Accounting, Accounting Basics

Accounting

Accounting has evolved and emerged within response to the social & economic requirement of the society. The accounting procedure has its own syntax. The primary system on which the accounting system is based is called as Generally Accepted Accounting Principles (GAAP) and Accounting Standards. Accounting principles are broad guidelines for general applications; they permit a huge variety of methods and practices. Accounting Standards are formulated along with a view to harmonise various accounting policies and practices in use in a country. The goal of Accounting Standards is, therefore, to decrease the accounting alternatives in the preparation of financial statements inside the bounds of rationality, through ensuring comparability of financial statements of various enterprises with a view to give meaningful information to several users of financial statements to enable them to make informed economic decisions.

Posted Date: 2/6/2013 1:05:05 AM | Location : United States







Related Discussions:- Accounting, Assignment Help, Ask Question on Accounting, Get Answer, Expert's Help, Accounting Discussions

Write discussion on Accounting
Your posts are moderated
Related Questions
SCENARIO In May of the current year, your employer received a PIER report from the CRA that identified Canada Pension Plan (CPP) contribution deficiencies for employees in the org


untangible assets

Which of the following items will be entered in the cash payments journal of an entity when app applicable subsidiary journals are in use? Merchandise purchased on credit Merchand

Q. Explain Merchandising companies? Merchandising companies buy goods that are ready for sale and then sell them to customers. Merchandising companies comprise clothing stores,

On January 1, 2012, Lexmark Company's Accounts receivable account had a debit balance of $10,000. During January, 2012, the company billed customers for services in the amount of

Q. Show Periodicity concept? As per to the periodicity (time periods) concept or assumption an entity's life can be meaningfully subdivided into time periods (such as months or

current and non current liabilties

Q. Misstatement of accounting information? The FASB describes materiality as the magnitude of an omission or misstatement of accounting information that in the light of surroun

I am doing a report on finding the major challenges in the future of my university with regards to their revenue and expenses. I have to discuss the main financial obstacles face