Which of the following statements is correct?   Options: • Going concern principle assume that in preparing the financial statements only properties, liabilities, income and expenses of a particular business are reported therein • The total value of debits in most cases is higher than the total value of credits • All accounting information must be free from error to be reliable

Q: Changes in accounting policies are always accounted for as prospective in application. TRUE or…

A: Accounting policies means rules, guidelines and procedures that are used for the preparation of…

Q: Is there any relevance for double entry in accounting. Why would it be impossible to insist single…

A: Double-Entry Accounting:It's like a detailed and balanced record-keeping system.Every financial…

Q: which statement about users of accounting information is incorrect?   Question 4 options:…

A: The persons who work within a company and use financial data are known as the Internal users.…

Q: One of advantage of accounting rate of return, "lt is based on accounting profits which are subject…

A: Lets understand the meaning of accounting profit. Accounting profit is a profit which indicates the…

Q: Which of the following accounts would not appear on a balance sheet a. Deferred charges b.…

A: Balance Sheet is a financial statement that records all the assets, liabilities and equity of the…

Q: Relevant definition or description is: a. Relevant financial information is capable of making a…

A: With the help of the financial statements, the financial status or position will be identified. The…

Q: Please answer with reason for all why the option is correct and why the other options are…

A: Realisation Concept: Realisation concept assumes that revenue is recognized only when there is a…

Q: If it is material, which of the following does not require all prior reported financial statements…

A: IAS 8 prescribes the criteria for change in accounting estimates, accounting policies and errors. It…

Q: Using practical example discuss why current asset is not seen not part of the income  statement

A: Answer: As per Q/A guidelines, first question is answered. Please repost the question to be answered…

Q: The following statement describes an accounting concept. In conditions of uncertainty more…

A: Accounting Concept -A collection of broad rules known as accounting principles can be applied as…

Q: A negative entry raises the value of the assets and income accounts in the ledger. True \False

A: This question tells about  the value of the assets and income accounts in the ledger

Q: y available information.Accounting information is not useful unless it confirms previously available…

A: Accounting information is general purpose and should be designed to serve the information needs of…

Q: What is meant by a change in accounting principle? Describe the accounting treatment for a voluntary…

A:

Q: uUnder the double-entry system of accounting, a debit represents a decrease to a liability account.…

A: Journal entry is the practice of recording commercial transactions for the first time in the books…

Q: What is the indirect effect of a change in accounting principle?Briefly describe the reporting of…

A: Change in an accounting principle: This change occurs when a company decides to change from an…

Q: That a business may only report activities on financial statements that are specifically related…

A: Accounting concepts are those rules and regulations which are used for the purpose of accounting and…

Q: Which of the following statement is incorrect? Select one: a. Cost accounting is not required by law…

A: Financial accounting, management accounting and cost accounting are three different forms of…

Q: What is accrual accounting and why is it the preferred method for most organisations?

A: The following are two methods used for financial reporting as follows under:-.Cash accountingAccrual…

Q: A transaction is not recorded by the accountant either wholly or partially in the books of accounts…

A: There are various errors that an accountant can commit while recording or posting financial…

Q: Please answer with reason for all why the option is correct and why the other options are…

A: Accounting is a process to record the transactions that affect the business process. The…

Q: Expenses recognized in the wrong accounting period: What does it mean when a company may delay…

A: Delaying the recognition of an expense by recording it as an asset is a common accounting practice…

Q: Accrual Basis of Accounting versus Cash Basis of Accounting On December 31, Hermani Patterson…

A: Accrual basis of accounting provides that Revenue as well as Expenses will be recorded as and when…

Q: The use of the cumulative effect method to account for a change in accounting principle violates the…

A: Accounting principles are the set of rules which define the way accounts should be prepared and…

Q: For each of the following situations, indicate whether itrepresents an accounting error and explain…

A: Answer:   Accounting error.

Q: A T-account (ledger account) does not have the word asset, liability or equity. How can you tell…

A: The accounts are maintained by the business in order to keep proper record of the transactions that…

Q: Journalizing includes Recording transactions and events that effect particular asset, liability,…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Please answer with reason for all why the option is correct and why the other options are…

A: According to the realisation concept, revenue is recognised when an obligation to receive the amount…

Q: 1. How to determine whether a company's assets have been overstated using only its financial…

A: Financial statements are formal records that provide a summary of a company's financial transactions…

Q: Why are some accounts "temporary" and others are "permanent?" How does this relate to the financial…

A: There are two types of account namely permanent account and temporary account.   Permanent accounts…

Q: Bookkeeping is not the recording function in the accounting process   Question 8 options:   True…

A: Recording is the first step of accounting process, under which journal entries are being passed in…

Q: rite True (T) or False (F) Staright-line method is one of the approaches to account for…

A: The answers are given below:

Q: Is it still necessary to record a transaction if it has no net effect on the accounting equation?…

A: Accounting equation says that total assets in the business must always be equal to total liabilities…

Q: Which of the following sentences is Not correct:    Monetary unit assumption states that only…

A: Book Keeping: Financial transactions are recorded through book keeping.

Q: What accounting principle requires that revenues, and the related costs incurred to generate those…

A: Revenue: It is the amount of money earned by an entity by selling goods or providing…

Q: t is NOT necessary to prepare formal financial statements if a work sheet has been prepared because…

A: The objective of the question is to determine whether the preparation of formal financial statements…

Q: Which of the following statements about accounting income and economic income is (are) correct? I.…

A: Accounting profits includes explicit costs only, whereas economic profits includes both explicit and…

Q: Which of the following statement is false? 1.Financial Accounting is optional. 2.Management…

A: Financial statements are the reports that are prepared in order to indicate the financial position…

Q: Which of the given options, is a limitation of financial reporting? (choose one answer only) a.…

A: Financial reporting is also written as financial results of the company. In simple, it is…