Which of the following is ascertained from the income and expenses of an entity? O A. financial position O B. liquidity O C. financial performance O D. solvency

Q: An accounting approach to rel ect the needs of each stakeholder is called this.

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

Q: hich of the following elements of financial statements is most closely related to company…

A: Financial statements are important reports that provide financial data about a firm at a certain…

Q: Match the element to the correct definition according to the International Accounting Standards…

A: We have the following question:

Q: Which of the following statements is true? O A. The financial information of an enterprise is…

A: The financial information of an entity is key in evaluating how the entity is performing as a whole…

Q: How is the income statement related to the statement of financial position

A: An income statement is a financial statement which shows the entity's incomes and expenditures over…

Q: which of the anwsers are operating activities, financing activities, and investing activites for the…

A: In the cash flow statement there are main three segment are there.  The details are given below…

Q: Where would each of the following items most likely be reported in a company's financial statements?…

A: Revenues and expenses, Gains and losses are recorded in the Income statement, while unrealized gains…

Q: The accounting equation underlies the process used to capture the effect of economic events. The…

A: Accounting equation: Accounting equation is an accounting tool expressed in the form of the…

Q: Choose the correct. Which of the following items is required to be disclosed by geographic area?a.…

A: Information for the segment needs to be disclosed by geographic area. a. Total asset is the…

Q: what are The elements of financial statements

A: The company's aim will be increase the profits of the company. The income statement of the company…

Q: Discuss the significance of the following assumptions in the preparation of an entity’s financial…

A: Accounting Assumptions:- Assumptions are derived from past experience and when it proves to be…

Q: Discuss the inter-relationship of the financial statements.

A: Meaning of Financial Statements Financial Statements consists of income statement, Profit and loss…

Q: Depending on the business model for managing financial assets, an entity shall classify financial…

A: A financial asset is a liquid asset with a contractual right or ownership claim as its source of…

Q: Which of the following is ascertained from the income and expenses of an entity?   A financial…

A: Income means revenue earned from the sale of goods and services in the business. Expenses means…

Q: Which of the following transactions represents revenue to an entity?

A: Answer:   Option a.

Q: In a business, explain the significance of the Statement of Comprehensive Income and the Statement…

A: Introduction: The term "statement of comprehensive income" refers to the financial statement that…

Q: Which of the following items appears in both the income statement and the statement of financial…

A: All the accounts in the books after being recorded as journal entries are transferred to one or many…

Q: All of the following items are classified as accounting assumptions and coventions except for a.…

A: Accounting assumptions and conventions are basically the guidelines which are used in providing the…

Q: 1. What is the objective of financial statements according to the Framework? (a) To provide…

A: Part 1: The correct option is (a)   Part 2: The correct option is (c)

Q: Describe the elements of the Statement of Financial Position. Also, differentiate Current and Non…

A: Financial statement is prepared from the trial balance which include :- Profit and loss and…

Q: The information provided by financial statements is in nature.

A: Financial statements: These refer to the formal or official records of the activities of the…

Q: Accounting estimates are those adopted by an entity in preparing and presenting its financial…

A: Explanation: Accounting estimates is a approximate amount that is used for measurement when there is…

Q: How does this following assumptions relevant in the preparation of an entity’s financial statements:…

A: Assumption means the assertion which we take while preparing the financial statements.

Q: What is the qualitative characteristic of financial statements according to the Framework?

A: Answer: The qualitative characteristics of financial statements are understandability to users, and…

Q: Explain which transactions are reported as operating activities, investing activities and financing…

A: Statement of cash flows:  The statement of cash flows indicates the amount of cash earned and spent…

Q: What document are financial statements prepared from?

A: Financial statements are prepared from the records of accounting equation, Journal entries, general…

Q: An entity shall disclose for each reportable segment a measure of all of the following, except A.…

A: Answer; The reportable segment is the segment which reports the revenue that includes the…

Q: The Conceptual Framework deals with the following, except: 6. quantitative characteristics of useful…

A: THE CONCEPTUAL FRAMEWORK SETS OUT THE CONCEPT THAT UNDERLINE THE PREPARATION AND PRESENTATION OF…

Q: When an organization considers its work-in-process, how should it be classified on a balance sheet?…

A: Work in process is a part of the inventory component of balance sheets, Inventory is categorized…

Q: The valuation method primarily used in the balance sheets of business entities is a. current exit…

A: Balance Sheet: It shows the financial position of the entity. All the assets and liabilities are…

Q: Which of the following financial statements lists the​ entity's assets,​ liabilities, and​…

A: Financial statements include balance sheet, profit and loss account and statement of changes in…

Q: what is the Criteria for recognising the elements of the financial statements

A: Criteria for recognizing the elements of the financial statements The flow of Future economic…

Q: The classification and therefore subsequent measurement of financial assets depends on.? Select one:…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: • What Are the Basic Financial Statements? • What are the Key Revenues and Expenses? • How are the…

A: As per our protocol we provide solution to the one question only but as you have asked multiple…

Q: Is internal accounting information primarily historical orfuture-oriented? How does that compare…

A:

Q: hich one of the following is ascertained from the income and expenses of an entity A. Financial…

A: The revenues and expenses for the company are included in the income statement of the company.

Q: Examined and describe the communication aspect of accounting in relation to assets valuation and…

A: Accounting Principles: Accounting principles are the principles and rules that organizations should…

Q: Explained and described the measurement aspects of accounting in relations to assets valuation and…

A: measurement is generally related to the valuation and recording and also the process of collecting…

Q: What does the concept of objectivity imply for information reported in financial statements?

A: Accounting is a system of information that collects the data, process it and present the data in a…

Q: revenues and gains (other revenue) on the Statement of Operations?

A: The other revenue means the revenue received from non-operating activities of the entity.

Q: Recognition is the process of: A. Capturing, for inclusion in the statement of financial position…

A: Balance Sheet and Income statement are two important financial statements of business. Balance sheet…

Q: Assess whether each of following would be recorgnized in the balance sheet of an entity? Explain?…

A: Balance sheet is one of the financial statement of the business. This is prepared for review of…

Q: Which of the following items is required to be disclosed by geographic area?a. Total assets.b.…

A: Information for the segment needs to be disclosed by geographic area. Identify the correct option:…

Q: 1. It pertains to resources which are controlled and owned by the business. a. Assets c. Equity d.…

A: As we answer only one question, I am answering the first one. Please resubmit the questions…

Q: Define below accounting terms

A: Equity is the amount of total internal and external funds contributed by shareholders of the…