1) The accounting process is correctly sequenced as A. identification, communication, recording. B. recording, communication, identification. C. identification, recording, communication. D. communication, recording, identification. 2) Which list below best describes the major services performed by public accountants? A. Bookkeeping, mergers, budgets B. Employee training, auditing, bookkeeping C. Auditing, taxation, management consulting D.
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Accounting System Overview: FINANCIAL ACCOUNTING: financial accounting is a financial information system that tracks and records an organization’s business transactions and aggregates them into reports for decision makers both inside and outside the business. Note: transaction is an event that has consequences for business’ financial conditions. Introduction of Concepts (1-5): 1 ENTITY: The entity concept is the most basic accounting concept. It states that accounts are kept
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Running Head: Accounting Principles and Ethics Article Accounting Principles and Ethics Articles Myrthe SaintLouis HCS/457 November 30, 2009 Victoria Odom Abstract A healthcare organization is one of the most successful business inside of a healthcare organization theres so many different profession within, from healthcare providers such as physician, nurses ,Medical assistants and so many more. .A healthcare organization also provide care, , consistency,
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the facilities fiscal objectives and accounting practices. It is important that the individuals making these decisions follow proper reporting and ethical practices since these decisions affect the future of the entire facility. In order to make finical decisions it is important to understand generally accepted accounting principles, corporate compliance, ethics, fraud and abuse. Generally Accepted Accounting Principles Generally accepted accounting principles are guidelines, objectives and conventions
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combination is an accounting theory bringing together separate entities or businesses as if it is one operating entity. The theory behind business combination is that the acquiring entity has control of one or more businesses, whilst those entities still retained their normal operation and report its financial information as a reporting unit. The objective of the accounting standard is to specify the financial reporting by an entity when it undertakes a business combination. The proposed accounting standards
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Accepted Accounting Principles verses International Financial Reporting Standards Laura Lance Financial Accounting, ACC211 Instructor Suzanne Lozano 12 November 2011 GAAP vs IFRS 1 Generally Accepted Accounting Principles verses International Financial Reporting Standards. The two accounting reporting
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There are four basic assumptions in financial accounting. The first is the monetary unit assumption which states that a company can only report transaction information in financial records that can be expressed in a monetary amount. The next assumption is the economic entity assumption. This assumption states that the company’s financial information and activities need to be recorded separate from the owners and other entities. Next, the time period assumption tells companies to divide the economic
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Accepted Accounting Principles (GAAP) are rules and guidelines established to attempt to standardize accounting and recording practices across the United States and Internationally. International Financial Reporting Standards (IFRS) is a set of international accounting standards stating how particular types of transactions and other events should be reported in financial statements. IFRS uses fair-value accounting of assets and liabilities. GAAP also known as Generally Accepted Accounting Principles
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CPA Report Bambi Snyder ACC/545 December 16, 2013 Brooke Call CPA Report Memorandum To: Brooke Call, Management From: Bambi M. Snyder, CPA Date: 12/16/2013 ------------------------------------------------- Re: Professional Responsibilities of a CPA and the Difference between a Review and an Audit Professional Responsibilities of a CPA There are many professional responsibilities a CPA acquires when they accept the CPA license and a job position. As you may know, there have been many
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601 Assignment 1 – Problems (7) Problem 1 Accounting concepts—identification. State the accounting assumption, principle, information characteristic, or constraint that is most applicable in the following cases. 1. All payments less than $25 are expensed as incurred. (Do not use conservatism.) 2. The company employs the same inventory valuation method from period to period. 3. A patent is capitalized and amortized over the periods benefited. 4. Assuming that dollars today will buy as much as ten
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