between accrual-basis accounting and cash-basis accounting? The variation between accrual basis accounting and cash basis accounting‚ is how cash is documented. Cash basis is an accounting basis that is used when expenses and revenue are paid out or received. This is when the transaction will be recorded. In accrual-basis accounting‚ transactions are recorded when they actually happen. Payment does not need to be made for the transaction to be recognized in accrual-basis accounting unlike cash-basis
Premium Generally Accepted Accounting Principles
Nature of Accounting and the Accounting Standard Background Accounting is an important part for business and it is dubbed “language” of business activities conducted by firms. People think it is used to communicate business transactions per se to all stakeholders. However‚ some people argue that the functions of accounting are not that easy. Except the communication tool‚ accounting acts as many other difference roles in business. When doing accounting‚ different standard may be used. There are
Premium Balance sheet Business Asset
There are many basic accounting concepts that are either directly or indirectly referenced in the Bible such as financial accounting‚ internal control‚ and management accounting‚ as discussed in the article “Accounting in the Bible” by Robert L. Hagerman. According to our textbook Fundamental Accounting Principles‚ accounting is an information and measurement system that identifies‚ records‚ and communicates relevant‚ reliable‚ and comparable information about an organization’s business activities
Free Bible Moses Israelites
COST CLASSIFICATION CONCEPT OF COST: DEFINITION: A SACRIFICE OR GIVING UP OF RESOURCES FOR A PARTICULAR PURPOSE FREQUENTLY MEASURED BY THE MONETARY UNITS (RUPEES‚ DOLLARS) THAT MUST BE PAID FOR GOODS AND SERVICES . ➢ EMPHASIS ON COST INFORMATION: MANAGEMENT ACCOUNTANTS PAY A LOT OF ATTENTION TO COSTS BECAUSE COST HAVE A VITAL ROLE TO PLAY IN PLANNING ‚ EVALUATING AND DECISION MAKING. FOR EXAMPLE IN PLANNING THE ROUTE AND FLIGHT SCHEDULES THE MANAGER OF AN AIR LINE MUST CONSIDER
Premium Costs Management accounting Variable cost
represented fairly in accordance with the Generally Accepted Accounting Principles (GAAP)‚ which in other words means that the company’s financial condition‚ position‚ and operations are fairly presented in the financial statements. It is the best type of report an auditee may receive from an external auditor. An Unqualified Opinion indicates the following – (1) The Financial Statements have been prepared using the Generally Accepted Accounting Principles which have been consistently applied; (2) The
Free Auditor's report Auditing Audit
ACC 3401 Audit and Professional Ethics │LECTURE 1│ Concepts of Auditing Learning Objectives After the lecture‚ students should be able to: describe the nature‚ purpose and scope of an audit; describe various basic principles and concepts of auditing and explain their importance in the actual audit procedures; and describe the professional framework within which auditors must operate. 1. Accounting vs. Auditing Accounting - the process of recording‚ classifying‚ summarizing and
Premium Auditing Audit External auditor
1) Keys to success. Explain supply chain of the company and draw the supply map. Pepsi has go to market strategy‚ so company tries to cut the costs by bringing the product directly to the market they try to have less wear houses but it didn’t mean that distribution and wear houses were not connected. Warehouse Infrastructure Initiative became the Direct shop Delivery Transformation Initiative. Pepsi Company has a supplier code to clarify their health and safety while distributing their product; they
Premium Coca-Cola
| | | | D. conflict of interest | | Answer Key: B Question 2 of 15 | 1.0 Points | Banks’ attempts to solve adverse selection and moral hazard problems help explain loan management principles such as | | | | A. screening and monitoring of loan applicants. | | | | | B. collateral and compensating balances. | | | | | C. credit rationing. | | | | | D. only A and B of the above. | | Answer Key: D Question 3 of 15 | 1.0 Points | Banks attempt to
Premium Asset Interest Loan
officials is a "principal" of the Joint Financial Management Improvement Program who considers and approves or disapproves accounting and reporting standards recommended by the Federal Accounting Standards Advisory Board? A. Chair of the Federal Accounting Standards Advisory Board. B. Secretary of the Interior. C. Comptroller General. D. All of the above. Content: Concept Level: Easy Wilson - Chapter 12 #16 17. FASAB has identified four major user groups of federal financial reports
Premium Balance sheet Financial statements Generally Accepted Accounting Principles
Chapter 8 Non-Current Liabilities Assessment Questions AS-1 ( 1 ) Name the typical forms of non-current debt. A typical and common form of non-current debt is a term loan from a bank. Another form of ______________________________________________________________________________ non-current debt is bonds. ______________________________________________________________________________ ______________________________________________________________________________ AS-2 ( 1 ) What is a bond
Premium 1966 1970 1979