Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Section A

Requirements:

(a) What is a conceptual framework in accounting? How could the conceptual framework help users and preparers understand accounting requirements and financial statements?

(b) Why is accounting said to be political in nature? How could a conceptual framework help in setting of accounting standards?

(c) Which stakeholders within society are likely to benefit from development of a conceptual framework of accounting?

(d) What advantages/benefits have been put forward by standard setters to support development of a conceptual framework in accounting? Do you think such benefits would be achieved in practice?

(e) Hines (1991) (Hines, R.D., ‘The FASB’s Conceptual Framework: Financial Accounting and the Maintenance of the Social World’, Accounting Organizations and Society, vol. 16, no. 4, 1991, pp. 313-31) argues that conceptual frameworks ‘presume, legitimise and reproduce the assumption of an objective world and as such they play a part in constituting the social world … conceptual frameworks provide social legitimacy to the accounting profession’. describe what Hines means.

(f) describe and summarise the present state in development of a conceptual framework in accounting in Australia and internationally.

Section B

Requirements:

(a) Income smoothing and ‘big bath accounting’ are two methods accountants/managers use in earnings management. describe how these methods work, discuss the motivations in doing so and the circumstances in which management would consider in engaging in these practices.

(b) Why might managers choose accounting methods to increase current period earnings? Describe with relevant concepts and principles using one ex.

(c) Why might managers select accounting methods which reduce present period earnings? Describe with relevant concepts and principles using one ex.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M92790

Have any Question? 


Related Questions in Accounting Basics

Ics manufacturing company produces plastic parts for the

ICS Manufacturing Company produces plastic parts for the automotive industry. Here is their Income Statement for 2015 - ICS Manufacturing Company Income Statement for 2015 Sales Revenue $35,500,000 Cost of Goods Sold 12, ...

Current designsas a service to its customers current

CURRENT DESIGNS As a service to its customers, Current Designs repairs damaged kayaks. This is especially valuable to customers that have made a significant investment in the composite kayaks. To price the repair jobs, C ...

Assume that you recently graduated and have just reported

Assume that you recently graduated and have just reported to work as an investment advisor at the onof the firms on Wall Street. You have been presented and asked to review the following Income Statement and Balance Shee ...

Accounting assignmentaccounting is the study of how

Accounting Assignment Accounting is the study of how businesses track their income and assets over time. Accountants engage in a wide variety of activities in addition to preparing financial statements and recording busi ...

Accounting and societyrequirementsbackgroundin their annual

Accounting and Society Requirements: Background: In their annual report, companies are required to include a remuneration report that documents the remuneration packages of the chief executive officer, other key executiv ...

To write a reply post to given answer minimum 350

To write a REPLY POST to GIVEN ANSWER. Minimum 350 words. You can agree or disagree with given answer. It should be your own opinion. Question: Michael Wilson is a new production manager. After a great deal of effort, in ...

What is the difference between a significant deficiency and

What is the difference between a significant deficiency and a material weakness as it relates to internal Control? How does the presence of one material deficiency affect the auditor's report on internal controls under t ...

Assignment questionbesar ltd acquired all of the shares in

Assignment Question Besar Ltd acquired all of the shares in Kecil Ltd on 1 July 2015. At that date, equity of Kecil Ltd consisted of: Share Capital $2 000 000 Retained earnings 800 000 At 1 July 2015, all the assets and ...

Question 1under the allowance method bad debt expense is

Question 1 Under the allowance method, Bad Debt Expense is recorded A. as an estimate. B. when an individual account is written off. C. several times during the year as needed. D. None of the above Question 2 Which amoun ...

Assignment lasa ipo presentation amp myaccountinglab

Assignment: LASA: IPO Presentation & MyAccountingLab Post-Tests This assignment will consist of two parts. Part I: IPO Presentation: You work for a medium sized privately held electronics firm which is considering transi ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro