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What is the primary purpse of accouting?
what is the primary purpose of accounting
How does business transaction relate to accounting process?
Simply in general terms, the Accounting process is all about Money. And transactions are some kind of statements about transfering money. And accouting deals with these statements to make a final decisions. That's why the transactions are related to accouting processs
Why historical cost is still widely used and is the principal method of financial accouting despite its many deficiencies?
Reliability
Who is the father of modern accouting?
The father of modern acccounting is Luca Pacioli! (c. 1447 – 19 June 1517)
What are GAAPs?
© Business Entity Concept Accounting records be kept separate to owners records, other business etc. © The Continuing Concern Concept A business will continue to operate unless it is known that it will not. © The Principle of Conservatism All records must be fair and reasonable. © The Objectivity Principle Recorded on the basis of objective evidence. Objective evidence means anyone looking at the evidence will arrive at the same answer. © Revenue Recognition Convention States that revenue is recorded in the accounts at the same time the transaction is completed. © Time Period Concept Provides that accounting take place over the fiscal periods. © The matching Principle An extension of revenue recognition. Each expense item related to revenue earned must be recorded in the same accounting period as the revenue it helped to earn. © The Cost Principle The accounting for purchases must be at the cost price to the purchaser. © The Consistency Principle Business must use the same accounting methods and procedures from period to period. © The Materiality Principle The materiality principle requires accountants to follow generally accepted accounting principles except when to do so would be expensive or difficult. © The Full Disclosure Principle States that all the information needed for a full understanding of a company's financial statements must be included.
Using a memorandum as the source document for a dishonored check is an application of the accounting concept Objective Evidence?
"True"-2 Chainz
What evidence do we have that suggests the existence of an external objective reality?
An 'out of body' experience is as close as you can get to that evidence.
What is an antonym for objective?
An antonym for objective might be opinionated.
Are facts objective or subjective?
Facts are generally considered to be objective, as they are based on verifiable evidence and are not influenced by personal feelings or opinions.
Are opinions subjective or objective?
Opinions are subjective, as they are based on personal beliefs, feelings, and experiences rather than on objective facts or evidence.
Is logic objective?
Yes, logic is considered objective because it is based on principles of reasoning and evidence that are independent of personal beliefs or opinions.
What term describes evidence of a disease?
Objective evidence of disease such as a fever is called a/an sign.
How do you differentiate philosophy from the positive science?
Sience is objective and requires empiracle evidence. Philosophy is subjective and does not require empiracle evidence.
Is psychology objective and value free?
psychology is a science and as such as is objective. it is a self-criticizing and reforming science that is dynamic and adapts to evidence that is available at a given time without neglecting the possibility of contrary evidence. Theories in psychology and every other science can not be proven but can be confirmed with evidence.
What does it mean for something to be objective?
Something is considered objective when it is based on facts, evidence, and unbiased observations rather than personal feelings or opinions.
What does it mean when something is objective?
When something is objective, it means that it is based on facts and evidence rather than personal feelings or opinions. It is unbiased and impartial.
What does it mean for scientific evidence to be objective?
For scientific evidence to be objective, it means that it is based on observations and data that are independent of personal beliefs or biases. It should be reproducible and verifiable by multiple independent researchers. This helps ensure that the evidence is reliable and accurate.
