The world of accounting opens doors of opportunity for investors‚ stockholders and many businesses and organizations. However‚ accountants must follow guidelines established by “The American Institute of Certified Public Accountants”. (AICPA) Council designated the Federal Accounting Standards Advisory Board or (FASAB) as the body that establishes generally accepted accounting principles (GAAP). Accounting Standards GAAP is considered to be collection of methods used to prepare‚ process and
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Four Accounting Principles Sharon Wallace American Intercontinental University Accounting Principles 2012 Four Accounting Principles ABSTRACT Accounting principles used by Wal-Mart and the core function of its departments. Wal-Mart’s strength and weaknesses will be listed. Wal-Mart’s last two years of accounting statements are also present. FOUR ACCOUNTING PRINCIPLES
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What Does Historical Cost Mean? A measure of value used in accounting in which the price of an asset on the balance sheet is based on its nominal or original cost when it was acquired by the company. The historical-cost method is used for assets in the United States under generally accepted accounting principles (GAAP). Cost concepts and terms 1. Cost The amount of expenditure (actual or notional) incurred on or attributable to a specified article‚ product or activity is referred to
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Solutions to Problems and Exercises TABLE OF CONTENTS * Chapter 1 1 Concepts for Analysis 1-5 1 Concepts for Analysis 1-6 2 Concepts for Analysis 1-10 3 Concepts for Analysis 1-11 3 * Chapter 2 4 Brief Exercise 2-3 4 Brief Exercise 2-4 4 Brief Exercise 2-5 4 Exercise 2-3 5 * Chapter 3 6 Exercise 3-6 6 Exercise 3-9 6 Exercise 3-11 8 Exercise 3-14 10 Exercise 3-15 10 Exercise 3-16 10 * chapter 4 12 Exercise 4-2 12 Exercise 4-4 13 Exercise 4-5 16 Exercise 4-12 17
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Accounting Principles and Ethics A health care organization is believed to be a place where there is care‚ organization‚ consistency‚ and support; a place where patients need to feel and see the unity and harmony within the organization. Health care organizations necessitate this consistency‚ unity‚ and organization within because of its dependency on its’ patients and to provide the proper care for such a diverse group of individuals. A health care organization also needs consistency and organization
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2 Company Operations Tutorial Solutions Chapter 3 Company operations Review Questions 11. When do dividends become a legal debt of the company? When are they to be recognised as liabilities? Where a company has a constitution that provides for directors to declare a dividend‚ then a dividend becomes a debt of the company once the dividend is declared. Where no such statement exists in a company’s constitution‚ then the debt will only arise when the time for payment of the dividend arrives. However
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Accountants follow professional guidelines for measurement and disclosure of financial information. These are called generally accepted accounting principles (GAAP). In the United States‚ the Financial Accounting Standards Board (FASB) formulates GAAP. The International Accounting Standards Board (IASB) sets global or International Financial Reporting Standards (IFRS)‚ the two basic types of external providers of capital include investors (who exchange cash for stock) and creditors (who loan cash)
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Question 1: Define accounting. Answer : Accounting is a process of identifying the events of financial nature‚ recording them in Journal‚ classifying in their respective ledgers‚ summarising them in Profit and Loss Account and Balance Sheet and communicating the results to the users of such information‚ viz. owner/s‚ government‚ creditors‚ investors etc. According to the American Institute of Certified Accountants‚ 1941‚ “Accounting is an art of recording‚ classifying and summarising in a significant
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HT513 PRINCIPLES OF ACCOUNTING FOR TOURISM AND HOSPITALITY 1. Document used after business transaction 2. Book of prime entry INTRODUCTION OF BUSINESS • The purpose of a business is to make a profit for its owner(s) • A business is a separate entity from its owner. • Every financial transaction has a dual effect. • Double entry bookkeeping accounts for the dual aspect of financial statement transactions. INTRODUCTION OF FINANCIAL STATEMENT • Information from a trial balance is used to prepare
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ACC201 Principles of Managerial Accounting Assignment Type: Individual or Group Words: 1500 words for individual or 2800 or 4200 words for a group of two or three members‚ respectively. Presentation: Both hardcopy and softcopy should be presented on the due date. The hardcopy should handle to me and the softcopy to the Turnitin (as software to check out the plagiarism)by the due date. The instruction for how to submit to the Turnitin will be provided you later through my web space.
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