The goal of accounting is to provide useful information for decisions. Therefore, financial accounting is governed...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The goal of accounting is to provide useful information for decisions. Therefore, financial accounting is governed by concepts and rules known as generally accepted accounting principles (GAAP). a) Explain that sentence showing the qualitative characterstics of usefull information. [10 marks]. b) b) Discuss the main roles of International Accounting Standards Board (IASB) including its efforts with Financial Accounting Standard Board (FASB) to achieve a single set of accounting standards for global use. [15 marks]. The goal of accounting is to provide useful information for decisions. Therefore, financial accounting is governed by concepts and rules known as generally accepted accounting principles (GAAP). a) Explain that sentence showing the qualitative characterstics of usefull information. [10 marks]. b) b) Discuss the main roles of International Accounting Standards Board (IASB) including its efforts with Financial Accounting Standard Board (FASB) to achieve a single set of accounting standards for global use. [15 marks].
Expert Answer:
Answer rating: 100% (QA)
a Comparability Reliability Relevance Understandability are the qualitative charact... View the full answer
Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
Posted Date:
Students also viewed these accounting questions
-
A key purpose of financial statements is to provide useful information to decision makers, including investors. Investors can use the information contained in financial statements to better...
-
The primary purpose of managerial accounting is to provide information useful for management decisions. Many of the managerial accounting techniques that you learn in this course will be useful for...
-
Generally, accepted accounting principles GAAP give us guidance for recognizing the costs of purchased capital assets and constructed capital assets What is the difference in the costs between the...
-
Assume that the marginal product of capital is given by the following expression: MPK = 60/K^0.7 (K is measured in trillions). a) Graph the demand curve for capital and find the equilibrium real...
-
What is a part family?
-
Show that the velocity of sound \(w\) in an ideal Fermi gas is given by \[w^{2}=\frac{5 k T}{3 m} \frac{f_{5 / 2}(z)}{f_{3 / 2}(z)}=\frac{5}{9}\left\langle u^{2} ightangle\] where \(\left\langle...
-
Cloud Tech Ltd produces four types of drones, which are sold to local retail stores. The marketing department expects the following sales performance for the next year. Required Prepare a monthly...
-
Robert Mallory has prepared the following list of statements about process cost accounting. 1. Process cost systems are used to apply costs to similar products that are mass-produced in a continuous...
-
An electron travels in a circle perpendicular to a magnetic field. (Recall m = 9.1x10 -31 kg and qe = 1.6x10 -19 C.) The speed of the electron is 200m/s and the radius of the circle is 0.1m....
-
Your 21-year old cousin is graduating from college and has already accepted her first full-time job offer. She will be earning $3,000 per month. She already has an apartment and her fixed monthly...
-
Sunland Company establishes a stock-appreciation rights program that entitles its new president Ben Davis to receive cash for the difference between the market price of the stock and a...
-
Study 8 Innovative Marketing Ideas, pick one of them and conduct a brief synopsis and review of that idea. What made that idea innovative? What do you think the idea warrants as far as a competitive...
-
For this assignment, students will 1. Do several assessments to generate information about your characteristics and traits most relevant to working within organizations Myers-Briggs type...
-
A person pushes a 22 kg box across a horizontal floor with an applied force of 15 N and an initial velocity of 5.2 m/s. The coefficient of kinetic friction between the box and the floor is 0.44. How...
-
Ayayai company acquires a delivery truck at a cost of $61,000 on January 1, 2022. The truck is expected to have a salvage value of $6000 at the end of its 4year useful life. Assuming the declining-...
-
habled: Exam 1 1 Saved Help Save & Exi Balance Sheet Nicole Corporation's year-end 2019 balance sheet lists current assets of $757,000, fixed assets of $607,000, current liabilities of $538,000 and...
-
Sarah wants to buy a $600000 one-bedroom apartment in Toronto. She believes that she can make a down payment of $160000. The terms of the mortgage are a 5.0% per year compounded monthly for a fixed 3...
-
Explain the buyers position in a typical negotiation for a business. Explain the sellers position. What tips would you offer a buyer about to begin negotiating the purchase of a business?
-
On January 1, 2013, Liken Enterprises purchased a parcel of land for $20,000 cash. At the timeof purchase, the company planned to use the land for future expansion. In 2014, Liken Enterprises changed...
-
At the beginning of 2013, Sauder Companys accounting records had the following general ledger accounts and balances. Paramount completed the following transactions during 2013: 1. Purchased land for...
-
Manu Company established a $300 petty cash fund on January 1, 2013. Required a. Is the establishment of the petty cash fund an asset source, use, or exchange transaction? b. Record the establishment...
-
Explain the building blocks of accounting: ethics, principles, and assumptions.
-
On May 1, 2025, Park Flying School Ltd., a company that provides flying lessons, was started with an investment of 45,000 cash in the business. Following are the assets and liabilities of the company...
-
The historical cost basis results in: a. initially recording assets at cost and adjusting when the current value changes. b. keeping activities of an entity separate and distinct from its owner. c....
Study smarter with the SolutionInn App