ACC 403: Module 1 Case Assignment
TOURO UNIVERISTY INTERNATIONAL ACC 403
Module One Case Assignment
When I think of accounting, I automatically think of complex mathematical formulas and hard to comprehend definitions and terminologies. This module has helped me to better understand basic accounting principles, definitions and the use of accounting terminologies. In the United States financial statements are prepared under a set of principals or guidelines called Generally Accepted Accounting Principals (GAPP). The Financial Accounting Standards Board (FASB) is the current body that ensures specific rules and regulations are strictly adhered to. Countries outside of the United States are also held to a standard that falls under the International Accounting Standards (IAS) and is regulated by the International …show more content…
Non Current Items. Current Assets are the assets that a company will use during the course of a normal operating cycle. The scenario of the manufacturing of Scotch Whiskey can help define this. If it takes twelve years to properly manufacture a form of whiskey, a company must ensure that Current Assets will cover the twelve year period. Liabilities occurred will be paid with the current assets and companies must ensure that there are sufficient assets available to pay for these liabilities. Non–Current items are defined as intangibles. Examples of this are long term debt, deferred income taxes and investments that cannot be converted into immediate cash assets. Non-Current items must always be factored to ensure that Current Assets are available when the time arises. In my research of Western Digital and Toyota Holdings, I was able to acquire information on two companies that I have never taken the time to research. Both annual reports provided information on the current financial status of the company and detailed calculations of investments and future
Module One Case Assignment
When I think of accounting, I automatically think of complex mathematical formulas and hard to comprehend definitions and terminologies. This module has helped me to better understand basic accounting principles, definitions and the use of accounting terminologies. In the United States financial statements are prepared under a set of principals or guidelines called Generally Accepted Accounting Principals (GAPP). The Financial Accounting Standards Board (FASB) is the current body that ensures specific rules and regulations are strictly adhered to. Countries outside of the United States are also held to a standard that falls under the International Accounting Standards (IAS) and is regulated by the International …show more content…
Non Current Items. Current Assets are the assets that a company will use during the course of a normal operating cycle. The scenario of the manufacturing of Scotch Whiskey can help define this. If it takes twelve years to properly manufacture a form of whiskey, a company must ensure that Current Assets will cover the twelve year period. Liabilities occurred will be paid with the current assets and companies must ensure that there are sufficient assets available to pay for these liabilities. Non–Current items are defined as intangibles. Examples of this are long term debt, deferred income taxes and investments that cannot be converted into immediate cash assets. Non-Current items must always be factored to ensure that Current Assets are available when the time arises. In my research of Western Digital and Toyota Holdings, I was able to acquire information on two companies that I have never taken the time to research. Both annual reports provided information on the current financial status of the company and detailed calculations of investments and future