Public Sector Accounting seeks to achieve certain financial objectives. You are required to state and explain five (5) of these objectives.
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Public Sector Accounting seeks to achieve certain financial objectives. You are required to state and explain five (5) of these objectives.
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- The Conceptual Framework for Financial Reporting describes the objective of, and the concepts for, general purpose financial reporting (GPFR). Explain 5 (five) importance of the conceptual framework.Indicate which of the following statements are moredescriptive of management accounting than of financialaccounting. (More than one answer may be appropriate.)a. Recognized standards are used for presentation. b. Information is tailored to the needs of individual deci-sion makers.The conceptual framework underpinning the regulation of published financial statements, states that information contained in the statements should have certain specified, qualitative characteristics. Select three (3) desirable qualities of information from the framework and discuss. Use examples where necessary to illustrate the qualities that you selected.
- The Accounting research division of Accounting principle board (Apb) in it's research recommendation has recommended the various objectives of the financial statement and have classified them into three broad categories, identify the broad categories and their impact on Accounting information.The conceptual framework for Financial Reporting describes the objective of, and the concepts for, general purpose financial reporting (GPFR). Explain 5 importance of the conceptual framework.Discuss the conceptual framework for financial reporting and its importance in guiding accounting standards and practices.
- The framework identifies certain qualities that make the information presented on financial statements more useful to the users of financial statements. List at least two fundamental characteristics and three characteristics that enhance the fundamental characteristics.Discuss five ways in which financial professionals can significantly impact the financial statements of an organization by the use of estimates, assumptions, alternative valuation methods and other accepted accounting practices.What are the two fundamental qualitative characteristics identified by the Financial Accounting Standards Board’s (FASB) conceptual framework? a. Relevance and faithful representation.b. Materiality and efficiency.c. Comparability and consistency.d. Costs and benefits.
- Explain the Consistency principle, which is one of the GAAP content in financial accounting, by giving examples.How can a broader conceptualization of accounts, accounting and accountability (the 3As), and the corresponding values involved, provide further understanding in relation to the public sector? please provide a detailed answerThe Financial Accounting Standards Board (FASB) has developed a conceptual framework for financial accounting and reporting. The FASB has issued eight Statements of Financial Accounting Concepts. These statements are intended to set forth the objective and fundamentals that will be the basis for developing financial accounting and reporting standards. The objective identifies the goals and purposes of financial reporting. The fundamentals are the underlying concepts of financial accounting that guide the selection of transactions, events, and circumstances to be accounted for; their recognition and measurement; and the means of summarizing and communicating them to interested parties. The purpose of the statement on qualitative characteristics is to examine the characteristics that make accounting information useful. These characteristics or qualities of information are the ingredients that make information useful and the qualities to be sought when accounting choices are made.…