Overview of government accounting Government accounting Government accounting refers to the different accounting systems that the different entities in the public sector use. Government Accounting Standards Board (GASB) set the accounting standards to be used by the state and local government. The role of the Governmental Accounting Standards Board (GASB) is to set up and improve the accounting standards of state and local government. It also ensures that financial reporting gives accurate and
Premium Generally Accepted Accounting Principles Balance sheet Income statement
There is no generally accepted theory of accounting. There are a number of accounting theories (though a systematic attempt has been made by Financial Accounting Board (FASB) of USA and IASC and other to formulate a comprehensive theory of accounting). The definition of Accounting Theory given by Hendriksen as “a set of broad principles that (i) provide a general frame of reference by which accounting practice can be evaluated‚ and (ii) guide the development of new practices and procedures” lead
Premium Financial statements Balance sheet Generally Accepted Accounting Principles
The Principles of Islamic Accounting Definition and discussion of some accounting principles and how they are fit into Islamic framework to furnish an accounting system and procedures for Islamic Financial institutions will be considered here. The plan to study accounting principles From an Islamic perspective is to review these principles from the viewpoint of the Major Islamic principles which govern financial dealings and contracts‚ as mentioned In the Qur ’an. These are: 1- Realization
Premium Generally Accepted Accounting Principles Balance sheet Financial statements
21. Generally accepted accounting principles c. derive their credibility and authority from general recognition and acceptance by the accounting profession. 22. A soundly developed conceptual framework of concepts and objectives should d. all of these. 23. Which of the following (a-c) are not true concerning a conceptual framework in account-ing? c. It should be based on fundamental truths that are derived from the laws of nature. S24. Which of the following is not a benefit associated
Premium Generally Accepted Accounting Principles Income statement Balance sheet
The Importance of Accounting Theory to the Field Of Accounting The objective of theory is to explain and predict. One of the basic goals of the theory of a particular discipline is to have a well-defined body of knowledge that has been systematically accumulated‚ organized‚ and verified well enough to provide a frame of reference for future actions. The Webster’s definition of theory is the systematically organized knowledge‚ applicable in a relatively wide variety of circumstances‚ a system
Premium Income statement Generally Accepted Accounting Principles Financial statements
journal entry to the right side of a general ledger account Accounting System Flow 1. Transactions are recorded in the form of journal entries and adjusting entries 2. Journal entries are posted into the accounts of the general ledger 3. The trial balance is prepared by listing account balances 4. The financial statements are prepared PPT 3 -CH2 GAAP – generally accepted accounting principles FASB – The Financial Accounting Standard Board Money is the common unit of measure to record
Premium Generally Accepted Accounting Principles Balance sheet Asset
role accounting and financial information plays for a business and for its stakeholders. I. THE ROLE OF ACCOUNTING INFORMATION A. Financial information is the HEARTBEAT OF COMPETITIVE BUSINESS MANAGEMENT. 1. You have to know something about accounting if you want to understand business. 2. You need to learn basic accounting terms and understand basics of how accounts are kept. 3. To run a business effectively you need to be able to read‚ understand‚ and analyze accounting reports
Premium Generally Accepted Accounting Principles Balance sheet Income statement
CXC CSEC Principles of Accounts Exam Guide Section 1: Introduction to Principles of Accounts SPECIFIC OBJECTIVES The students should be able to: CONTENT 1. Explain the concept of accounting; concept of “Accounting” and “Principles of Accounting” 2. State the purpose of accounting; Accounting as a business practice – the purpose of Accounting. 3. Identify the users of accounting information; Internal and external users Accounting information and their needs 4. Outline
Premium Corporation Limited liability company Business
Objectives Accounting and the Business Environment 7111AFE Topic 1 1. Use accounting vocabulary. 2. Apply accounting concepts and principles to business situations. 3. Use the accounting equation to describe an organisation’s financial position. 4. Use the accounting equation to analyse business transactions. 5. Preparation of financial statements. 1-2 Objective 1 Accounting... is an information system that... Use accounting vocabulary measures business activities‚ processes information
Premium Balance sheet Generally Accepted Accounting Principles Asset
following terms used in Note 3: grant date‚ exercise price‚ vesting period‚ expiration date‚ options granted‚ options exercised‚ and options forfeited. b. Note 3 (page 47 of Xilinx’s annual report) indicates that in fiscal 2007‚ Xilinx adopted a new accounting method for its stock options and other stock-based compensation as required by SFAS 123R. How does Xilinx now account for stock options? How does this differ from the method Xilinx used before
Premium Balance sheet Stock Corporate finance