Financial accounting vs managerial accounting. a) Financial Accounting: Producing financial information for external users (investor’s creditors‚ customers‚ suppliers and government agencies). Financial accounting uses GAAP to stay in check with FASB‚ IASB and SEC. b) Managerial Accounting: Internal Accounting. It identifies‚ collects‚ measures‚ classifies and reports financial and nonfinancial information that it is used to internal users in planning controlling and decision making. 3) Difference
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net operating cash flow. True False 3. The FASB is currently the public-sector organization responsible for setting accounting standards in the United States. True False 4. The FASB ’s due process invites various interested parties to indicate their opinions about whether financial accounting standards should be changed. True False 5. Accounting for stock-based compensation is an area in which the FASB has received little political interference. True False
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Board (FASB)‚ 1993. Statement of financial accounting standards no. 115. Accounting for certain investments in debt and equity securities. FASB‚ Norwalk‚ CT. 23 Financial Accounting Standards Board (FASB)‚ 1995. Statement of financial accounting standards no. 123. Accounting for stock-based compensation. FASB‚ Norwalk‚ CT. Financial Accounting Standards Board (FASB)‚ 1998. Statement of financial accounting standards no. 133. Accounting for derivative instruments and hedging activities. FASB‚ Norwalk
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Introduction The Financial Reporting Council (FRC) is a statutory body under the Australian Securities and Investments Commission (ASIC) Act 2001 and its purpose is to oversee the process of setting accounting & auditing standards. One of the many key roles of FRC includes the maintenance of independence functions of auditor by monitoring and assessing the overall adequacy of the procedures followed by the auditors and their compliance with auditor independence requirements (FRC 2011). It also
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21. General-purpose financial statements are the product of a. financial accounting. b. managerial accounting. c. both financial and managerial accounting. d. neither financial nor managerial accounting. 22. Users of financial reports include all of the following except a. creditors. b. government agencies. c. unions. d. All of these are users. 23. The financial statements most frequently provided include all of the following
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using national standards. It was argued that a common set of practices will provide a “level playing field” for all companies worldwide (Murphy‚ 2000). IFRS are standards and interpretations adopted by the International Accounting Standards Board (IASB). They include: International Financial Reporting Standards (IFRS)‚ International Accounting Standards (IAS) and interpretation originated by the International Reporting Standards Interpretation Committee (IFRSIC) (Oyedele‚ 2011). IFRS represent a
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MBA PROGRAM PREPARED BY: - ID NO 1. BISRAT ALBACHEW GSR/2005/06 2.ISRAEL BIRHANU GSR/2021/06 3.SIYUM MENDA GSR/2034/06 4.YIBELTAL BITEW GSR/2041/06 SUBMITTED TO:- INSTRUCTOR: Dr.P. Laxmikantha December 2013 Table of content Title
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Generally Accepted Accounting Principles (GAAP) are adopting the International Financial Reporting Standards (IFRS) in the preparation and presentation of their financial statements. The IFRSs are issued by International Accounting Standards Board (IASB) and the adoption of IFRSs is having a growing influence on national accounting requirements and practices. This chapter discusses the adoption of IFRSs and other aspects of standard-setting environment in Malaysia. 2.0 Development of Financial
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Homework Week 2 Exercise E1-1 SEC – K Audit – G Sole Proprietorship – I Corporation – E Accounting – A Accounting Entity – D Audit Report – J Cost Principle – F Partnership – C FASB – L IASB – H Unit of Measure – B GAAP – N IFRS – M E1-2 Accounts receivable – Asset Cash and cash equivalents – Asset Net sales – Revenue Notes payable – Liability Taxes payable – Liability Retained earnings – Stockholders’ Equity Cost of products sold – Expense Marketing‚ administrative
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b 8. Common set of standards and procedures. c 9. Role of SEC. c 10. Powers of the SEC. d 11. SEC enforcement. d 12. Creation of FASB. d 13. Appointment of FASB members. a 14. Purpose of the Financial Accounting Foundation. b 15. Characteristics of FASB. b 16. FASB and "due process" system. b 17. Publications of FASB. c 18. Purpose of FASB Technical Bulletins. d 19. Purpose of Emerging Issues Task Force. b 20. Purpose of GASB. c 21. Domain of GASB. c 22. Standard setting
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