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Answer to question 1: Accounting Process Name of the University Authors Note Number

   

Added on  2021-04-22

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Running head: FINANCIAL ACCOUNTING PROCESSFinancial Accounting ProcessName of the StudentName of the UniversityAuthors NoteCourse ID
Answer to question 1: Accounting Process Name of the University Authors Note Number_1

FINANCIAL ACCOUNTING PROCESS1Table of ContentsAnswer to question 1:.................................................................................................................2Answer to A:..............................................................................................................................2Answer to B:..............................................................................................................................2Answer to C:..............................................................................................................................2Answer to question 2:.................................................................................................................3Answer to A:..............................................................................................................................3Answer to B:..............................................................................................................................3Answer to C:..............................................................................................................................4Reference List:...........................................................................................................................6
Answer to question 1: Accounting Process Name of the University Authors Note Number_2

FINANCIAL ACCOUNTING PROCESS2Answer to question 1:Answer to A: Reporting entity refers to that entity where it is reasonably assumed to expect that thecurrent users are dependent of the general-purpose financial reporting material, which wouldhelp the users in taking financial related decisions (Jin, Shan and Taylor 2015). Answer to B: The general-purpose financial report is referred as the medium of financial reportingwhich is anticipated to fulfil the requirement of materials that is common for the financialstatement users (AASB 2014). The reason behind this is that users are not able to order forthe preparation of reports, which are directed to satisfy, fulfil and especially meet thenecessary financial requirements. Answer to C:The primary factors involved in deciding whether the reporting entity is existing are; Economic influence: The economic influence can be defined as the ability of the entity tomake noteworthy impact on the welfare of the outside parties. Separating management from economic interest: The greater would be the number ofmembership the better would be the degree of separation among the management and themembers (He, Evans and He 2016). Financial features: This should take into the account the value of the assets size, the totalnumber of employees or the amount of in-debtness of the organization.
Answer to question 1: Accounting Process Name of the University Authors Note Number_3

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