2. There are two major types of legal systems used around the world: common law and code law. Code Law countries generally have corporation law which establishes the basic legal parameters governing business enterprises. On the other hand‚ in countries with a tradition of common law (UK)‚ specific accounting rules are established by the profession or by an independent nongovernmental body representing a variety of constituencies. Thus‚ the type of legal system in a country tends to determine whether
Premium Generally Accepted Accounting Principles Common law Balance sheet
GAAP and IFRSs by undertaking projects that both boards would address contemporaneously with the encouragement of the respective bodies to coordinate the activities and also its progress. The goal of the project was to attain compatibility by identifying
Premium International Financial Reporting Standards Finance Financial Accounting Standards Board
management of the health care organization to implement the generally accepted accounting principles (GAAP) within their daily routines. Generally accepted accounting principles (GAAP) are a set of uniform accounting guidelines health care organizations follow to determine the financial position of an organization. According to Finkler‚ Kovner‚ and Jones (2007) the most common and important GAAP are as follows: (a) Entity concept‚ (b) Going-concern concept‚ (c) Matching principle and cash versus
Premium Generally Accepted Accounting Principles Health care
branch office in China. It needs to show its investors the consolidated statements as per US GAAP so that US investors could easily understand the outcome of their China branch. However‚ due to different rules and accounting policies applicable as per Chinese laws‚ they need to work twice on the same financial statements as they have to prepare the statements once in China and then consolidate them as per US GAAP rules. This puts immense amount of pressure over the accounting team as well as makes the
Premium International Financial Reporting Standards Financial statements Generally Accepted Accounting Principles
ACCOUNTING CONCEPT AND CONVENTIONS In drawing up accounting statements‚ whether they are external "financial accounts" or internally-focused "management accounts"‚ a clear objective has to be that the accounts fairly reflect the true "substance" of the business and the results of its operation. The theory of accounting has‚ therefore‚ developed the concept of a "true and fair view". The true and fair view is applied in ensuring and assessing whether accounts do indeed portray accurately the business
Premium Financial ratios Financial ratio Generally Accepted Accounting Principles
Financial Accounting: Introductory Section Pretest Introduction Welcome to the pre-assessment test for the Financial Accounting Online Course: Introductory Section. This test will allow you to assess your knowledge of basic and advanced financial accounting. All questions must be answered for your exam to be scored. Navigation: To advance from one question to the next‚ select one of the answer choices or‚ if applicable‚ complete with your own choice and click the “Submit” button. After submitting
Premium Balance sheet Generally Accepted Accounting Principles
Assignment #1: You Are an Entrepreneur Student life does not generally afford a great deal of free time to pursue your personal interests; however‚ at one point‚ you may have considered turning a personal interest or hobby into an official enterprise. Today‚ you have finally decided to turn that hobby into a business but have realized that you need start-up capital from a lender or investor. To obtain funding‚ you need to convince a lender / investor that your business is more than a hobby. You need
Premium Balance sheet Asset Financial statements
deadlines for exams and term projects. The deadlines are noted on the week by week schedule.) The homework is to be uploaded to the dropbox. During the term of the course‚ 9 homework questions will be submitted. These will be graded on the basis of acceptable‚ satisfactory‚ and unsatisfactory. Additional homework questions are assigned to be answered through online threaded discussions. You are expected to turn in all assignments on time. Three failures to be timely (including failure to complete
Premium Income Financial statements Generally Accepted Accounting Principles
Importance of Human Resource Accounting: Human Resource Accounting provides useful information to the management‚ financial analysts and employees as stated below: a) Human Resource Accounting helps the management in the Employment‚ locating and utilization of human resources. b) It helps in deciding the transfers‚ promotion‚ training and retrenchment of human resources. c) It provides a basis for planning of physical assets via-à-vis human resources. d) It assists in evaluating
Premium Balance sheet Financial statements Human resources
above 3. The accounting for fair value hedges records the derivative at its a. amortized cost. b. carrying value. c. fair value. d. historical cost. e. None of the above 4. Which of the following is a financial instrument under U.S. GAAP? a. a consolidated investee b. an equity method investment c. buildings and land d. treasury stock e. None of the above 5. How are derivative financial instruments valued on the balance sheet? a. historical cost b. amortized cost
Premium Generally Accepted Accounting Principles Balance sheet Financial statements