"Generally Accepted Accounting Principles" Essays and Research Papers

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...

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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...

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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...

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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...

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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)...

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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...

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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...

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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...

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Generally Accepted Accounting Principles and Cash

supplier. e. Company X bought $ 5000 inventories by cash. 3. Flora Accounting Services completed these transactions in February: a. Purchased office supplies on account, $300. b. Completed work for a client on credit, $500. c. Paid cash for the office supplies purchased in (a). d. Completed work for a client and received $800 cash. e. Received $500 cash for the work described in (b). f. Received $1,000 from a client for accounting services to be performed in March. Prepare journal entries to...

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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...

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Generally Accepted Accounting Principles and Disco

to determine the motivation for creating Disco. 1. The concept of control has a long and storied history, starting with the Committee on Accounting Procedure’s (CAP) Accounting Research Bulletin No. 51, Consolidated Financial Statements issued in 1959. This early statement did not use the term control, but controlling financial interest. This was generally evidenced by ownership of a majority of the voting shares, and over time, majority ownership became the de facto indicator of control. Within...

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Generally Accepted Accounting Principles and Cash

gross profit and net profit? 7. What is balance sheet? What is the difference between trial balance and balance sheet? 8. What do you understand by three column cash book? 9. Differentiate between journal and ledger? 10. What is an accounting cycle? Part III: Long Questions Attempt any two questions out of four Q.No.3 Marks (10*1) From the following transactions prepares three column cash book: 1984 Dec: 1 Rs 10000 paid in by proprietor on start of business of which...

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Generally Accepted Accounting Principles and Cash

Incorporated, a small manufacturing company. Whistle Stop also has a small service department that repairs customers’ model trains for a fee. The company has been in business for five years. At the end of the most recent fiscal year, November 30, 2011, the accounting records reflected total assets of $500,000 and total liabilities of $200,000. During the current fiscal year ending November 30, 2012, the following summarized events occurred: a. Issued additional common shares for $200,000. b....

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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...

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Timberlands: Generally Accepted Accounting Principles and Fair Value

issues raised by the transformation from U.S. Generally Accepted Accounting Principles (US GAAP) to International Financial Reporting Standards (IFRS) in the timber industry. I will cover the following topics: different accounting treatment under U.S. GAAP and IFRS, the influence on investment decisions, Plum Creek’s reason for the opposition against transformation, and conclude with my preferred accounting treatment under different roles. ACCOUNTING TREATMENT The concern is mainly on recognition...

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Generally Accepted Accounting Principles and Revenue Recognition

The accounting practices at Carlton normally permit revenue recognition after the shipment of the computer systems. Peale, Gower and Quill, Carlton’s auditors, are worried about the accounting practices regarding revenue recognition of certain transactions during the last quarter of 20X1. They are also worried about the adverse effects of such accounting on the company’s quality of earnings and thereby on its planned public stock offering in February 20X2. The present US GAAP (Generally Accepted...

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Generally Accepted Accounting Principles and Premium Decorating

purchased for $960 on July 1, 20-1. On December 31, 20-1, it had an unexpired value of: a. $240. b. $480. c. $560. d. $400. e. none of the above. 2) The accountant did not prepare an entry to adjust the Supplies account at the end of the accounting period and, as a result: a. the Supplies account was overstated. b. the total expenses were understated. c. the net income was overstated. d. the owner’s equity was overstated. e. all of the above are true. 3) On the basis of the following...

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Generally Accepted Accounting Principles and Growth Rate

STATEMENTS d 3. Pro forma financial statements are: a. statements recapping the performance of a firm for the past five years. b. accounting statements filed with the Securities and Exchange Commission. c. accounting statements filed with the Internal Revenue Service. d. projected accounting statements based on a sales forecast. e. the most-recently compiled accounting statements of a firm. PLUG VARIABLE e 4. The designated source of external financing required to make a pro forma balance sheet...

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Generally Accepted Accounting Principles and Fob Destination

between Biovail and the Distributer provided that title to, and risk of loss with respect to, the product would not have passed to the Distributer until the product was delivered to the Distributer’s facility. In this scenario, using generally accepted accounting principles (GAAP) requirements, revenue cannot be recognized as the seller has not done everything required under the sales agreement. In this specific sales agreement, title and risk of the shipment remains the seller’s until received by the...

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Generally Accepted Accounting Principles and Subject Matter Expert

1st of February and today is 1st of March of the same year. You have just paid him his salary. What accounts will this transaction impact? Answer : Engineers cash account increases and company balance decreases . In terms of accounting head : (DR) Salary account (L) (CR) operating expense account ( Bank) (A) Bravo Corporation borrows Rs 1,000,000 on 1st Jan 2013 from a bank for corporate...

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Generally Accepted Accounting Principles and Accrual Basis

Ch.2- Accrual Accounting and Income Determination Under accrual basis -Revenues are earned when the seller completes performance required by an agreement. QA- Flying Carpet Tourism company purchased some cares for 24, making a down payment of 14 and signed a note payable for the remaining. How do you record this on cash basis once and on accrual basis another. Answer: Accrual basis: Expenses 24 Cash basis: Expenses 14 QB- Company A made sales revenue of 150 thousands...

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Acc 403 Generally Accepted Accounting Principles (Us Gaap)

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 for...

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Generally Accepted Accounting Principles and Income Tax Provision

University of Chicago Booth School of Business Accounting and Financial Analysis I (B30016) Case 1: Acme United Corporation Selected Computations Prof. L. Soffer The journal entry summarizing the 2008 activity in the first table in the tax footnote is: Income tax provision $2,209,030 Deferred income tax asset/liability - net $224,277 Cash or income taxes payable $2,433,307 The journal entries summarizing the pretax effect of the charge to AOCI for the pension plan and the related tax effect are:...

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Generally Accepted Accounting Principles and Thomas Magnum

ASSIGNMENT 4 WEEK 3 SAMUEL GEORGE Financial Accounting / CHAPTER 4 | | | | | P4-1A | Thomas Magnum began operations as a private investigator on =anuary 1, 2008. The trial balance columns of the worksheet for THOMAS =AGNUM, P.I., INC. at March 31 are as follows.   | THOMAS MAGNUM, P.I., =NC. | Worksheet | For the Quarter Ended March 31, =008 |   | Trial Balance |   |   |   | Account Titles | Dr. | Cr. | Cash | 11,400 |   | Accounts Receivable | 5,620 |   | ...

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Generally Accepted Accounting Principles and Substantive Tests

confirmation date will be as of December 31. Clerical tests will be made to test the aging. Analytical procedures and inquiry will be used to provide assurance regarding proper valuation. Expenditure Cycle: Tests of controls: The expenditure cycle is generally unchanged from last year. Again, it appears that the systems are adequate, but we are not planning to rely on them since there is inadequate segregation and the time it would take to test them would exceed the savings in substantive tests. ...

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Generally Accepted Accounting Principles and Melville Company

629 Accounting and Financial Management Agenda for Class 2 June 9, 2006 Review of chapter 1 and questions Practice quiz questions: 1. The Melville Company sold land for $60,000 in cash. The land was originally purchased for $40,000, and at the time of the sale, $15,000 was still owed to First National Bank on that purchase. After the sale, The Melville Company paid off the loan to First National Bank. What is the effect of the sale and the payoff of the loan on the accounting equation...

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General Accepted Accounting Principals

Generally Accepted Accounting Principles Health care organizations financial statements are the key tools to show the economic stability of an organization and guide leadership in making informed decisions. The Generally Accepted Accounting Principles (GAAP) is basic assumptions, and principles of accounting to determine the financial position of an organization. These principles offer consistency across health care organizations, and businesses maintaining track of the organizations fiscal...

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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...

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Accounting Principles - Short Essay

SUBJECT: ANALYSIS OF FINANCIAL STATEMENT TOPIC: ACCOUNTING PRINCIPLES ACCOUNTING Generally Accepted Accounting Principles refer to the standard framework of guidelines for financial accounting used in any given jurisdiction; generally known as accounting standards. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing, and in the preparation of financial statements. Financial Accounting is information that must be assembled and reported...

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The Importance of Accounting Principles

The world of accounting opens doors of opportunity for investors, stockholders and many businesses and organizations. However, accountants must follow guidelines established by “The American Institute of Certified Public Accountants”. (AICPA) Council designated the Federal Accounting Standards Advisory Board or (FASAB) as the body that establishes generally accepted accounting principles (GAAP). Accounting Standards GAAP is considered to be collection of methods used to prepare, process and...

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Healthcare Accounting Principles and Ethics

which support their roles in creating and maintaining successful organizations. A key responsibility managers undertake is the ability to manage financials appropriately. "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...

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Generally Accepted Auditing Standards

Generally Accepted Auditing Standards Heather Sheetz Accounting 491 Julie Oldham March 28, 2008 Generally Accepted Auditing Standards Generally Accepted Auditing Standards or GAAS is “a set of systematic guidelines used by auditors when conducting audits on companies' finances, ensuring the accuracy, consistency and verifiability of auditors' actions and reports” (Lexico Publishing Group, 2008). The following paper will explain the elements of GAAS and how GAAS is applied to audits. GAAS...

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Walmart's Accounting Principles

Four Accounting Principles Sharon Wallace American Intercontinental University Accounting Principles 2012 Four Accounting Principles ABSTRACT Accounting principles used by Wal-Mart and the core function of its departments. Wal-Mart’s strength and weaknesses will be listed. Wal-Mart’s last two years of accounting statements are also present. FOUR ACCOUNTING PRINCIPLES ...

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General Accepted Principles

Generally Accepted Accounting Principles HCS/571 Generally accepted accounting principles, better known as (GAAP) discloses statements and reports financial information dealing with businesses and organizations. They are rules made by the Financial Accounting Standards Board (FASB) in which are commonly used in the health industry to maintain the decisions of the organization. GAAP gives detailed information to investors about the budget of the organization and their debt. GAAP includes the...

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Basic Accounting Principles & Concepts

Basic Accounting Principles and Concepts http://misscpa.com/basic-accounting-principles-and-concepts/ Accounting is called the language of business that which communicates the financial condition and performance of a business to interested users, also referred to as stakeholders.   In order to become effective in carrying out the accounting procedure, as well as in communicating the financial information of the business, there is a widely accepted set of rules, concepts and principles that...

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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) ...

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Accounting

Accounting Homework Individual Chapter 7 Question 1&2 1. (a) What are generally accepted accounting principles (GAAP)? 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. (b)What bodies provide authoritative support for GAAP...

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Introduction to Accounting

Introduction to Financial Accounting Introduction to Financial Accounting The question asked was what accounting and auditing standard does Abercrombie and Fitch utilize. We also need identify the accounting and auditing standard for Hennes and Mauritz. Lets discuss the difference standards and where they are enforced. In accounting there are standards and practices that each company has to adhere to when dealing with finance. There...

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environment of accounting

of Accounting Submitted to:- Prof. Dr. Parimal Chandra Datta Submitted by:- ID# Name 151009067 Muntashir Rahman Jeesa 151008067 Shihab Kamal Munshi Date of Submission: July 13th, 2015 Primeasia University,Bangladesh Table of Content Sl PAGE 1. Brief History of Accounting 2. Definition of Accounting 3. Activities of Accounting 4. Bookkeeping & Accounting Compared 5. Uses of Accounting Data 6. Reasons for Using Accounting Data 7. Ethics in Accounting 8. Generally Accepted...

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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...

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Convention Used in Modern Systems of Accounting

| ACCOUNTING PRINCIPLES | |   | Meaning of Accounting Principle | | Principle means a general law or rule adopted or professed as a guide to action ‘a settled ground or a basis of conduct or practice’. The word ‘Principle’ when applied in accounting may have different meanings in different contexts. It is not used in the sense of a fundamental accounting truth – it connotes a guiding influence or an accepted rule of action or conduct.  Accounting principles have been defined as the body...

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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...

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Managerial Accounting vs. Financial Accounting

Financial accounting reports are prepared for the use of external parties such as shareholders and creditors, whereas managerial accounting reports are prepared for managers inside the organization. This contrast in basic orientation results in a number of major differences between financial and managerial accounting, even though both financial and managerial accounting often rely on the same underlying financial data. In addition to the to the differences in who the reports are prepared for...

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Financial Accounting versus Managerial Accounting Matrix

University of Phoenix Material Role of Financial Accounting versus Managerial Accounting Matrix Compare and contrast financial accounting and managerial accounting by answering the following questions in the matrix provided. Cite any sources you use in accordance with APA guidelines. Term or Concept Financial Accounting Managerial Accounting What is the primary purpose of the accounting system? The main purpose of financial accounting is to prepare financial reports that provide information...

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Generally Accepted Accounting Principles and Net Income

 (10 min.) E 1-23 Req. 1 The owner’s equity increased during the year by $4,000. Beginning owner’s equity: $19,000 – $9,000 = $10,000 Ending owner’s equity : $27,000 – $13,000 = $14,000 Change in owner’s equity: $14,000 – $10,000 = $4,000 Req. 2 Owner’s equity can change three ways: Owner's equity can increase through:  Owner contributions and/or  Net income Owner's equity can decrease...

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Generally Accepted Accounting Principles and Diane Maynard

Case 2-1 Maynard Company (A) 2013 1 Diane Maynard made the following request of a friend: My bookkeeper has quit, and I need to see the balance sheets of my company. He has left behind a book with the numbers already entered in it. Would you be willing to prepare balance sheets for me? Also, any comments you care to make about the numbers would be appreciated. The Cash account is healthy, which is a good sign, and he told me that the Net income for the month of June was $19,635. The book...

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Accounting Criteria

Accounting Reporting Criteria Paper Accounting reporting criteria includes many factors and covers many elements. From Fundamental Financial Accounting Concepts, “accounting is so important that it is often called the language of business. In fact, accounting affects not only individual businesses but also society as a whole” (Edmonds, Edmonds, McNair, Olds, & Schneider, 2006, p. 4). Global business requires added consideration in the way of accounting reporting criteria. With heightened consumer...

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Principle vs Rule Based

personnel. Lean accounting is designed for companies who have implemented lean manufacturing techniques. Traditional cost accounting cannot always accurately reflect the positive and cost saving measures that a lean system provides. Since many of a company's choices are made from crunching numbers that the accounting department provides, benefits are overlooked using traditional accounting methods. The principles of lean accounting are to measure and motivate. Resource consumption accounting (RCA) is a...

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Generally Accepted Accounting Principles and Net Income

1. Arredondo, Inc. has current assets of $2,170, net fixed assets of $9300, current liabilities of $1350, and long-term debt of $3980. Building a balance sheet for this company, address the following questions: a. What is the value of the shareholders’ equity account for this firm? b. How much is net working capital? Arredondo,IncBalance Sheet | Assets Liabilities and Owener`s EquityCurrent assets $2,170 Current...

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Overstock.Com: Unusual/Conflicting Accounting Principles Impact

com. OVERSTOCK.COM: UNUSUAL/CONFLICTING ACCOUNTING PRINCIPLES IMPACT Overstock.com has recently received negative publicity because of some decisions regarding GAAP, internal accounting policies and their relationship with external auditors that has caused the company to have to restate their published financial statements going back to 2008. In their 2010 10K report on page 19 it is stated that "We lacked a sufficient number of accounting professionals with the necessary knowledge, experience...

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Generally Accepted Accounting Principles and Net Fixed Assets

21. Calculating Cash Flows. Xu Tong Manufacturers had the following operating results for 2010: sales = $19, 780; cost of goods sold = $13,980; depreciation expenses = $2,370; interest expense = $345; dividends paid = $400. At the beginning of the year, net fixed assets were $13,800, current assets were $2,940 and current liabilities were $2,070. At the end of the year, net fixed assets were $16,340, current assets were $3,280, and current liabilities were $2,160. The tax rate for 2010 was...

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Accounting Concept and Conventions

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'...

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Accounting Theory and Research

Accounting Standards Board University of Phoenix Accounting Theory and Research Jun 13, 2009 Accounting Standards Board To address the increasing challenges of legislating those governs our society today, “countries all over the world have begun to outsource rulemaking to bodies consisting of people familiar with the subject. For that reason, policymakers rely on private entities to establish financial accounting and reporting standards” (Donald Kieso, 2003, Intermediate Accounting). The...

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Generally Accepted Accounting Principles and Guitar Universe

| | Final Project ACC-101 | | Comprehensive Problem 2 Guitar Universe, Inc. P388 GUITAR UNIVERSER, INC. | Trial Balance | December 31,2009 | Cash | $45,000 |   | Marketable securities | $25,000 |   | Accounts receivable | $125,000 |   | Allowance for doubtful accounts |   | $5,000 | Merchandise inventory | $250,000 |   | Office Supplies | $1,200 |   | Prepaid insurance | $6,600 |   | Building and fixtures | $1,791,000 |   | Accumulated depreciation |...

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Generally Accepted Accounting Principles and Prepaid Insurance

More Practice for the Final Exam Adjusting Entries Key _____ 1. Accruals occur when cash flows: A) Occur before expense recognition. B) Occur after revenue or expense recognition. C) Are uncertain. D) May be substituted for goods or services. Answer: B _____ 2. An example of a contra account is: A) Depreciation expense. B) Accounts receivable. C)...

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Generally Accepted Accounting Principles and Sunset Boards

Sunset Boards. Sunset Boards is a small company that manufactures and sells surfboards in Malibu. Tad Marks, the founder of the company, is in charge of the design and sale of the surfboards, but his background is in surfing, not business. As a result, the company's financial records are not well maintained. The initial investment in Sunset Boards was provided by Tad and his friends and family. Because the initial investment was relatively small, and the company has made surfboards only for...

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Legality & Ethicality of Financial Accounting

Legality and Ethicality of Financial Reporting Accounting professionals consider standard practices of accounting and board of accountancy rules when creating ethical standards. Accountants also consider state and federal laws. Ethics and the law works hand-in-hand therefore should be on the minds of those considering the commission of fraud. The Chief Financial Officer (CFO) of Excello, Terry Reed, was considering doing such by posting a $2.1 million transaction to raise year-end earnings. ...

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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...

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Generally Accepted Accounting Principles

Generally Accepted Accounting Principles Healthcare is continually evolving and has become a business and an economic force in current society. Historically, stakeholders such as physicians and other health care professionals are adept at making clinical and health-related decisions. However, they often lack the ability to make informed financial decisions. Many have come to realize financial criteria and cost-effective health care delivery is paramount to the success of modern healthcare systems...

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Intermediate Accounting I Final Paper

In 1973, the Financial Accounting Standards Board (FASB) was created and their mission is “to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information.” (FASB.org, 2009a). The FASB is a private, not-for-profit organization whose primary purpose is to develop generally accepted accounting principles (GAAP) within the United States. The Securities and Exchange Commission (SEC)...

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