"Topic 1 Identify And Describe The Sources Of Generally Accepted Accounting Principles Identify Source Hierarchy And Explain Why The Hierarchy Is Important" Essays and Research Papers

  • Topic 1 Identify And Describe The Sources Of Generally Accepted Accounting Principles Identify Source Hierarchy And Explain Why The Hierarchy Is Important

    Basic Accounting Concepts and Business Structures I will explain the basic accounting concepts and business structures from the following topics: GAAP sources and hierarchy; Good accounting information using the qualities of accounting principles; Difference between Accrual based accounting and cash basis of accounting; Types of business structures and the features of each structure. 1. GAAP sources and hierarchy Generally accepted accounting principles (GAAP) is the set of accounting principles...

    Corporate tax, Deferral, Depreciation 797  Words | 3  Pages

  • ACC 537 Explaining Basic Accounting Concepts and Business Structures

    Explaining Basic Accounting Concepts and Business Structures Student Name ACC/537 Date Instructor Explaining Basic Accounting Concepts and Business Structures It was not long ago where financial reporting of some companies felt like the famous quote from the movie Forrest Gump, “Life is like a box of chocolates; you never know what you are going to get.” It is important for accountants to learn from companies like Enron and follow the tried and true basic concepts of generally accepted accounting...

    Balance sheet, Enron, Financial statements 699  Words | 5  Pages

  • Basic Accounting Concepts and Business Structures

    Basic Accounting Concepts and Business Structures Rose Latifi ACC 537 November 10th 2012 Professor Joh David Basic Accounting Concepts and Business Structures Generally Accepted Accounting Principles (GAAP) and Related Hierarchy The common set of standards and procedures is called generally accepted accounting principles (GAAP). Four organizations are instrumental in the development of financial accounting standards (GAAP) in the United States: 1- Securities and Exchange Commission (SEC) ...

    Balance sheet, Corporation, Deferral 884  Words | 3  Pages

  • Basic Accounting Principles and Business Structure

    Basic Accounting Concepts and Business Structures Danny Silvio ACC/537 10/10/11 Professor Basic Accounting Concepts and Business Structures Generally Accepted Accounting Principles The sources of accounting principles and the framework for selecting the principles to be used in the preparation of financial statements are prepared by the Financial Accounting Standards Board (FASB). The standard categorizes the major sources of GAAP as being FASB Standards, Interpretations...

    Accounting Principles Board, Corporation, Financial Accounting Standards Board 721  Words | 3  Pages

  • Generally Accepted Accounting Principles

    Part I. A. Generally Accepted Accounting Principles. GAAP is not a fixed set of rules. It is a guideline or more precisely a group of objectives and concepts that have evolved over 500 years from the basic concepts of Luca Pacioli set forth in the 1400s. It governs how financial statements are prepared and presented in the United States. The Financial Accounting Standards Boards (FASB), the American Institute of Certified Public Accountants and the Securities and Exchange Commission (SEC)...

    Accounts receivable, Asset, Balance sheet 1268  Words | 4  Pages

  • Generally Accepted Accounting Principles

    Generally Accepted Accounting Principles (United States) In the U.S., generally accepted accounting principles, commonly abbreviated as US GAAP or simply GAAP, are accounting rules used to prepare, present, and report financial statements for a wide variety of entities, including publicly-traded and privately-held companies, non-profit organizations, and governments. Generally GAAP includes local applicable Accounting Framework, related accounting law, rules and Accounting Standard. Similar to...

    Financial Accounting Standards Board, Financial statements, Generally Accepted Accounting Principles 1498  Words | 5  Pages

  • Generally Accepted Accounting Principles (G.A.A.P)

    GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (G.A.A.P) GAAP is an international convention of good accounting practices. It is based on the following core principles. In certain instances particular types of accountants that deviate from these principles can be held liable. The Business Entity Concept The business entity concept provides that the accounting for a business or organization be kept separate from the personal affairs of its owner, or from any other business or organization. This means...

    Balance sheet, Business, Corporation 1027  Words | 4  Pages

  • Generally Accepted Accounting Principles

    Generally Accepted Accounting Principles Stephanie R. Stewart HCS/571 September 24, 2012 Anne Harney Finlon Generally Accepted Accounting Principles Generally Accepted Accounting Principles (GAAP) are important ideas to understand when discussing finances of any kind. It is important for all nurses, especially those in management roles, to understand financial concepts and be involved in the budgetary process. This paper will help to create an understanding of GAAP, the purpose of the principles...

    Balance sheet, Depreciation, Finance 1226  Words | 4  Pages

  • Intermediate Accounting Research Project

    1. What is the FASB Accounting Standards Codification? The FASB Accounting Standards Codification® is the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied to nongovernmental entities. 2. When did the codification become effective? The Codification is effective for interim and annual periods ending after September 15, 2009. 3. The FASB had three primary goals in developing the Codification. Identify them. a....

    Balance sheet, Bond, Debt 1987  Words | 6  Pages

  • Generally Accepted Accounting Principles

     Generally Accepted Accounting Principles HCS/571 February 5, 2014 Generally Accepted Accounting Principles In recent years healthcare systems have become more like business entities than health care providers. Technology is continually evolving so is healthcare and its financial approach. Generally Accepted Accounting Principles (GAAP), is a guide used by healthcare providers to account for their financial activities. GAAP is a guideline or a group of objectives and concepts that...

    Accounting equation, Asset, Balance sheet 938  Words | 6  Pages

  • Generally Accepted Accounting Principles

     Generally Accepted Accounting Principles September 2, 2013 NUR/571 Generally accepted accounting principles (GAAP) is the term “used to describe the body of and requirements that shape the preparation of the four primary financial statements (Cleverley & Cameron, 2007).” These statements include the balance sheet, the statement of revenues and expenses, statement of cash flow, and statement in changes of net assets (Cleverley & Cameron, 2007). These statements track financial information...

    Accounts receivable, Asset, Balance sheet 753  Words | 3  Pages

  • Acc/537 Week 1 Individual Assignment

    Basic Accounting Concepts and Business Structures ACC/537 FINANCIAL ACCOUNTING All businesses has a obligated task to prepare financial statements that shows the performance of the business at the end of a accounting period. Accounting standards regulation is important because it helps to ensure that companies are transparent in preparation of financial statements which reflects the true results of the company’s outcome. If there are no regulations for preparing...

    Business law, Corporation, Generally Accepted Accounting Principles 750  Words | 3  Pages

  • Generally Accepted Accounting Principles

    Generally Accepted Accounting Principles Kelly Voelm NURS/571 March 25, 2013 Dr. Tricia Jenkins Generally Accepted Accounting Principles Companies and businesses are guided by rules and regulations that they must follow concerning financial data reporting. Generally accepted accounting principles (GAAP) assist accountants to work with the Securities and Exchange Commission (SEC) and are guidelines that apply to most financial statements. The GAAP are a list of principles...

    Asset, Balance sheet, Financial statements 904  Words | 3  Pages

  • Generally Accepted Accounting Principles

     Generally Accepted Accounting Principles in Healthcare Nia Coerbell HCS 571 November 10, 2014 Professor Vaughn The Financial Accounting Standards Board (FASB) works with private sectors in order to develop standards or generally accepted accounting principles that guide companies in generating financial reports. Financial statements "convey information about the organization's financial results of its activities" (Finkler et al., 95). This way, lenders (e.g. banks) can determine...

    Accounts receivable, Asset, Balance sheet 947  Words | 6  Pages

  • Identify and Explain the Source of Power for Managers

    : S M GUMBE COURSE : EXECUTIVE DEVELOPMENT PROGRAMME (EDP) MODULE : MANAGEMENT & ORGANISATIONAL BEHAVIOUR (MOB) DATE : 17 AUGUST 2013 Define the term management and explain the roles that they play in organisations. Support your answer with examples? DEFINATION : Management generally is applied to the process of utilising the human, physical and financial resources of an organisation to ensure that its objectives and day to day operations are achieved as efficiently and...

    Control, Knowledge management, Leadership 1669  Words | 6  Pages

  • Identify And Describe

    Identify and describe three strategies you can use to manage your time. Create a Prioritised to do list. To do this, first you must identify the goals or current tasks and list them. Then you must prioritise them on a scale of 1 to …. (1 as the most important), considering urgency and difficulty. Create a work Schedule. This is a list of tasks that have all been allocated a timeframe in which to be completed or contributed to. These schedules can be reviewed and also set out on a daily, weekly or...

    Employment, Leadership, Management 1189  Words | 3  Pages

  • Generally Accepted Accounting Principles

    Generally Accepted Accounting Principles HCS/571 July 11, 2011 Generally Accepted Accounting Principles Generally Accepted Accounting Principles, or GAAP, is an accounting language of business used in health care facilities that have specific policies they must abide by when making choices for the direction of the institution. The Financial Accounting Standards Board, also known as FASB, developed these rules to guide them in recording and reporting financial information. Organizations use...

    Accountancy, Asset, Balance sheet 917  Words | 3  Pages

  • accounting

    CHAPTER 1 1. Identify the major financial statements and other means of financial reporting. The financial statements most frequently provided are (1) the balance sheet, (2) the income statement, (3) the statement of cash flows, and (4) the statement of owners’ or stockholders ‘equity. Financial reporting other than financial statements may take various forms. Examples include the president’s letter or supplementary schedules in the corporate annual report, prospectuses, reports...

    Accountant, Accounting organizations, Accounting Principles Board 624  Words | 3  Pages

  • Generally Accepted Accounting Principles

    Accountants use generally accepted accounting principles (GAAP) to guide them in recording and reporting financial information. GAAP comprises a broad set of principles that have been developed by the accounting profession and the Securities and Exchange Commission (SEC). Two laws, the Securities Act of 1933 and the Securities Exchange Act of 1934, give the SEC authority to establish reporting and disclosure requirements. However, the SEC usually operates in an oversight capacity, allowing the FASB...

    Accountant, Balance sheet, Deferral 1303  Words | 4  Pages

  • Explaining Basic Accounting Concepts and Business Structures

    Explaining Basic Accounting Concepts and Business Structures To understand accounting there are several key concepts and terms to be familiar with. One must know where Generally Accepted Accounting Principles came from as well as how businesses form. Sources of Generally Accepted Accounting Principles The Securities and Exchange Commission (SEC), American Institute of Certified Public Accountants (AICPA), Financial Accounting Standards Board (FASB), and the Government Accounting Standards Board...

    Accounting Principles Board, Corporation, Decision making 756  Words | 3  Pages

  • Case 1-4 Generally Accepted Accounting Principles

    • Case 1-4 Generally Accepted Accounting Principles At the completion of the Darby Department Store audit, the president asks about the meaning of the phrase “in conformity with generally accepted accounting principles,” which appears in your audit report on the management’s financial statements. He observes that the meaning of the phrase must include more than what he thinks of as “principles.” Required: a. Explain the meaning of the term accounting principles as used in the audit report...

    Accountancy, Accountant, Business 515  Words | 2  Pages

  • The Importance of Accounting in Our Modern Society

    Papers & Book Notes Accounting Service Concern Essays and Term Papers Search Advanced Search Documents 1 - 20 of 1000 The Importance of Accounting The Importance Of Accounting In Our Modern Society Accounting is a very important term to our modern society. It is the career for men and women who at the start have their eyes set on top positions in industry, management, government, and general business. Accounting is a basic need o... Premium2543 Words11 Pages Accounting Reviewer *Business...

    Accountancy, Accounting software, Cost 1159  Words | 6  Pages

  • Management Accounting

    MANAGEMENT ACCOUNTING 1. The group is required to undertake a project on a management accounting topic related to the course (refer attachment). The objective of the project is to provide students an opportunity to gain an in-depth knowledge of the theoretical underpinnings of one of the management accounting topics and to summarize any current articles of the topic (the chosen articles must be accepted by your lecturer). 2. The group projects may be done in groups of at most five...

    Activity-based costing, Balanced scorecard, Certified Management Accountant 1323  Words | 6  Pages

  • Generally Accepted Accounting Principles

    Generally Accepted Accounting Principles (GAAP) is the methods, rules, practices and other procedures that have evolved to govern the preparation of financial statements” Justify the statement with suitable examples. Accounting is the language of business and it is used to communicate financial information.  In order for that information to make sense, accounting is based on some fundamental concepts.  Transactions are recorded in accounts, following certain fundamentals concepts and conventions...

    Accrual, Asset, Balance sheet 1145  Words | 3  Pages

  • Maslows Hierarchy of Needs

    1. Introduction “Each of us has our own set of needs that motivate our communication and our responses to messages. While not everyone’s priorities are identical, our needs resemble one another’s” (Steinberg, 2007:22). This assignment will discuss Maslow’s hierarchy of needs. It will look at real life examples of each component. It will also identify and explain each component. An appropriate diagram will be given to support my answers. At the end of this assignment one should have a full understanding...

    Abraham Maslow, Food, Fundamental human needs 1423  Words | 4  Pages

  • General Accepted Accounting Principles

    Accounting Principles i Running head: GENERAL ACCEPTED ACCOUNTING PRINCIPLES General Accepted Accounting Principles Accounting Principles ii Abstract My paper is about the GAAP (General Acceptance of Accounting Principles) which were created by the Accounting Principles Board (APB). The board was created by American Institute of Certified Public Accountants (AICPA) in 1959. APB issued 31 Opinions from 1959 to 1973 and those Opinions created GAAP. I think GAAP is interesting...

    Accountancy, Accountant, Accounting in the United States 958  Words | 4  Pages

  • Generally Accepted Accounting Principles Nur/513

    & Jones, 2007, p. 104). Generally Acccepted Acccounting Principles (GAAP) are rules, which have been established by Financial Accounting Standards Board (FASB). It is common set of accounting principles, procedures, and standards. Companies, including a health care companies, use GAAP to compile their financial statements. “GAAP are a combination of authoritative standards (set by policy boards) and simply the commonly accepted ways of recording and reporting accounting information” (Investopedia...

    Annual report, Balance sheet, Depreciation 1120  Words | 4  Pages

  • Generally Accepted Accounting Principles

    set of accounting criteria used to develop medical centers financial statements are known as generally accepted accounting principles (GAAP). GAAP are a mixture of respected criteria created by Securities and Exchange Commission (SEC) and accountants. The SEC has authority granted by The Securities Act of 1933 and the Securities Exchange Act of 1934, to determine reporting and disclosure requirements. Oversight is the general functions of the SEC, granting the Governmental Accounting Standards...

    Balance sheet, Financial statements, Generally Accepted Accounting Principles 844  Words | 3  Pages

  • Nur 571 Generally Accepted Accounting Principles

    Generally Accepted Accounting Principles Amy Santus RN BSN HCS/571 October 3, 2011 Debra Vaughn Increasing pressures of cutting costs and improving the quality of care in health care services influences the 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...

    Balance sheet, Depreciation, Finance 1005  Words | 4  Pages

  • Social 20-1 Source Analysis

    Source 20-1 Source Analysis Harmanan Dhamija Source A is a quote illustrating the concept of ultra-nationalism. This is extreme devotion to or advocacy of the interests of a nation, especially regardless of the effect on any other nations. This is proven when the author states “the English are best at everything”. From this it can be presumed that the author clearly favors ideas like Ethnocentrism, Imperialism, Inequality and Hierarchy. The author says “After all, we’re not savages”, this relates...

    Aryan race, Fascism, First Nations 953  Words | 3  Pages

  • 1. Understand Why Communication Is Important in the Work Setting

    1. Understand why communication is important in the work setting 1.1 Identify different reasons why people communicate: People communicate for different reasons, to portray their feelings, emotions, pain, opinions, etc. To work with children and young people, communication plays a very important part to make sure that the best provision is created for all. There are many different reasons why people communicate. People communicate to share information and express a need. They communicate to...

    Communication, Graphic communication, Nonverbal communication 801  Words | 4  Pages

  • Sources of Law

    What are the sources of law in Australia? There are two main sources of law in Australia, case law or common law. This is based on the decisions of judges in the superior courts, and legislation, the law made by Parliament. How did English Law come to Australia? English Law became the legal foundation of Australia because it was treated as a settled colony. When was the Commonwealth of Australia established? The Commonwealth of Australia was established and it became a dominion of the British...

    Appeal, Case law, Civil law 1520  Words | 5  Pages

  • Accounting Policies, Income Statement and Related Items

    Abstract GAAP requires company to disclose accounting policy in their financial reports. These policies provide relevant information to decision makers on choices taken by executives. Financial statements are the final product of accounting process. Income statement provides data for investment and other decisions. The net income is essentially the common income statement form, consisting of classifications such as income from continuing operations, discontinued operations, extraordinary items...

    Balance sheet, Comprehensive income, Financial Accounting Standards Board 2292  Words | 7  Pages

  • Cost Accounting and Job Order Cost

    Priceline case 1. (a) Joe Delong is not sure about the difference between cost accounting and a cost accounting system. Explain the difference to Joe. (b) What is an important feature of a cost accounting system? 2. (a) Distinguish between the two types of cost accounting systems. (b) May a company use both types of cost accounting systems? 3. What type of industry is likely to use a job order cost system? Give some examples. 4. What type of industry is likely to use a process cost system...

    Book of Job, Cost accounting, Manufacturing 546  Words | 3  Pages

  • 3101AFE Seminar Questions from Seminars 1 6 Sem 1 2015

    3101AFE Accounting Theory and Practice Seminar Questions for Seminars 1- 6: Semester 1 2015 SEMINAR 1 - Semester 1 2015 Deegan Topic 1: Introduction to financial accounting theory QUESTION 1 – Question 1.2: If you developed a theory to explain how a person’s cultural background influences how they prepare financial statements, would you have developed a positive theory or a normative theory? QUESTION 2 - Question 1.3: What is a conceptual framework, and would it be considered to be a positive...

    Accountancy, Asset, Balance sheet 1565  Words | 8  Pages

  • Acc/537 Week 1 Basic Accounting Concepts

    Basic Accounting Concepts and Business Structures Stacey Jordan ACC537 April 18, 2011 Neil David Generally accepted accounting principles allows the accounting profession to follow a recognized organization of objectives, to provide a structure for solving problems, to improve the understanding of financial statement and confidence in financial reporting, and to develop contrast among companies financial statements that can be generally accepted and universally practiced, “generally accepted”...

    Accounting in the United States, Accounting Principles Board, Decision making 968  Words | 3  Pages

  • Primary and Secondary Sources

    Community College His 111: United states history to 1877 Essay #1: Summary of “Working with Sources When we are giving information, whether a text or speech, our knowledge must have a good basis. Using sources would amplify the quality of our message, but first of all, it is completely necessary to understand what is a source and how many types of sources exists. First, what is a source? Oxford Dictionary says “A book or document used to provide evidence in research”...

    Cantabria, Egyptian hieroglyphs, Historiography 1303  Words | 4  Pages

  • acc/537 outline

    Phoenix Tools and Basic Concepts of Accounting OBJECTIVE: Use the tools available to University of Phoenix graduate students. Resource: University of Phoenix student Web site: https://ecampus.phoenix.edu Content University Library Center for Writing Excellence Student Web site OBJECTIVE: Identify the hierarchy of sources for generally accepted accounting principles. Resource: Ch. 1 of Intermediate Accounting Content Financial accounting standards board (FASB) standard categorizes...

    Accounting in the United States, Accounting Principles Board, Accrual 288  Words | 2  Pages

  • Accounting Principles

    Running head: ACCOUNTING PRINCIPLES Generally Accepted Accounting Principles P G HCS 571 June 5, 2013 Generally Accepted Accounting Principles Generally accepted accounting principles (GAAP), are standards and guidelines for financial accounting, and reporting, (Office of Financial Management, 2012). There are guidelines in effect for most organizations; GAAP ensures that the finances of an organization are correct. According to Cleverly, Song, and Cleverly (2011), GAAP describes the “body...

    Accounting organizations, Asset, Balance sheet 779  Words | 3  Pages

  • Basic Accounting Concepts and Business Structures

    Basic Accounting Concepts and Business Structures Shannon Goshert ACC 537 July 25, 2010 Angela Rose Abstract Basic accounting concepts and business structures go hand-in-hand. Usually the business structure will determine the type of accounting concepts it will use. Generally accepted accounting principles (GAAP) are needed for effective accounting information. Basic Accounting Concepts and Business Structures Basic accounting concepts and business structures are important to a business’s...

    Accounting organizations, Accounting Principles Board, Business law 971  Words | 4  Pages

  • Finance and Accounting for Management

    AGW 610/3 Finance and Accounting for Management Graduate School of Business Universiti Sains Malaysia COURSE GUIDE Lecturer: Semester: Associate Prof. Dr. Sofri Yahya; Dr Fathyah Hashim Semester 1, Academic Session 2012/2013 The information in this document is important and should be noted by all students undertaking the Master of Business Administration Degree Reviewed by: ………………………………………….. Date: 1 Approved by: ………………………………….. Date: AGW 610/3 Finance and Accounting for Management Course...

    Asset, Balance sheet, Cash flow statement 2054  Words | 7  Pages

  • MGT 380 Week 2 Discussion 1

    work MGT 380 Week 2 Discussion 1 Leadership Types shows a right solution on the following task: "Distinguish between transactional and transformational leadership. Be sure to give specific examples. Which one do you feel is more effective and why? Respond substantively to two other learners." Business - Management Week One: Why Organizational Change?   Details Due Points Objectives 1.1  Identify factors that drive organizational...

    Change, Chief executive officer, Christopher Nolan 522  Words | 5  Pages

  • Healthcare Accounting Principles and Ethics

    "First and foremost, financial management is a decision science. Whereas accounting provides decision makers with a rational means by which to budget for and measure a business’s financial performance, financial management provides the theory, concepts, and tools necessary to make better decisions” (Gapenski, 2007). For leaders to manage finances successfully, they employ four key managerial elements. The four elements include: (1) planning, (2) controlling, (3) organizing and directing, and (4) decision...

    Business ethics, Ethics, Finance 1160  Words | 4  Pages

  • Sources of Law

    Question 1: Explain the different sources of Law in England. The legal system in the UK has expanded over many centuries and has also changed regularly during this period. The present UK law consists of four major sources that include the Interpretation of Statues (Acts of Parliament), Common Law, European law and European Court of Human Rights. ‘These sources of Law have all one common element, influenced by political, social and technological change.’ (Open University, Block 1, Pg 89). ...

    Appeal, Case law, Common law 1355  Words | 4  Pages

  • 7101AFE Financial Accounting Theory And Practice

    7101AFE Financial Accounting Theory and Practice Tutorial Questions for Tutorials 1- 6: Semester 1 2015 TUTORIAL 1 - Semester 1 2015 Deegan Topic 1: Introduction to financial accounting theory QUESTION 1 – Question 1.2: If you developed a theory to explain how a person’s cultural background influences how they prepare financial statements, would you have developed a positive theory or a normative theory? The first of all, it is important to understand the mean by a ‘theory’. According to Contemporary...

    Abstraction, Concept, Explanation 971  Words | 3  Pages

  • Accounting Theory

    INFORMATION FOR CANDIDATE 1. This exam is worth 50% of the overall semester assessment. 2. The total number of marks available for this exam is 100%. 3. This exam paper contains FIVE (5) questions in THREE (3) pages excluding the cover page. INSTRUCTIONS TO CANDIDATE 1. Answer all questions. 2. Write all your answers in the answer booklet provided. 3. If you make a mistake please put a single diagonal line through the section you wish to be ignored by the examiner. 4. Return all exam...

    Financial statements, International Financial Reporting Standards, Scientific method 617  Words | 3  Pages

  • Generally Accepted Accounting Principles and Disco

    REQUIREMENTS Part 1 - The Situation, Consolidation, and Interpretation This is an unusual type of corporate relationship. The first set of questions will reinforce your understanding of the relationship and provide evidence on the pros and cons of consolidation. 1. Carefully reread the information provided about the corporate headquarters and the Development Agreement. Which company is actually performing the research and development activities? Pharmco 2. Justify your response. ...

    Asset, Balance sheet, Financial ratio 1182  Words | 4  Pages

  • Intermediate Accounting 7e by Spiceland TB

    Intermediate Accounting by Spiceland 7th Edition Test Bank  Contact me here sellertbsm2014@hotmail.com to download the test bank INSTANTLY!!! PRICE FOR THE TEST BANK, SOLUTION MANUAL AND BOOK PDF: Test Bank 20$ USD Solution Manual 20$ USD BooK PDF 30$ USD   This is a sample chapter Chapter 01 Environment and Theoretical Structure of Financial Accounting   True / False Questions   1. The primary function of financial accounting is to provide relevant financial information to parties...

    Balance sheet, Cash flow, Financial Accounting Standards Board 16581  Words | 107  Pages

  • According to the Generally Accepted Accounting Principles

    According to the Generally Accepted Accounting Principles, T-Shirts by Tommy can account for the accident is to record an extraordinary item. Using the definition from our Intermediate Accounting textbook, extraordinary events are defined as, "…events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence" (Keiso). Because of the nature of the plane crash, and the fact that these types of accidents happen very rarely, it can definitely be categorized...

    Business, Depreciation, Expense 1595  Words | 4  Pages

  • Ac 550--Week 1 Assignment

    ACC-550 / Week 1 Homework CHAPTER 1 CA1-1 (FASB and Standard-Setting) Presented below are four statements which you are to identify as true or false. If false, explain why the statement is false. 1. GAAP is the term used to indicate the whole body of FASB authoritative literature. True 2. Any company claiming compliance with GAAP must comply with most standards and interpretations but does not have to follow the disclosure requirements. False (all companies must comply to all standards and...

    1945, 1948, 1970 991  Words | 6  Pages

  • why managerial accounting is important

    Chapter 1 Lecture Notes   Chapter theme: This chapter explains why managerial accounting is important to the future careers of all business students. It answers three questions: (1) What is managerial accounting? (2) Why does managerial accounting matter to your career? and (3) What skills do managers need to succeed? It also discusses the importance of ethics in business and corporate social responsibility.   I.             What is managerial accounting? A.            Examine the difference...

    Business, Business ethics, Decision making 848  Words | 4  Pages

  • Generally Accepted Accounting Principles and Case

    Student Cases with Solutions to accompany Accounting & Auditing Research: Tools & Strategies (7th edition) NOTE: In addition to the in-chapter and end-of-chapter exercises which serve as short cases you will find the following short cases arranged by course title that can also be utilized as short cases that require the student to access the authoritative literature to address the issue presented in the case. Other excellent sources of longer and more detailed cases include the Deloitte...

    Cash, Cash flow, Cash flow statement 995  Words | 4  Pages

  • Accrual: Generally Accepted Accounting Principles and Revenue

    fall-out of Accounting Period concept. This concept requires that expenses incurred for a particular accounting period should be reckoned in the same period, irrespective of the fact whether these expenses have been paid in cash or not in that year. The same holds true for revenues, i.e., revenues earned in a specific accounting period are construed as incomes of the same period, irrespective of their receipts. This concept is also known as the accrual theory of accounting or accrual accounting. This...

    Asset, Balance sheet, Expense 2265  Words | 7  Pages

  • Acc 403 Generally Accepted Accounting Principles (Us Gaap)

    TUI University ACC 403 Mod 1 CA March 8, 2013 Part I.  Generally Accepted Accounting Principles (US GAAP) The common set of accounting principles, standards and procedures that companies use to compile their financial statements are called Generally Accepted Accounting Principles. GAAP are a combination of authoritative standards (set by policy boards) and simply the commonly accepted ways of recording and reporting accounting information. “Published accounts have to follow the GAAP...

    Balance sheet, Enron, Finance 1029  Words | 4  Pages

  • Conceptual Framework for Financial Accounting

    Introduction Financial accounting is branch of accountancy that deals with the financial statements which helps in informing public as well other concerned people who are not involved in day to day working of a company, about its current financial performance. Different stages involved in financial accounting are governed by certain standards set by organisations such as The International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB). The standards made by IASB...

    Financial Accounting Standards Board, Financial statements, Generally Accepted Accounting Principles 1193  Words | 4  Pages

  • Homework Assignment Week 1

    Homework Assignment Week 1 2-16 (Objective 2-6) The following questions deal with auditing standards. Choose the best response. A. International Standards on Auditing are established by the: (2) International Auditing and Assurance Standards Board. B. Which of the following best describes what is meant by U.S. generally accepted auditing standards? (2) Measures of the quality of the auditor’s performance. C. The general group of U.S. generally accepted auditing standards includes a requirement...

    Audit, Auditing, Auditor's report 1195  Words | 4  Pages

  • Business admin unit 204 Outcome 1 & 2

    Unit 204 Outcome 1- Understand the purpose of planning communication. 1.1- Explain reasons for knowing the purpose of communications. By knowing the purpose of communication you know how to respond, to whether it is designed to start a debate, send a message to people or just a general information briefing and know how to interpret the information. It is important for me to know the purpose of communication when I contact another company as I need to find out information and normally very...

    Communication, Grammar checker, Information science 1397  Words | 5  Pages

  • With reference to the source, describe 3 sources of the UK constitution.

    PAPER 2 2010 JUNE 1. a: With reference to the source, describe 3 sources of the UK constitution. Common Law: It includes legal principles that have been developed and applied by UK courts, also it is legal precedent made by judges concerning, for example, the 1931 Donoghue v. Stevenson case had important consequences for the definition of the law of negligence. Conventions: Established norms of political behaviour rooted in past experience rather than the law. For example, the Salisbury Convention...

    Common law, Constitution of the United Kingdom, Constitutional monarchy 888  Words | 3  Pages

  • Financial Accounting

    multiple-choice questions from the information presented in Chapter 1 through Chapter 13. Each question is worth 2.5 points. This study guide indicates the items you should review before taking the exam. GOOD LUCK! CHAPTER 1 1. Know the 3 forms of business entities 2. Know the definitions of revenues and expenses 3. Know the difference between internal and external users 4. FASB – responsible for GAAP (accounting principles) 5. Accounting Equation 6. Know the 3 activities that business engage...

    Asset, Balance sheet, Depreciation 1038  Words | 5  Pages

  • Accouting Principle I

    * Quick Study QS 1-1 Reading and interpreting accounting reports requires some knowledge of accounting technology. (a) Identify the meaning of these accounting-related acronyms: GAAP, SEC, FASB, IASB and IFRS. (b) Briefly explain the importance of knowledge base or organization that is referred to each of the accounting-related acronyms. * (a) The meaning of accounting-related acronyms GAAP, SEC, FASB, IASB and IFRS: * GAAP: Generally Accepted Accounting Principle. * SEC: Securities...

    Financial Accounting Standards Board, Financial statements, Internal control 517  Words | 2  Pages

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