Why accounting is an infromation system? Explain with your own point of view with example.

Q: Discuss the history of Accounting?

A: Italy, birthplace of many of the world's most important historical figures like Michelangelo,…

Q: Explain what is meant by: The benefits of accounting information must exceed the costs.

A:

Q: Describe the reasons why financial accounting is useful?

A: Financial accounting is a specific branch of accounting involving a process of recording,…

Q: Why is GAAP Important? and how it will be used in understanding accounting

A: GAAP is a basic set of generally accepted accounting principles which work as a basic guideline in…

Q: What are some of the accounting information costs? What are some advantages of accounting data?…

A: The answer:

Q: Why is accounting a service activity and also a process or system?

A: Accounting is adopted by every business irrespective of its nature.

Q: What are the basic foundation of Accounting?

A: Accounting: Accounting is the practice of documenting financial transactions that occur in the…

Q: what are the charatristics of accounting

A: The answer is as fallows

Q: Evaluate the strengths and weaknesses of interpretive accounting theory

A: Interpretive Accounting theory:-Interpretive Accounting theory has evolved and made significant…

Q: What is the best accounting method?

A: Accounting Method: The accounting method is the method used for maintaining the books of accounts of…

Q: What is the significance of accounting to people?

A: SOLUTION-   ACCOUNTING TO PEOPLE  MEANS ACCOUNTING TO USERS . THERE ARE SOME USERS OF ACCOUNTING ARE…

Q: this multiple choice questions from ACCOUNTING PRINCIPLES I

A: Question 13 option D is correct  income statement  Depreciation appears on income statement.

Q: Why is it necessary to develop a definitional frameworkfor the basic elements of accounting?

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: what is accounting and why do we need it?

A: Accounting is the art of recording,  classifying and summarizing business transactions to take…

Q: What do you mean by materiality concept in accounting?

A: Materiality concept:Materiality concept refers to a condition wherein, the financial information of…

Q: What is the important of Accounting

A: Accounting is the process of systematically recording, measuring, analyzing and communicating…

Q: Review the basic assumptions of accounting.

A: Financial accounting structure: A system that records, maintains, and creates reports for the…

Q: Define strategy in accounting?

A: Strategic management accounting refers to the managing and analyzing finances of company which help…

Q: Accounting is sometimes described as the language of busi-ness. What is meant by this description?

A: Accounting: It refers to a process of recording and summarizing the financial transactions and…

Q: Why is accounting a system of information? Extend your explanation with an example from your own…

A: Introduction : Accounting a system of information : Accounting Information Systems aids in the…

Q: Why are some accounting systems called double accounting systems?

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

Q: Examine the advantages and disadvantages of interpretative accounting theory

A: Introduction : Interpretive Accounting theory has developed and contributed significantly to our…

Q: Is there a distinction between management and financial accounting?

A: Accounting refers to a process through which all day-to-day activities or transactions occurred or…

Q: What exactly do you mean by the idea of materiality in accounting?

A: This question explains about the idea of materiality in accounting

Q: Describe simply what accounting is.

A: Introduction: Accounting: Accounting is an art of recording , classifying , summarizing and…

Q: What is a conceptual framework, and how does one create one? In financial accounting, why is a…

A: Conceptual Framework: A conceptual framework logically explains related goals and foundations;.bu1Z…

Q: Which theory predict the facts but not assume any particular outcome? O a. Normative theory O b.…

A: The question is multiple choice question. Required  Choose the Correct option

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: How IT can affect accounting field?

A: Accounting is the recording, classifying, analyzing and interpreting of financial transactions…

Q: what is accounting?

A: Bookkeeping refers to the process of identifying, measuring and recording of financial transactions.…

Q: What is your insight/reflection about accounting?

A: Every business operates for the purpose of generating profits. For calculating and measuring results…

Q: Which of the following is not one of the basic concepts of accounting? A) RESPONSIBILITY B)…

A: Accounting:- It can be defined by recording the transactions in a systematic order and should be…

Q: What is the aim of accounting, to put it in the broadest possible terms?

A: Introduction: A business's financial events and transactions may be summarized and recorded in…

Q: Explain how and why some changes in accounting principle are reportedprospectively.

A: Changes in accounting principle: A change in accounting principle is said to be a change in a…

Q: What are the strategies of Accounting Theory?

A: It involves the assumptions that guides the reporting and recording.

Q: Hypothetically discuss Assumptions of Accounting.

A: The organization and operation of a business are defined by key accounting assumptions. They…

Q: why accounting important to people?

A: Accounting: Accounting is recording , classifying, summarising , analysing and interpreting of…

Q: What is the difference between accounting and auditing?

A:

Q: n conceptual framework resolve accounting problems? How?

A: Introduction: Conceptual framework is a guide for preparing financial statements by identifying the…

Q: What are some of the costs of providing accounting information? What are some of the benefits of…

A: Accounting information: A procedure or system that collects information related to money related…

Q: accounting mitigate the problem of agency theory t

A: As per agency theory, management acts as agent of shareholders. Shareholders are owners and…