financial accounting according to the different measurement attributes, can be divided into historical cost accounting, current cost accounting, fair value accounting and other different models. Today is the leading and ruling position, or historical cost accounting model, although it faces challenges, can still be regarded as the basic pattern of financial accounting. 1, the historical cost accounting features 1, the basis for the past recognized. most important feature of the historical
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ACCT1501 Chapter 1 – Introduction to Financial Accounting Use and Preparation of Accounting * Financial accounting has value because the information it produces is used in a variety of ways. * People study accounting to learn how to use information effectively and do their jobs better. * Accounting information is produced by a large set of people, activities and computers. To be effective users of the information, people need to know how and why the information is prepared. *
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Unit 1 Introduction to Financial Accounting Learning Outcome After reading this unit, you will be able to: • Explain succinctly financial accounting concepts • Elucidate on different principles of financial accounting • Explicate the importance and scope of financial accounting • Understand Generally Accepted Accounting Principles(GAAP) • Identify limitations of Financial Accounting Time Required to Complete the unit 1. 2. 1st Reading: It will need 3 Hrs for reading a unit 2nd Reading
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While some might categorize accounting as a matter of strict principles, numbers and exactitude, there are people who disagree and argue that there is a creative side to it. The article “Creative Accounting: How to Buff a Company” by Ken Brown elaborates on it. Summary Accounting has never been an exact science; yet, auditors often face the situations where their judgment is required. This judgment must be applied to hundreds of transactions, depending on the company. While doing this, they do
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“Brandywine Homecare” Sheila Robinson Dr. James W. Coon, Jr. “Chip” Health Financial Management – HAS 525 July 21, 2011 | | | Brandywine Homecare | |Statement of Income
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not a transaction to be recorded in the accounting records of an entity? Answer A. Investment of cash by the owners. B. Sale of product to customers. C. Receipt of a plaque recognizing the firm's encouragement of employee participation in the United Way fund drive. D. Receipt of services from a "quick-print" shop in exchange for the promise to provide advertising design services of equivalent value.` The accounting concept or principle applied when an allowance is provided
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Chapter 6 – Financial Reporting Principles, Accounting Standards and Auditing 6.2 Accounting Principles and the use of Accounting Information Doing accounting takes expert knowledge, considerable experience and continuous attention to new problems and solutions. Concepts and principles are important, as they form logical structure that practising accountants use every day to consider problems to make recommendations GAAP (Generally Accepted Accounting Principles) applied differently for different
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how to treat an extensive advertising campaign cost for reporting purposes in Target Inc. The Controller (CFO), Steve Smith is holds that it should be reported as an expense for the current period, basing his argument on the conservative principle of accounting which had been in place in the company. However, the Vice President and the CEO disagree with him and insists that the expense be reported as part of manufacturing overhead cost until the goods are sold, then can it be recorded as an expense
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objectives of the study are: i. To identify the users of accounting information ii. To discuss how the users use the accounting information iii. To figure out the various uses of accounting information iv. To figure out the uses of accounting information in various sectors. Limitations of the Study: 1. Time constraint 2. Resource constraint Users of Accounting Information: The differences in the decisions divide the users of accounting information into two broad groups. They are: a. Internal
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Accounting Principles By: Mae Sejour American InterContinental University Unit 1 IP ACCT205-1204B-06 October 7, 2012 Abstract This paper will be giving in details the main objectives of accounting, the basic terminology of accounting process, the job responsibilities of an accountant to individuals and businesses, the part technology play in a business and how accounting can affect my personal life; stressing accounting role in professional ethics. Accounting Principles Accounting
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