLUTION-   ACCOUNTING  IS THE PROCESS OF RECORDING FINANCIAL TRANSACTIONS PERTAINING TO A BUSINESS.

Q: The responsibility for adopting sound accounting policies, maintaining internal control, fair…

A: The primary responsibility of adopting sound accounting policies, their effective implementation,…

Q: Who should set accounting standards? A government agency or private body such as the FASB?

A: Accounting standards are the rules and provisions that guide the manner in which accounting reports…

Q: corporate governance

A: Option a is wrong because the term legal is not associated with corporate governance or…

Q: Explain the impact of accounting standards suchas GAAP and the Sarbanes-Oxley Act on…

A: After a prolonged period of corporate scandals (e.g., Enron and Worldcom) in the United States from…