Why should the responsibility for maintaining the accounting records be separated from the responsibility for operations? Explain.

Q: accounting is defined as the practice of keeping records of transactions and their

A: Accounting is the systematic recording, measuring, and reporting of all financial data. It is the…

Q: What is Accounting Information System?

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

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: When does an accounting information system becomes useful?  What is the relevance of having…

A: 1.When does an accounting information system becomes useful? 2. What is the relevance of having…

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: Why accounting information is important?

A: The accounting is a process to identify the business transactions, record the transactions, and…

Q: If the accounting information is not clearly presented, which of the qualitative characteristic of…

A: Introduction Information in the books of accounts need some qualities, which are to be fulfilled in…

Q: What is the primary purpose of an accounting system?

A: the primary objective of accounting is to record the financial transactions in the books of…

Q: The revenue recognition principle dictates that revenue should be recognized in the accounting…

A: Revenue recognition principle says the revenues should be recorded only when the goods are sold or…

Q: What two different accounting equalities must be maintained in transaction analysis?

A: In transaction analysis, accounting equalities are:  Assets = Laibilities + Shareholders Equity…

Q: What are the outputs of the accounting cycle, why are they important and how are they interrelated?

A: Outputs of the accounting cycle-First of all, we need to understand what is an accounting cycle.  An…

Q: What purpose is served by the output devices of an accounting system?

A: Output devices: Output devices help in taking the information out of the system and provide it to…

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 the purpose of an accounting system?

A: Accounting is an art of systematic recording, classifying and summarising financial transactions…

Q: What are the objective of any accounting system?

A: The accounting information system is software in which inputs are added in the form of sales or…

Q: differentiate internal user from external user of accounting information

A: Accounting is the detailed process of recording, classifying, summarising and reporting accounting…

Q: which internal users need the accounting information

A: Accounting information data is the data that emerges from business exchanges. When distinguished,…

Q: = does an Accounting Information System play in

A: Accounting Information System (AIS):  It is a system that is designed to collect store and process…

Q: Who are the users of accounting information?

A: Users of accounting information means the stakeholders that will use the accounting information for…

Q: What are the common errors in accounting?

A:

Q: What are the two of the qualitative characteristics of accounting information that contribute to its…

A:

Q: From the internal parties that the system deals with Accounting information *

A: Basically internal information can be accessed only by the internal users of an organisation. People…

Q: What does it mean to recognize an accountingtransaction?

A: The accounting transactions that directly or indirectly alters the financial aspect of the…

Q: What is the most important basic accounting operation? Explain the procedure.

A: Introduction : Accounting is the discipline of recording a business's financial transactions. The…

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: What are the roles of transaction in accounting?

A: The transactions are the business events that can be measured in monetary form.

Q: Why is accounting described as a service activity?

A: The activities that are carried out with a view to assist the organisation in the delivery and…

Q: Describe the major constraint inherent in the presentation of accounting information.

A: Accounting information:   Accounting information refers to that information which is concluded from…

Q: Why is the evidence provided by source documents important to accounting?

A: Source Document Source document are refer as the original record which contains the detail…

Q: The collection and observation of accounting data was related to what?

A: generally, accounting starts with the collection of data. observation of data is done while making…

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: What control system and subsidiary accounts should be included in Ermler & Trump’s manual accounting…

A: Control system and subsidiary accounts that should be included in Ermler & Trump’s manual…

Q: How does the ethics are important in the accounting?

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

Q: What is the difference between accounting and auditing?

A:

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…