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Q. Financial accounting standards boards conceptual framework?
Experts have discussed the exact nature of the basic concepts and related principles composing accounting theory for years. The debate continues at present despite numerous references to generally accepted accounting principles (GAAP). To date all efforts to present a concise statement of GAAP have received only limited acceptance.
Because of this limited success a lot of accountants suggest that the starting point in reaching a concise statement of GAAP is to seek agreement on the objectives of financial accounting and reporting. The conviction is that if a person (a) carefully studies the environment (b) knows what objectives are sought (c) can identify certain qualitative traits of accounting information and (d) can define the basic elements of financial statements, that person can discover the principles and standards leading to the stated objectives. The FASB finished the first three goals by publishing Objectives of Financial Reporting by Business Enterprises and Qualitative Characteristics of Accounting Information. Attend to the fourth goal are concepts statements entitled Elements of Financial Statements of Business Enterprises and Elements of Financial Statements.
format of the account
Q. Illustrate accumulated depreciation account? Micro Train place depreciation expense in its income statement and it reports accumulated depreciation in the balance sheet as a
What steps would you take before approving an invoice for payment? Ans) Following steps should be taken.. ? Certify the invoice once it is matched for checking any holds..
Start in cell E3. Complete the series of substitution values ranging from 5 to 15 at increments of 1, vertically down column E.
The range of accounting can be presented in a diagrammatic form. Data collection and creation is the area that provides raw material for accounting. The data collecte
How to do a trial Balance Particulars Amount Dr. Amount Cr. In
Q. Show depreciation formula with example? The depreciation formula (straight-line) to calculate straight-line depreciation for a one-year period is: Annual deprecation = (
Q. Illsutarte the Summary of transactions? Summary of transactions is a teaching tool utilized to show the effects of transactions on the accounting equation. Note that the sto
journal entry fire insurance claim received for previous year is 50% of its original claim
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