how will a change from cash basis accounting to accural basis accounting positively and negatively affect the business reporting?

Q: define financial accounting and explain its role in business

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: How does accounting provide useful information about economic activities?

A: Whenever a company wants to make decisions that include money that decision comes under the economic…

Q: Explain breifely about the theories of accounting regulation – public interest theory, capture…

A: The four theories of accounting regulation are: Public interest theory, Capture theory, Economic…

Q: Which of the following accounting concepts considers the investment made by the owner in the…

A: Accounting Principles are the rules and guidelines to be followed by a business while preparing and…

Q: o use the reformulation of financial statements to discuss the firm’s strategy for running the…

A: Financial statement A financial statement refers to those which are prepared in order to ascertain a…

Q: Which of the following is true of financial accounting information? Select one: a.It focuses on the…

A: Financing accounting information determines the financial status and health of a business. This is…

Q: ow is accounting information used in busi

A: Accounting is the combination of various steps like recording, analyzing, summarizing, and…

Q: According to generally accepted accounting principles, companies can choose to use either the cash…

A: According to generally accepted accounting principles, companies which are public are required to…

Q: When it comes to financial accounting, what is the most important function?

A: The most important function of financial accounting is to provide financial statements to the users…

Q: w will accounting affect the stability of a business?”

A: Step 1 Accounting is important in running a company because it enables entity  to monitor revenue…

Q: What is accounting in business

A: Accounting: Accounting is the process of recording, summarizing, and reporting all the financial…

Q: What is the relationship between accounting theory reporting and?

A: This question illustrates the connection between accounting theory and reporting.

Q: Why Accounting is considered as the Language of Business?

A: The system whereby the financial and economic transactions are being chronicled in the accounting…

Q: istinguish between cash-basis accounting and accrual-basis accounting. Why is accrual-basis…

A: The main difference between accrual and cash accounting is the timing when to record expenses and…

Q: What is an externality, and why do financial accounting practices typically ignore externalities?

A: Externality is the benefit or the cost caused through the producer that is not incurred financially…

Q: How does a company compute the effect of such changes in accounting principle?

A: Wee first needs to understand the meaning of change of accounting principal. A change in accounting…

Q: How do accounting and business administration differ?

A: The term Business Administration has a wider scope than Accounting. A few of them are outlined…

Q: 1. Discuss accounting as the language of business and the role of accounting information in making…

A: Accounting can be referred as language of the business, as the financial statements of the firm…

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: how does business owners can use the statement of profit and loss or income statement and balance…

A: The business needs a variety of financial statements to function in the business society. The…

Q: For example, how does understanding profit and loss impact your perspective on operating a company?

A: Knowledge of profit and loss while operating a company is critical to the success of the enterprise.

Q: When it comes to accrual accounting, what do you name the principles and goals that influence the…

A: It is required that a cost be recorded in the same period as the corresponding income is collected…

Q: What is the FASB’s Conceptual Framework? What are the objectives of financial reporting? What…

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

Q: Distinguish between cash-basis accounting and accrual basis accounting. Why is accrual-basis…

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

Q: Why do you think providers of finance are interested in a company's accounting information?

A: Finance means a money management system like Borrowing money, investing money, expenses money,…

Q: Explain the effect on the company's financial statements if a company switches from the historical…

A: A historical method is the accounting principle method in which the asset is recorded at the…

Q: Which of the following is a major challenge facing the accounting profession? O A. Accounting for…

A: Major challenges facing the accounting profession are :- Non financial measurements Forward looking…

Q: How would you describe the difference between cash basis accounting and accrual basis accounting?…

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

Q: How does the accrual basis of accounting provide different results when compared with the cash…

A: Cash Basis of accounting- Under cash basis, accounting entries are recorded as and when there are…

Q: When it comes to the contemporary practice of accounting, what is the significance of the Accounting…

A: Here is the Answer

Q: What  is  the  double entry  system  in accounting?

A: Solution Note : Dear student as per the Q&A guideline we are required to answer the first…

Q: How reported accounting numbers can affect an individual's perceptions and actions.

A: Financial reporting means releasing the financial reports of the company to its shareholders and in…

Q: How distinguishes business administration form accounting

A: Accounting: It is the process of recording any financial transactions incurred in the financial year…

Q: Can every business transaction no matter how simple or complex be expressed in terms of its effect…

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: Will the profits and expenses of a company impact disclosure and transparency?

A: Transparency refers to the access and disclosures of financial information. As financial information…

Q: How does the type of business structure affect accounting, reporting, taxes, and liability?

A: Types of business are sole proprietorship, Partnership, LLC, Cooperative, Corporations.

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: Which of the following analysis helps to understand the operational performance of the business…

A: The financial statements of the business includes the income statement and balance sheet of the…

Q: What requirement is imposed by the double-entry system in the recording of any business transaction?

A: “Since you have posted multiple questions, we will solve the first question for you. To get the…