Accounting Concepts MODULE - 1 Basic Accounting 2 ACCOUNTING CONCEPTS In the previous lesson, you have studied the meaning and nature of business transactions and objectives of financial accounting. In order to maintain uniformity and consistency in preparing and maintaining books of accounts, certain rules or principles have been evolved. These rules/principles are classified as concepts and conventions. These are foundations of preparing and maintaining accounting records. In this lesson
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Equipment Systems receives the product, which would be in the next financial year. The accounting team came up with three scenarios on how to creatively report this $1.2 million in sales for 2010 financial reports. This paper will examine the legal aspects, the financial standards involved, and ethicality of the Excello Telecommunications case. In this case, legally the company must adhere to many accounting laws and regulations. One of the laws called Sarbanes-Oxley Act of 2002 (SOX) would have
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PART I 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) Bookkeeping differs from accounting in that bookkeeping primarily involves which part of the accounting process? A. Identification B. Communication C. Recording D. Analysis 3) Generally accepted accounting principles are A. income tax
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downstream transfers. The investor and investee make reciprocal entries to defer and realize inventory profits. No adjustments are necessary. Acker Inc. bought 40% of Howell Co. on January 1, 2012 for $576,000. The equity method of accounting was used. The book value and fair value of the net assets of Howell on that date were $1,440,000. Acker began supplying inventory to Howell as follows: Howell reported net income of $100,000 in 2012 and $120,000 in 2013 while paying $40
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420 Date: 09/30/13 Writing Assignment 1 The convergence of financial reporting and accounting standards is a valuable process that contributes to the free flow of global investment and achieves substantial benefits for all capital markets stakeholders. It improves the ability of investors to compare investments on a global basis and thus lowers their risk of errors of judgment. It facilitates accounting and reporting for companies with global operations and eliminates some costly requirements
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Financial Accounting Standards Board. Securities and Exchange Commission. American Institute of Certified Public Accountants. Auditing Standards Board. Instructor Explanation: Chapter 1 Points Received: 4 of 4 Comments: 3. Question : (TCO 1) The acronym GAAP stands for: Student Answer: generally acceptable authorized pronouncements. government authorized accountant principles. generally accepted accounting principles.
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The BIGGER Picture (Ch. 1) Why do we need financial reporting? What is its purpose? Who are some of the key players in financial reporting? PROVIDER EXTERNAL USERS REGULATORS Your textbook (as most out there) evaluates accounting issues from a FASB perspective. We will discuss issues from the FASB’s conceptual framework, but also will try to think about others’ perspectives as well. Before we talk about the conceptual framework, we will discuss the structure of the ultimate product of the
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AC2101 – Accounting Recognition and Measurement Agenda for Seminar 1 A. Course introduction 1. Contents overview Seminars 1 to 3 Conceptual Issues Underlying Accounting Recognition and Measurement presented by 2. Assessment components & expectations 3. Administrative matters B. Conceptual overview 1. Purpose of accounting & its role in contracting 2. Concepts of recognition, measurement & disclosure in accounting Low Kin Yew Associate Professor Nanyang Business School Semester
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Journal of Accounting Auditing and Finance Research Vol.2. No.3, pp. 69-83, May 2014 Published by European Centre for Research Training and Development UK (www.ea-journals.org) A CRITIQUE ON CASH BASIS OF ACCOUNTING AND BUDGET IMPLEMENTATION IN NIGERIA Emmanuel Amaps Loveday Ibanichuka (Fca, Ph.D) Department of Accounting,Faculty of Management Science,University of Port-Harcourt, Port-Harcourt Oyadonghan Kereotu James (Aca) (Corresponding Author) Lecturer, Department of Accounting and Finance
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Introduction, Review of Accounting Process and Financial Statements “Unlike most other modern professions, accounting has a history that is usually discussed in terms of one seminal event-the invention and dissemination of the double entry bookkeeping processes.” (http://www.acaus.org) There are many that would argue that accounting developed for the needs of the time due to changes in the environment and society. Then there are others that say the science of accounting is responsible for the evolution
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