Syntax of accounting procedure, Financial Management

Syntax of Accounting Procedure

The general accounting practices are:

(a)  Do not consider any income or gain till the similar is realised in cash;

(b)  Create or make provision for future expected losses & contingencies on the basis of past performance.

The accounting procedure has its own syntax (Rules on that accounting entries are made in books of accounts) that is generally known as Double Entry Book Keeping System. The primary system on that the accounting procedure is based is known as Generally Accepted Accounting Principles (GAAP) and Accounting Standards.

The primary steps used in measurement of accounting information are explained in the traditional definition of accounting through the AICPA that defines accounting as "the art of recording classifying and summarizing in important manner and in terms of money, transactions events that are, in part at least of a financial character and interpreting the results thereof".

Posted Date: 2/6/2013 12:41:49 AM | Location : United States







Related Discussions:- Syntax of accounting procedure, Assignment Help, Ask Question on Syntax of accounting procedure, Get Answer, Expert's Help, Syntax of accounting procedure Discussions

Write discussion on Syntax of accounting procedure
Your posts are moderated
Related Questions
What is the fastest way to be rich?

what are the arguments in favour of profit maximization?

Entity A is significantly smaller than B in terms of revenue and would not impact LOP's revenue to the same extent. However A earns a noticeably better gross profit margin at 26% a

What are the Factors determining the cost of capital There are many factors which impact the cost of capital of any company.  This would mean that cost of capital of any two co

(a) A debt of $3600 with interest at 6% compounded semiannually is to be amortized by semiannual payments of $900 each, the rst due in 6 months, together with a nal partial payme

what is financial management?

How Howan acquisition should be implemented 1. Directors of the target company must be approached first and a firm offer of a price made on condition that all due diligence wor

Image Storage Corporation has 1,000,000 shares outstanding. It wishes to issue 500,000 new shares using a (North American) rights issue. If the current stock price is $50 and the s

Traditional treatmentof financial management Traditional treatment was found to have a lacuna to the extent that focus was on long-term financing. Its natural implication was t

Interest Rates The payment borrowers make for the use of the funds that they borrow and the payment that lenders demand for the use of the funds they lend (termed interest ) w