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Changing the method of inventory valuation should be reported in the financial statements under what qualitative characteristic of accounting information?
Wiki User
∙ 12y ago
timeliness
Wiki User
∙ 12y ago
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What elements comprise the FASB's conceptual framework?
The FASB's conceptual framework consists of the following four items:1. Objectives of financial reporting.2. Qualitative characteristics of accounting information.3. Elements of financial statements.4. Operating guidelines (assumptions, principles, and constraints).yayGT
Why is accounting standards important for financial statements?
Accounting standards ensures that financial statements are prepared whereever in the world is same and information provided on it is comaprable and readable for all kind of users.
What are the primary objectives of the accounting function in an organization?
The primary objectives of the accounting function in an organization are to process financial information and to prepare financial statements at the end of the accounting period.
How can you justify that accounting is an information system?
Accounting itself is a systematic recording of transactions that occur in a business. It's the process of summarizing and reporting those transactions in financial statements. Accounting in itself is start of an information system.
What si accounting standard?
Accounting Standards are the statements of code of practice of the regulatory accounting bodies that are to be observed in the preparation and presentation of financial statements.
What elements comprise the FASB's conceptual framework?
The FASB's conceptual framework consists of the following four items:1. Objectives of financial reporting.2. Qualitative characteristics of accounting information.3. Elements of financial statements.4. Operating guidelines (assumptions, principles, and constraints).yayGT
What are the differences between accounting system and accounting information system?
accounting is a interesting field and it is a business transaction and preparation financial statements and accounting information system it is a system of information provides.because of information provides the management can control a business. writer, sakibrubel
Why is accounting standards important for financial statements?
Accounting standards ensures that financial statements are prepared whereever in the world is same and information provided on it is comaprable and readable for all kind of users.
What are the primary objectives of the accounting function in an organization?
The primary objectives of the accounting function in an organization are to process financial information and to prepare financial statements at the end of the accounting period.
How can you justify that accounting is an information system?
Accounting itself is a systematic recording of transactions that occur in a business. It's the process of summarizing and reporting those transactions in financial statements. Accounting in itself is start of an information system.
Who is an internal user of financial statements?
Accounting information is presented to internal users in the form of management accounts, budgets, forecasts andÊfinancial statements. External users are communicated accounting information in the form of financial statements. These users are creditors, tax authorities, investors, etc..
What si accounting standard?
Accounting Standards are the statements of code of practice of the regulatory accounting bodies that are to be observed in the preparation and presentation of financial statements.
The purpose of Statements of Financial Accounting Concepts is to?
The purpose of Statements of Financial Accounting Concepts is to : A establish GAAP.
What is the difference between financial accounting and cost and management accounting?
Financial accounting is the preparation of financial statements for decision makers. Cost accounting is collecting, analyzing, summarizing, and evaluating courses of action. Management accounting is simply used to better a company by reviewing the accounting information.
Where can you get financial statements?
Apple inc published accounting statements
What is a disclosure note in accounting?
Disclosures notes are part of accounting financial statements as in disclosure notes important information related to amounts or information in financial statement is provided to further clarify any information previously given or any other related information.
Of what must the accountant be cognizant in order to compile financial statements?
the form of its accounting records, the stated qualifications of its accounting personnel, the accounting basis on which the financial statements are to be presented
