Accounting Standards Codification® and the Hierarchy of Generally Accepted Accounting Principles—a replacement of FASB Statement No. 162 This standard was issued in June 2009, and would be effective for financial statements recorded for fiscal periods ending after 15th Sept. 2009. The aim of the statement is the replacement of FASB Statement No. 162 as the authoritative source of U.S generally accepted accounting principles for nongovernmental entities. Securities and Exchange Commission rules and statement
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accounting practices and standards to be employed by companies that fall under its jurisdiction is the (Points: 5) SEC AICPA IASB GASB 4. (TCO A) The cash method of accounting: (Points: 5) is used by most publicly-traded corporations for financial statement purposes. is not in accordance with the matching principle for most publicly-traded corporations. is often used on the income statement by large, publicly-held companies.
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vs U.S. GAAP Victoria Harris American Public University Acct 610 There are two sets of accounting standards that are used worldwide. One is the International Financial Reporting Standards (IFRS) and the U.S. Generally Accepted Accounting Principles (GAAP). There is a huge desire for there to one set of accounting standards worldwide with the increase of companies performing business in many different countries and global expansion. The International Financial Reporting Standards are
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RMIT International University Vietnam Bachelor of Business (Accountancy) Assignment Cover Page | Subject Code: |ACCT2163 | | | | |Subject Name: |Accounting Theory
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management would not be possible. Along with the four components mentioned above there are other financial guidelines which must be followed to have a sound healthcare organization. These guidelines are known as “Generally Accepted Accounting Principles or GAAP”. In addition to GAAP there are
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Glossary oF Accounting, Finance and Economic Terms Accounting – pages 1‐7 and 8 Finance – page 7 Economics – page 7 ACCOUNTING: http://www.alpineguild.com/glossary_of_important.htm Account ‐‐ a record of financial transactions; usually refers to a specific category or type, such as travel expense account or purchase account. Accountant ‐‐ a person who trained to prepare and maintain financial records. Accounting ‐‐ a system for keeping score in business, using dollars. Accounti
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Assignment 1- Brandywine Homecare Brandywine Homecare, a not-for-profit business, had revenues of $12 million in 2007. Expenses other than depreciation totaled 75 percent of revenues, which is $9 million, and depreciation expense was $1.5 million. Income statement is the one of the three financial statements. The other two are the balance sheet and the statement of the cash flows. Brandywine Homecare’s total profit margin of 12.5 percent shows that the homecare makes 12.5 cents on every dollar
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audits. It will also highlight the impact that the PCAOB and SOX have had on the auditing of public companies. The extra requirements imposed on auditors by the PCAOB and the SOX will also be discussed. In the later years of 1940, members of the AICPA, an institution tasked with overseeing accounting standards in the U.S. then, came up with a number of standards that were to be used by auditing professionals (Kinyo, 2013). The standards were afterward included into Statements on Auditing Standards
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Inventory methods go back to the times of the first recorded businesses, First in First out method or FIFO, is commonly accepted over all accounting standards; however, the antithesis of FIFO is not as easily agreed upon. Last in First Out method, was ruled as not an acceptable accounting method for valuation of inventories in 1930 by the Supreme Court. This was after issues with many companies seeing LIFO as the most accurate way to valuate their inventories, which caused many law suites and lead
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that the potential selling price will progress in the same direction and that probable future losses should be reported in the same period as the inventory decline. Companies should use the lower of cost or market method to value inventories. The AICPA has provided a definition to use in applying the LCM rule. As used in the phrase lower of cost market the term market means current replacement cost. Market should not exceed the net realizable value and market should not be less than net realizable
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