Which of the following states that the business should use the same accounting methods from period to period? a. Materiality concept b. Consistency principle c. Disclosure principle d. Accounting conservatism

Q: Which of the following accounting concepts considers the investment made by the owner in the…

A: Accounting Principles are the rules and guidelines to be followed by a business while preparing and…

Q: ow is accounting information used in busi

A: Accounting is the combination of various steps like recording, analyzing, summarizing, and…

Q: Which principle or concept states that businesses should use the same accounting methods and…

A: Answer: c) Consistency In accounting the concept of consistency states that company should maintain…

Q: Application of Generally Accepted Accounting Principles (GAAP) (e.g., matehing prineipte,…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Give an example of situation to show how a business adheres to each of the following accounting…

A: HISTORICAL COST - as per the historical cost concept, every company must record its assets and…

Q: Problem 2: An accountant must be familiar with the concepts involved in determining earnings of a…

A: The reasoning for perceiving costs as costs at the hour of item sales depends on the way that a few…

Q: Which one of the following accounting concepts/conventions enables the business to make comparative…

A: Accounting is process of recording the monetary transactions occur during the financial year. It…

Q: Generally accepted accounting principles (GAPP) require companies to use Select one: a. None of the…

A: GAAP (Generally Accepted Accounting Principles) are the set of rules and guidelines as prescribed by…

Q: Revenue from sources other than the primary operating activity of a business like interest expense…

A: The Multistep income statement categories the different revenues and expenses incurred during the…

Q: What is the name of the accounting concept in which revenue earned  during the accounting period…

A: An accrual is a journal entry that is used to recognize revenues and expenses that have been earned…

Q: a. A business should report the least favorable figures in the financial statements when two or more…

A: Conservatism  - It is accounting principle which says all the probable losses or expenditure  should…

Q: Which one of the following characteristics of accounting information is related to Objectivity? a.…

A: Accounting information means that relevant accounting and financial information that is useful for…

Q: The accounting principle that considered the business to have a separate and distinct personality…

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

Q: Which principle states that businesses should use the same accounting methods and procedures from…

A: Accounting principle: These are the guidelines which are to be applied while preparing the…

Q: According to which concept the owners are considered to be different from the business [A] Business…

A: Accounting concepts are the rules or assumptions that must be followed whil preparation of financial…

Q: Why is Accounting Entity Concept an important principle of accounting that a business should…

A: The accounting system is based on different concepts like historical concept, accrual basis,…

Q: What precisely distinguishes accounting from business admin

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

Q: State whether the following statement is 'True' or 'False': In accounting, all business transactions…

A: Introduction: Accounting is the process of recording, organizing, and understanding your business'…

Q: laining the accounting role of a business. Why is the function required and what is its purpose?…

A: Accounting is very important for business because without accounting you will not b able to…

Q: Do you agree with the following statement: "Accounting is vital to the success of a business?"…

A: Accounting refers to the process of recording the financial transactions related to the business .…

Q: Question 1 a.) Should financial Accounting be the same everywhere? Discuss this question with…

A: Accounting: The process to record, classify, summarize organization transactions in a systematic…

Q: What do you mean by accounting in business? Explain the Accounting Cycle in detail?

A: Accounting represents the process of recording the financial and non financial transactions in the…

Q: one - Which of the following is the account group in which the expenses and losses of the business…

A: Extraordinary activities are the income or expense which is derived from a non business activity and…

Q: An explanation of the accounting role of a business. What is the purpose of the function, and why is…

A: Accounting is the discipline of recording and reporting on a company's financial transactions and…

Q: In you own understanding, discuss briefly the salient features of accounting models such as Entity…

A: Accounting concepts are basic rules , assumptions and conditions that…

Q: Using the following categories, discuss the differences that exist between accounting for these…

A: Accounting is the process of recording financial transactions in a business. Accounting is the…

Q: Which principle or concept states that businesses should use the same accounting methods and…

A:

Q: What are the rights of creditors (claims against the assets of the company--creditors' equity) that…

A: The creditor is the person to whom the company owes money at the later date. Creditors are the one…

Q: Explanation of double entry accounting and its relationship to pertinent accounting concepts

A: The notion of double-entry is critical in the accounting system since it allows for more accurate…

Q: Identify the following questions as most likely to be asked by an internal (I) or an external (E)…

A:

Q: Which one of the following states that the life of a business can be divided into equal time…

A: Business is assumed to be going for an endless period of time. Therefore, the period is divided into…

Q: A concept of accounting that indicates that the financial records of the business should be kept…

A: Business: A business is an organization entirely made for earning profits or for fulfilling social…

Q: With regard to the accounting equation, state whether each of the following statements is true or…

A: We have the following question

Q: 1. is the phase of accounting where transactions are analyzed whether accountable or non-accountable…

A: Note: As per the policy, we are supposed to solve first three subparts at a time. Kindly repost the…

Q: 1. When did the business call accountable? 1. Business Activities are accountable when they are…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Explain the accounting function of a business. What is the purpose of this function, and why is it…

A: Accounting responsibilities: Accounting functions may be divided into two categories: managerial…

Q: Do you agree with the following statement: "Accounting is essential to the success of a business?"?"…

A: Introduction Accounting is the process of documenting corporate financial transactions. It is the…

Q: Accounting term

A: Option a is wrong because business assets may not be same with business profits and losses. Option b…

Q: Which of the following, if performed by a firm as part of the accounting cycle, would not be…

A: The whole accounting cycle is the process of identifying, recording, classifying, summarising and…

Q: When did the business call accountable? 1. Business Activities are accountable when they are called…

A: The business calls accountable when business activities are the business transactions and business…

Q: Which of the following branches of accounting is the original form of accounting? a. Financial…

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