What is the difference between an accounting policy and an accounting estimate? Provide an exampleof each.
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (10 reviews)
An accounting policy is a principle or conventions applied in pr...View the full answer
Answered By
RADHIKA MEENAKAR
I am a qualified indian Company Secretary along with Masters in finance with over 6 plus years of professional experience. Apart from this i am a certified accounts and finance tutor on many online platforms.
My Linkedin profile link is here https://www.linkedin.com/in/radhika-meenakar-88b9808a/
5.00+
12+ Reviews
22+ Question Solved
Related Book For
Applying International Financial Reporting Standards
ISBN: 978-0730302124
3rd edition
Authors: Keith Alfredson, Ken Leo, Ruth Picker, Paul Pacter, Jennie Radford Victoria Wise
Question Posted:
Students also viewed these Accounting questions
-
What is the difference between an accounting standard and the Conceptual Framework in terms of authority of law?
-
What is the difference between an alliance problem and an alliance symptom, and what does this difference mean in terms of managerial intervention?
-
What is the difference between an open-end mutual fund and a closed-end fund? What is the difference between an open-end mutual fund and a unit investment trust?
-
The lower-of-cost-or-net realizable value rule for inventory is an example of the application of: (a) the conservatism convention. (b) the historical cost principle. (c) the materiality concept. (d)...
-
During the fourth quarter of 2012, California, Inc., generated excess cash, which the company invested in trading securities, as follows: Requirements 1. Open T-accounts for Cash (including its...
-
Are capacity-related costs always indirect costs? (LO 1, 3)
-
How might Victor assess the extent to which this career move will help him to become a large-property general manager with his organization? How important should this long-term career concern be in...
-
(a) Mylar Corporation has collected the following information related to its December 31, 2017, balance sheet. Accounts receivable .................................................... $22,000...
-
Your firm will issue 10-year bonds to raise $10 million. You will either (a) issue regular coupon bonds which have a 6% coupon rate and make annual payments or (b) issue zero coupon bonds which make...
-
All America Export Import Corp. (All America) placed an order for several thousand pounds of yarn with A. M. Knitwear (Knitwear). On June 4, All America sent Knitwear a purchase order. The purchase...
-
What disclosures are required in the notes in regard to accounting policy judgements?
-
Explain the difference between retrospective application of a change in accounting policy andprospective application of a change in accounting estimate. Why do you think the standard settersrequire...
-
What specific operations competencies must Flextronics have in order to make a success of its strategy?
-
How do cognitive biases such as confirmation bias, anchoring, and the availability heuristic influence the quality of decision-making within complex organizational contexts ?
-
What role do cognitive biases, such as confirmation bias and anchoring, play in perpetuating conflict, and how can awareness of these biases facilitate more effective conflict resolution strategies?
-
Were you surprised by the results? Do you agree with the results? How can you use this knowledge of your personal biases to inform your management strategies? How can the identified biases impact...
-
what ways do existing power structures perpetuate social stratification, and what are the socio-political ramifications of these dynamics ?
-
How do feedback loops and reflective practices contribute to continuous improvement and the refinement of teamwork dynamics over time ? Explain
-
Venus has clouds of sulfuric acid, H 2 SO 4 . Why is it reasonable to predict that Venus raindrops are spheres?
-
A company produces earbuds. The revenue from the sale of x units of these earbuds is R = 8x. The cost to produce x units of earbuds is C = 3x + 1500. In what interval will the company at least break...
-
1. Discuss why financial statement users find environmental disclosures informative. 2. Obtain the G3 sustainability reporting guidelines of the Global Reporting Initiative (GRI,...
-
1. Discuss at least five characteristics that predict relatively low disclosure levels in Mexico. Your response should be based on a review of the material presented in Chapters 2 and 4 and this...
-
From a users perspective, what is the inherent problem in attempting to analyze historical cost-based financial statements of a company domiciled in an inflationary, devaluation-prone country?
-
Discuss why it is important for company managers to understand and use social capital knowledge to help build social ties among their skilled knowledge workers so they can build employee loyalty...
-
Kate lives in a house close to a local university, and she traditionally has rented a garage apartment in the back of her property to students for $750 per month. Kate wants to transfer the title to...
-
Pottery Ranch Inc. has been manufacturing its own finials for its curtain rods. The company is currently operating at 100% of capacity, and variable manufacturing overhead is charged to production at...
Palos Sports Inc The Zone Supr Safe Mini Youth Basketballs 7 Set Of 6 - ISBN: B07NQVWBP6 - Free Book
Study smarter with the SolutionInn App