What is the rationale behind the Financial Accounting Standards Board's classification of accounting as an information system?

Q: What is FASB Financial Accounting Standards Board?

A: It is an organization responsible for establishing and improving GAAP within the territory of the…

Q: What is concern of external users of accounting information in GAAP?

A: Accounting information includes all financial statements like Balance Sheet, Income statements and…

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 is the importance of Accounting Information System in the modern practice of Accounting?

A: Accounting Information System refers to the system where financial and accounting data is collected,…

Q: Describe the conceptual framework of accounting principles.

A: The conceptual framework can be defined as a system of ideas and objectives that lead to the…

Q: Which function do accounting information systems provide in current accounting procedures

A: An accounting information system (AIS) constitutes of gathering, storage, and processing of…

Q: The reporting of accounting theory is related to what?

A: Accounting theory is all related to the preparation of financial statements of the business.…

Q: What is the purpose of Financial Reporting Releases and Staff Accounting Bulletins?

A:

Q: ‘The accounting concepts and accounting standards are generally referred to as the essence of…

A: INTRODUCTION  Financial Accounting refers to collecting , summarizing and presentation of the…

Q: What role does an Accounting Information System play in today's accounting?

A: The accounting information system is a way to keep the track of all the business transactions and…

Q: Write suitable discussion related to (i) the definitions of accounting and the forms of the…

A: (i) Accounting is the practice of keeping track of a company's financial activities. Summarizing,…

Q: Describe the goals of accounting standards.

A: Accounting standards are authoritative standards for financial reporting and are the primary source…

Q: What is the relevance of the Accounting Information System in the modern practice of accounting?

A: Accounting Information System: When a company employs an accounting information system (AIS), it…

Q: Financial accounting information?

A: Introduction: Accounting: The process in which the financial transactions of the business entity are…

Q: Functions of Financial Accounting Standards Board

A: Accounting is the practice of recording a business's financial transactions. Accounting involves…

Q: What is the fundamental difference between financial accounting and management accounting in terms…

A: An accountant's job is to keep track of the findings and analyze them.

Q: nciples of accounting

A: Principles of accounting are the rules and regulations that must be pursued by an organization when…

Q: What is the purpose of reporting accounting theory?

A: This question explains about the purpose of reporting accounting theory

Q: What is the Accounting Information System in today's accounting practice?

A: The answer for the theory question on role of Accounting information system in today's accounting…

Q: What is the purpose of accounting in an organization?

A: Income Statement: The income statement helps an organisation understand the amounts of revenues…

Q: What are the Universal Standards in Accounting?

A: Universal standard of accounting is also known as International standard of accounting. The…

Q: What are the ideas and language used in accounting?

A: Introduction: Accounting is the practice of knowing track of a company's financial activities.…

Q: Why does The conceptual framework has been described as an “Accounting Constitution”?

A: The conceptual framework sets the boundary within which financial accounting and reporting takes…

Q: What is meant by "financial accounting" and "management accounting"? What is the difference between…

A: Financial Accounting:    It is collection of accounting data to create financial statements. It…

Q: What Is The Primary Objective Of Financial Accounting?

A: Financial accounting: Financial accounting is the process of measuring the business activities of an…

Q: What is the role of the Financial Accounting Standards Board (FASB)?

A: Financial Accounting Standards Board (FASB) is an organization responsible for establishing and…

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: Explain why a regulatory framework is necessary in financial accounting.

A: The term regulatory framework in accounting refers to the set of rules and regulations that are…

Q: The FASB issues accounting standards in the form of: Financial Accounting Standards. Financial…

A: An accounting standard is a common set of principles, standards and procedures that define the basis…

Q: Make logical comparison between financial accounting with other fields of accounting ?

A: Accounting It is a process under which financial transactions are recorded ,stored, retrieving ,…

Q: In general, what is the conceptual framework that underlies accounting principles?

A: Accounting principles are the specific rules and guidelines that are to be followed in preparation…

Q: Discuss the  meaning and needs of accounting standards.

A: Accounting standards:Accounting standards are common set of principles, procedures and standards for…

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…

Q: What is the function of the Accounting Information System in current accounting?

A: Accounting Information Systems are the systems that help the organizations to record their…

Q: What is meant by generally accepted accounting principles,and how do these principles add to the…

A:

Q: What concepts and terminology are utilized in accounting?

A: Introduction: A company's financial transactions are tracked through accounting, which is the…

Q: explain the fundamental qualities of accounting information

A: Accounting data would be supplied into an accounting information system, which processes data using…