Which one of the following accounting concepts/conventions enables the business to make comparative analysis of the financial results of two entities? a.cost , b.going concern , c.business entity , d.consistency

Q: What is the accounting valuation basis for consolidating assets and liabilities in a business…

A: Assets: Assets are those items that provide value for money and future economic benefit for an…

Q: Which of the following statements is true? O A. The financial information of an enterprise is…

A: The financial information of an entity is key in evaluating how the entity is performing as a whole…

Q: s in equity due to transactions with owners. B. To report a measure of overall enterprise…

A: Reporting of other comprehensive income is done below the reporting of Net Income.

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: The accounting equation underlies the process used to capture the effect of economic events. The…

A: Accounting equation: Accounting equation is an accounting tool expressed in the form of the…

Q: Costs directly attributable to a business combination include O general administrative costs. O…

A: business combination means nothing but bringing two separate entities or businesses into one…

Q: Write short notes on the following accounting principles with proper example.  A) cost principle?…

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Q: Which of the following is ascertained from the income and expenses of an entity?   A financial…

A: Income means revenue earned from the sale of goods and services in the business. Expenses means…

Q: What is the purpose of financial accounting? List at least three and explain why they are…

A: Introduction: Accounting is concerned mainly with recognizing, documenting, measuring, and…

Q: How can diff erences in accounting methods aff ect fi nancial ratio comparisons between companies,…

A: Financial Ratios of a Company affect the statement of affairs which also relates to risks,…

Q: Comparisons of financial data made within a company are called A) intercompany comparisons. B)…

A: Income statement: The income statement is one of the three primary financial statements used to…

Q: • Define the following accounting concepts and explain for each their implications for the…

A: I am answering the first three sub-parts of the question as per bartleby guidelines. Please…

Q: Explain the following four Financial Statements as it relates to the Management of a Small and…

A: Financial statements are those statements that are prepared at the end of the period in order to…

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

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Q: Financial accounting serves which primary function(s)?  a. Measures business activities. b.…

A: Financial accounting is a branch of accounting which deals into summarisation, analysis and…

Q: Identify each of the following terms/phrases as either an accounting (a) principle, (b)…

A: Accounting assumption: These are the accounting practices or principles which are considered to be…

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: Which of the following highlights a purpose of having a conceptual framework for financial reporting…

A: Conceptual framework for financial reporting is a single, complete and comprehensive document…

Q: What is the qualitative characteristic of financial statements according to the Framework?

A: Answer: The qualitative characteristics of financial statements are understandability to users, and…

Q: MCQS: External reporting is the result of?     (a) Financial accounting     (b) Management…

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

Q: Explain the following four Financial Statements as it relates to the Management of a Small and…

A: Financial statements includes all such statements which provides all necessary financial information…

Q: Explain the effect of operating profitably on the balance sheet of a business entity.

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Q: The framework for the model of business reporting includes all of the following, except: a.…

A: The framework for the model of business reporting includes all of the following a. financial and…

Q: Provide the best word/s to describe each of the statements below.  In order for financial…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

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

A:

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

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Q: e business activities

A: The financial statement is the major in accounting.

Q: Identify each of the following terms/phrases as either an accounting (a) principle, (b) assumption,…

A: Principles are the rule made for every business.

Q: According to the principle of Conservatism it is defined that when There are many ways to determine…

A: Principle of conservatism is a principle which lets the company to play safely means the income…

Q: An internal accounting system should: a. provide information to enable costs to be minimized b.…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: What are the three basic business activities that financial accounting seeks to measure and…

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Q: What are the qualitative characteristics of financial statements according to the Framework?…

A: (1) The four principal qualitative characteristics are Understand ability Relevance Reliability…

Q: An economic event or condition that directly changes the financial condition of the company or…

A: A company is a kind of business entity that runs its business operations in order to earn income.

Q: What are the three types of financial management decisions? For each type of decision, give an…

A: Capital budgeting decision: Capital budgeting decision is a decision concerned with the selection of…

Q: Describe the difference between the accounting function and the finance function? What purpose do…

A: The key difference between accounting and finance is that accounting mainly focuses on the…

Q: who are users of financial statements that applies to each different type of business analysis?

A: Business analysis is the process of evaluating the risks and prospects of the organization for…

Q: Which of the following statements is a usefulness of the income statement? OA. Evaluate the past…

A: For the purpose of business analysis, accounting is important for the business. Accounting is the…

Q: Which of the following is ascertained from the income and expenses of an entity? O A. financial…

A: Income statement means where all expenses and income are shown . Balance sheet means where all…

Q: Which is correct? 1   Income Statement shows the financial position of an entity. 2   Statement of…

A: Income statement- It is a statement that records all the receipts/ revenues and the expenditures…

Q: Financial accounting shows the result of the collective activities of the business. Select one: O…

A: Financial accounting is accounting for the financial data and preparation and presentation of…