Accounting Reporting Criteria Paper Accounting reporting criteria includes many factors and covers many elements. From Fundamental Financial Accounting Concepts‚ “accounting is so important that it is often called the language of business. In fact‚ accounting affects not only individual businesses but also society as a whole” (Edmonds‚ Edmonds‚ McNair‚ Olds‚ & Schneider‚ 2006‚ p. 4). Global business requires added consideration in the way of accounting reporting criteria. With heightened consumer
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Accounting Assumptions‚ Principles‚ and Constraints The basic assumptions of accounting provide a foundation for recording the transactions and preparing the financial statements. There are two main assumptions of accounting: Monetary unit assumption and Economic entity assumption (Weygandt‚ J. J.‚ Kimmel‚ P. D.‚ & Kieso‚ D. E. (2008)). The monetary unit assumption requires a company to include accounting records that show transaction data. Next‚ is the Economic entity assumption. It requires
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Inventory Cost of Goods Sold $40‚000 $16‚000 $20‚000 $50‚000 Inventory Turnover 12) handling of incoming checks oversight of the internal control systems 2.78 Control activities Monitoring 13) An Audit Opinion is an evaluation of the company’s financial statements performed by an independent accountant or auditor. 14) Credit Sales Allowance for Doubtful Accounts Estimated Uncollectibles $235‚000 $7‚250 7% Estimated Uncollectible Accounts $16‚450 15) Bestway‚ Inc. Credit Sales Allowance for
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Working with Financial Statements Accounting is the heart and soul of executing a successful business. Accounting is used to provide record for all items that are paid and received for a business over any period of time. Within the purpose of accounting lies the need to provide continuity and sustainability within a business‚ without it a business will not thrive. The information obtained is kept on record‚ in order to give insight to upper management on data concerning the daily revenue and expenses
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CheckPoint: Accrual and Cash Accounting XACC/290 August 11‚ 2013 Week Three CheckPoint: Accrual and Cash Accounting Accrual and cash-based accounting offer two different styles of tracking the flow of money in a business. Each serves a purpose and to understand this idea one must first realize the how one varies from the other. Accrual-based accounting can be described as any transaction that changes a company’s financial statement is recorded in the accounting period the transaction was recorded
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ACCOUNTING ASSUMPTIONS‚ PRINCIPLES‚ AND CONSTRAINTS Phil Toms March 29‚ 2013 The basic assumptions are monetary unit assumption and the economic entity assumption. The monetary unit assumption requires that companies include in the accounting records only transaction data that can be expressed in terms of money. This assumption enables accounting to measure economic events. The monetary unit assumption is vital to applying the cost principle. An economic entity can be any organization
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INTRODUCTION In 1975 the Corporate Report was published‚ this was the outcome from the Accounting Standards Steering Committee’s wide ranging discussion paper and in part considered the usefulness of financial statements (Dunn‚ April 2002) discusses that to meet their basic objective financial statements must be useful; and the information relevant and reliable. Information will have relevance if it influences the decisions of the users. Relevance and reliability are primary characteristics relating
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6th Grade Secrets This book Review is about a book called 6th grade secrets‚ it is one month until schools over and Laura (main character) has found a hat that says pig city. It inspires her to start a secret club called Pig City‚ to join you have to leave insurance like your embarrassing baby photo‚ copying a love letter to your crush (with your name on it)‚ or any thing else you wouldn’t want the world to know or see. This insurance is put into a little black box and if you tell a non-member
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Law of Investments & Financial Markets ASSIGNMENT 23 MARCH 2009 BDEFT 6TH INTAKE By TEAM K.M.O.Y. Compiled and Completed by: KHAIRUNISA BTE SARUAN MARINA BTE OSMAN ONG LICHING YING HSU FANG‚ EUNICE Table of Contents PART A Ignorant Hairdresser vs. Professional Consultant 4 Know Your Client 5 Appropriate Advice based on Reason 6 Fiduciary Duty and Conflict of Interests 7 Making False Representations as to returns – Misrepresentation 8 Fraudulent Misrepresentation
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Financial statements are a necessity when it comes to businesses. They are used by both internal managers as well as outside users and provide information about the entire company. Managerial accounting is primarily used by individuals within a company or organization. The main purpose of financial accounting is to prepare financial reports that provide information about an organization’s performance to external parties like creditors‚ investors and tax authorities (Hilton‚ 2006). There are several
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