The Codification eliminates obsolete information and presents all of the material in the same format and structure. The Codification is now considered the authoritative source for GAP for all nongovernmental…
The Codification eliminates obsolete information and presents all of the material in the same format and structure. The Codification is now considered the authoritative source for GAP for all nongovernmental…
This has in the past nine years seen the accounting policy making suggesting a complete overhaul in the way financial statements are reported and a convergence between he Use’s generally…
G. Potential Financial Information is at the liberty of the managers ; Disclosure of Vital financial information, both favorable and unfavorable, is at the liberty of the managers. In other…
To determine the value of inventory to be reflected in the balance sheet, purchases are added to the beginning inventory and then cost of goods sold are subtracted. The FIFO…
Accounting Standards Boards Paper AC 541 Week 1 Individual Accounting Standards Boards Paper The International Accounting Standards Board (SAAB) and the Financial Accounting Standards Board (FAST) are currently working on…
As of today about 120 countries require FIRS for domestically listed companies, although only about 90 countries have fully conformed to FIRS . While some argue that it is necessary…
SEC not giving the FAST the freedom to set standards without Its Interference. Because the SEC delegates this duty to the FAST the SEC Is less criticized especially In the…
account formThe form of balance sheet that resembles the basic format of the accounting equation, with assets on the left side and Liabilities and Owner’s Equity sections on the right…
Creating a universal set of accounting standards for every business and accountant In the world to utilize when making accounting decisions can be considered one of the greatest challenges facing…
SAAB intends to limit such choice of accounting treatments 1 Develop, in the public interest, a single set of high quality understandable and enforceable global accounting standards that require high…
Lack of proper training and guidance program in India, postponed the process of FIRS implementation. A new system always considers value f money, so that it becomes mandatory for companies…
It allows uncomplicated communication and transfers of finance personnel. One set of Accounting Standards could be used in various Jurisdictions and capital markets. Further cost savings can be realized, because…
International Accounting Standards Board (SAAB) were both formed In 1973. The FAST Is the organization, in the private sector, for establishing standards of financial accounting that governs the preparation of…
Closing entriesjournal entries that transfer the results of operations (net income or net loss) to owner’s equity and reduce revenue, expense and drawing account balances to zero. The Worksheet contains…
The hot debated topic in the informative age is computer crime. These crimes are committed with the help of computers which wreak havoc and completely paralyse the economy. These crimes…
Economists and accountants have diametrically opposite views of cost-volume profit (CVP) behaviour but only accountant’s have a CVP model that is appropriate for assisting management with decision makingEconomists and accountants…
Straight-Line Depreciation Expense =(Asset Cost – Salvage Cost) / Useful LifeAdjusting Prepaid (Deferred) ExpensesItems paid for in advance of receiving their benefit. They count as assets, and as assets are…
What three things are needed to compare a companies performance?year to year (horizontal), with a competing company (vertical), with the same industry as a whole (ratio).what are the three main…
TRUEGeneral ledger account balances are changed only by posting journal entries.FALSEInformation needed for journalizing adjusting entries is taken from the income statement and balance sheet columns of a work sheet.TRUEAfter…
The field of accounting information systems ( AIS ) has witnessed many alterations in the recent yesteryear, announcing the alterations from paper-based diaries and legers to holding a strictly automated,…
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