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Questions and Answers

What is the nature of Generally Accepted Accounting Principles (GAAP)?

They are specific to individual companies
They are a set of standard accounting principles and procedures (correct)
They are only applicable to tax authorities
They are designed to meet the needs of a specific group of users

Who are the various users of accounting information?

Only the owners of the firm
Investors and creditors only
Only the tax authorities
Owners, managers, employees, investors, creditors, suppliers, and tax authorities (correct)

What is the primary aim of accounting?

To confuse users with complex financial information
To limit the access to financial information
To provide information about the financial performance of a firm (correct)
To hide financial results from external users

Why is it important for accounting information to be reliable and comparable?

To make it meaningful to internal and external users (A) Signup and view all the answers

What do investors look forward to in accounting information?

The extent of profit or loss earned by the firm during a given period (A) Signup and view all the answers

What is the need for theory base of accounting?

The need for theory base of accounting is to provide a conceptual framework for understanding and applying accounting principles and standards. Signup and view all the answers

What is the nature of Generally Accepted Accounting Principles (GAAP)?

GAAP represents the set of standard accounting procedures and standards used to prepare and present financial statements. Signup and view all the answers

What is the purpose of the basic accounting concepts?

The purpose of basic accounting concepts is to provide a foundation for recording and reporting financial transactions in a consistent and meaningful manner. Signup and view all the answers

What are the accounting standards issued by the Institute of Chartered Accountants of India?

The Institute of Chartered Accountants of India issues accounting standards to provide guidelines for the preparation and presentation of financial statements. Signup and view all the answers

What is the importance of reliable and comparable accounting information?

Reliable and comparable accounting information is important for making meaningful decisions for both internal and external users of the information. Signup and view all the answers