Running head: ACCOUNTING PRINCIPLES Generally Accepted Accounting Principles P G HCS 571 June 5‚ 2013 Generally Accepted Accounting Principles Generally accepted accounting principles (GAAP)‚ are standards and guidelines for financial accounting‚ and reporting‚ (Office of Financial Management‚ 2012). There are guidelines in effect for most organizations; GAAP ensures that the finances of an organization are correct. According to Cleverly‚ Song‚ and Cleverly (2011)‚ GAAP describes the “body
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Not for profit organization: A non profit organization (NPO) is an organization that uses surplus revenues to achieve its goals rather than distributing them as profit or dividends. While not-for-profit organizations are permitted to generate surplus revenues‚ they must be retained by the organization for its self-preservation‚ expansion‚ or plans.[3] NPOs have controlling members or a board of directors. Many have paid staffs including management‚ while others employ unpaid volunteers and even
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types of organizations: profit‚ non-profit and government based organizations. This paper will discuss the differences between profit and non-profit organization and the weaknesses and strengths that each of the organization has. The University of Michigan will be used because it is a prime example of a non-profit organization and its services and the center for spinal surgery hospital will be discussed as a for-profit hospital. Body The University of Michigan’s health system is a non-profit organization
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management relationship between non-profit and for-profit organizations. A recent surge to push non-profit organizations to behave in a more business-like manner has resulted in an evaluation of the financial management practices. This paper examines a few of the similarities and differences amongst the two organizational types in relation to source of funding‚ performance evaluation measures‚ and governing mechanisms. The analysis of non-profit organizations leads to an understanding that many
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The role of accounting is to allow business owners to make informative decisions. The main objectives of accounting are to maintain a record of business transactions‚ calculate profit and loss and depiction of financial position. Recording business transactions accurately is essential in accounting. If proper and complete records are kept‚ it will make it easier to find and correct any errors made. Different officials can also use records for different decision-making purposes. A balance sheet
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one where it is owned by private individuals. Usually‚ we have organizations within the economy where one is profit oriented and its main business objective is to make profit from the revenue it tends to make by the end of a certain period‚ therefore‚ nothing from the extra money made will be used to develop the business‚ instead‚ the profit will go to the owner of the business‚ adding to that the owner can be giving some of the profit to its employees as a way of motivation according to Maslow’s
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Accounting Principles The general rules and concepts that govern the Accounting filed are referred to as the Principles of Accounting. The Financial Accounting Standards Board (FASB) using the groundwork of principles and guidelines has formulated these rules. They lay the foundation for sound and ethical accounting practices. The GAAP (Generally accepted accounting principles or "GAAP") consists of three important sets of rules: • The underlying accounting principles • The rules and standards
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UNIVERSITY OF LONDON 279 0025 ZA 996 D025 ZA BSc degrees and Diplomas for Graduates in Economics‚ Management‚ Finance and the Social Sciences‚ the Diploma in Economics and Access Route for Students in the External Programme Principles of Accounting Wednesday‚ 5 May 2010 : 10.00am to 1.15pm Candidates should answer FOUR of the following SEVEN questions: QUESTION 1 of Section A‚ QUESTION 2 of Section B‚ ONE question from Section C and ONE further question from either Section B or
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Assignment On: Non Profit Organization By: ABC Dated: NIDA (National Institute on Drug Abuse) 6001 Executive Blvd‚ N. Bethesda‚ Maryland United State‚ 20814 Dear Director‚ Nora D. Volkow: The Drug Free America Foundation‚ organization is a nonprofit agency; founded in 1976‚ it is the drug prevention and policy organization committed to developing‚ sustaining the sustainable community‚ the national and international law and regulations on drug abuse‚ with the vision of improvement are promoted by
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For Profit Vs. Not For Profit organizations: I would like to start with the more interesting type of organizations to discuss and that is not for profit organization (NPO). The first advantage to NPO is simply tax exemption (IRS‚ 2012)‚ once an organization meets certain criteria and is approved as a NPO‚ it doesn’t pay tax on its income. It is very important to understand here that the money saved from not paying tax is reinvested in such organization to either continue providing the type of services
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