U. S. Generally Accepted Accounting Principles (U. S. GAAP) and International Financial Reporting Standards (IFRS) There are numerous companies that use different types of accounting standards or rules. International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles the most popularly used by companies. IFRS is a set of accounting standards that provides a global framework for how public companies prepare and disclose their financial statements. The U.S. Generally
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Accounting‚ or accountancy‚ is the measurement‚ processing and communication of financial information about economic entities. Accounting‚ which has been called the "language of business"‚ measures the results of an organization ’s economic activities and conveys this information to a variety of users including investors‚ creditors‚ management‚ and regulators. Practitioners of accounting are known as accountants. Accounting can be divided into several fields including financial accounting‚ management
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EXPERIMENT : - 2 EXPERIMENT Verification of Bernoulli’s Energy Equation THEORY For steady incompressible flow Bernoulli’s energy equation along a streamline is written as [pic] constant where [pic] = pressure‚ [pic] = velocity and [pic] = height from datum Purpose of this experiment is to verify this expression. In the special apparatus the pipe is tapered with the cross section decreasing in the direction of flow first and then
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ACCOUNTING SUBSTANCE OVER FORM Substance over form is an accounting concept where the entity is accounting for items according to their substance and economic reality and not merely their legal form. It is one of the key determinants of reliable information. For most transactions there will be no difference and in some cases however‚ the two diverge and the choice of how to present the transactions can give very different results. This differences occurs when an asset or liability is not recognized
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The basic principles of an accounting information system include all of the following except | | | Student Answer: | | cost effectiveness. (Cost effectiveness is one of the basic principles of accounting information systems.) | | | | flexibility. (Flexibility is one of the basic principles of accounting information systems.) | | | | useful output. (Useful output is one of the basic principles of accounting information systems.) | | | | periodicity. (Correct! Periodicity
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Ferguson Deliverable #1 Metaphor on Transactional Model 8-24-2010 The Transactional Model of Communication: An Equation The transactional model of communication is an infinitely long‚ incredibly complex ‘web’ of perceptions‚ actions‚ predictions‚ and reactions that perpetuate/transfer among people. The transactional model of communication can be compared to a simple but extensive equation. To avoid the subjectivity about numbers and their representation of quantities and physical properties in math
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101-00128 Oct 2014 Accounting Accounting is the recording‚ measurement‚ and interpretation of financial information (Business 286). This financial information is used to evaluate the organization’s operations. To carry out these interpretations of financial information a public or private accountant is able to do this. To become a public accountant you must earn your CPA (certified public accountant) by passing a test and means you are certified by the state in which you provide accounting services where
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How is climate different from weather? Weather can change from hour-to-hour‚ day-to-day‚ and season-to-season. It may rain for an hour and then become sunny and clear. It includes wind‚ temperature‚ humidity‚ atmospheric pressure‚ cloudiness‚ sunshine and precipitation. Climate is the average weather for a particular region over a long time period. Climate describes the total of all weather occurring over a long period of years in a given place. This includes average weather conditions‚ regular
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Chapter 1 Financial Accounting and Accounting Standards Intermediate Accounting‚ 15th Edition Kieso‚ Weygandt‚ and Warfield 1 Financial Statements and Financial Reporting • Goals or purpose of (financial) accounting – Identification‚ measurement‚ and communication of financial information about – An economic entity to – Interested Parties (internal and external) • Creditors‚ managers‚ unions‚ government agencies Financial reports (statements) & notes 2 Financial Statements
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organisational plan and all the related measures that an entity adopts to: * safeguard assets * encourage adherence to company policies * promote operational efficiency * ensure accurate and reliable accounting records. It is either an administrative control or an accounting control Characteristics of an effective internal control system include: * Competent‚ reliable‚ and ethical personnel * Assignment of responsibilities * Proper authorisation * Separation of duties
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