Generally Accepted Accounting Principles Generally accepted accounting principles is a set of broad guidelines‚ rules‚ and requirements followed by financial preparers’ used in preparing an organization’s financial statements‚ (Cleverley‚ Song‚ & Cleverley‚ 2011). Health care organizations financial statements are the key tools in presenting and projecting current and future economic viability‚ (Finkler‚ Kovner‚ & Jones‚ 2007). The financial prepared by organization’s are as follows:
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want to assess the financial position of the company before making decisions concerning that company. In recent years there has been an increased level of convergence in terms of international accounting. Despite this‚ there are differences in the way accounts prepared dependent upon the country which they take place. For example looking at two companies in the same manufacturing industry; Dell and Hartcourt Companies‚ Inc. the accounts are prepared under different regimes. Dell is a US computer distributer
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of business. As such‚ accountants collect and communicate economic information about business enterprises or other entities to a wide variety of persons. To be useful‚ financial statements must be clearly understandable and comparable so that users may compare the performance of one business with the performance of the same business for a prior period or with the performance of another similar business. Therefore‚ all general purpose financial statements should be prepared in accordance with the same
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GAAP (USA) To achieve basic objectives and implement fundamental qualities GAAP has four basic assumptions‚ four basic principles‚ and four basic constraints. Assumptions • Accounting Entity: assumes that the business is separate from its owners or other businesses. Revenue and expense should be kept separate from personal expenses. • Going Concern: assumes that the business will be in operation indefinitely. This validates the methods of asset capitalization‚ depreciation‚ and amortization
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prosecuting international crimes Jurisdiction is one the legal terms that must be used with extreme caution. Most generally jurisdiction is understood as the power of the State to regulate affairs pursuant to its laws.1 Controversial issues may arise when offence assumes international aspect which can cause conflict between jurisdictions of the countries. In each of the preceding bases of jurisdiction there must be a material link between the state asserting jurisdiction and the crime. That is what distinguishes
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What is the prudence concept in accounting? Under the prudence concept‚ you should not overestimate the amount of revenues that you record‚ nor underestimate the expenses. You should also be conservative in recording the amount of assets‚ and not underestimate liabilities. Another way of looking at prudence is to only record a revenue transaction or an asset when it is certain‚ and to record an expense transaction or liability when it is probable. Another aspect of the prudence concept is that you
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GAAP v. non-GAAP: Impacts on Financial Statements A non-GAAP financial measure is a numerical measure of past or future financial performance‚ financial position or cash flows that includes amounts that are excluded from the most directly comparable GAAP measure or excludes amounts that are included in the most directly comparable GAAP measure. Some common examples of non-GAAP earnings measures are cash earnings‚ operating earnings‚ EBITDA and FFO. The non-GAAP numbers impact revenue numbers without
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Jurisdiction is when a court of law or a municipal figure has the right the right and authority to work in a specific territory. Jurisdiction over issues communicate with an authority that is written in the United States’ Constitution or laws to consider with particular cases. (Hall‚ 2015). The same rule applies when there is a clash in both state and federal decrees and when the national administration takes over a location thereby barring the states. This type of issue does not happen a lot as
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I. STATEMENT OF JURISDICTION The district court and this Court have subject matter jurisdiction over this case pursuant to 28 U.S.C. Section 1331 (federal question) and Section 1338(a) (trademarks). This Court has jurisdiction over this appeal pursuant to 28 U.S.C. Section 1291(a)(1) in that this is an appeal from a permanent injunction entered after the district court granted a motion for partial summary judgment. See LaVine v. Blaine School Dist.‚ 257 F.3d. 981 (9th Cir. 2001). The
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JUVENILE JURISDICTION “VS” ADULT JURISDICTION A. Banks Introduction to Criminal Justice –CRN 21737 December 12‚ 2012 Juvenile Jurisdiction v. Adult Jurisdiction This paper explores the different views that have been in debate among society and the juvenile justice system. Since the inception of juvenile court more than a hundred years ago‚ the underlying debate has been that juvenile offenders shouldn’t go through the adult criminal courts. Juvenile court was originally created to handle
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