Accounting 200 Review for Exam 1 Chapter 1: 1. Forms of Business Organizations: a. Sole Proprietorship i. Business owned by a single person ii. Ex. If you want to start a business without outside investors b. Partnership iii. Business owned by two or more persons iv. Ex. If you want to start a business with a friend you can form a partnership c. Corporation v. Completely different from proprietorship or partnership
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the rules apply to accounting. Some of us are still kind of confused of GAAP, but reading more about gives deeper understanding. Not following the rules and regulations of GAAP will cost your license and possible jail time. Some of the rules of financial reporting have changed within 20 years and will continue to change especially when companies find loopholes to avoid following regulations. These companies usually are audited. We now have a better understanding about cash flow statements and that
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disclosure principle as it relates to this case. 1. The full disclosure principle states that you should include all information that would affect a reader’s understanding of those statements in an entity’s financial statements. This is very important because many of the people who read financial statements in order to invest are not trained accountants. Following the full disclosure principle will allow investors to make informed decisions concerning the company. 2. In this situation, Qwest’s
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Over the past decade, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have been working together to form a set of global standards. They are trying to make the International Financial Reporting Standards the globally accepted financial reporting principles. 1. As an international manager or investor, what benefits do you see from the growing adoption of IFRS across countries? Growing the adoption of IFRS across countries will allow for more
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What are its main components? The CAFR is short for Comprehensive Annual Financial Report. The CAFR reports the governments’ activities from the fund accounts and the government-wide financial statements. The Main components are the introduction section, financial section, and statistical section. Differentiating between a budget and a Comprehensive Annual Financial Report (CAFR). The CAFR is a combination of financial reports for the transactions of the government. What makes it different from
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performance for a period of 3 years. I will focus on the years between 2009 and 2011. The International Financial Reporting Standards (IFRS) are standards and interpretations adopted by the International Accounting Standards Board (IASB). The functions of the IFRS foundation can be divided into two main areas: Governance and oversight, and operations. The Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) are committed to crafting one set of accounting standards
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described below Should financial reporting requirements affect management's decision-making process? Discuss. Should management reduce oreliminate postretirement or postemployment benefits simply because of the new pronouncement? Discuss. Tidak, financial reporting requirement seharusnya tidak mempengaruhi proses pengambilan keputusan. Mengapa? Karena financial reporting, sebagai alat untuk membantu proses pengambilan harus bersifat objektif. Menurut SFAC No 5, financial report harus dapat diandalkan
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Comparing IFRS and GAAP Vanessa Casey ACC/290 July 27, 2015 Comparing IFRS and GAAP As international business is increasing, people with financial responsibilities should be knowledgeable in the two primary accounting methods. The 2 primary accounting methods are GAAP, stands for Generally Accepted Accounting Principles, and IFRS, which stands for International Financial Reporting Standards. The Financial Accounting Standards Board set the GAAP which is used primarily in the United States and the
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when it recognises or reverses an impairment loss for the CGU during the period (IAS 36.130(d)(i)) • Disclosures did not provide description. • If they did, they lacked substance. • Users did not have an idea of the impact of the impairment on the financial activities. Explanation of the events and circumstances that contributed to the impairment loss or reversal (IAS 36.130(a)) • Disclosures were too broad and • Did not provide causes of the events and circumstances that led to impairment. • Revised
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REPORTING IN THE ORGANIZATIONS Author: Mohamed Anas (2015) INTRODUCTION There has been an increase in demand for environmental and social reporting as well as other non-financial information by shareholders and users of financial statements. In early 2000’s the stakeholders and shareholders are only concerned with the financial performance but now the trend has changed as that the shareholders and stakeholders who believed that the organization should be responsible to the environment and society
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