User Account

All Pages

Explain what accountants are generally referring

Assignment Help Financial Accounting
Reference no: EM13510693

There is a high school accounting intern working in your office for the summer. In the lunchroom, she overhears people talking about financial reporting and GAAP. She doesn't really know what they are, so she asks you to explain them to her.

• Explain what accountants are generally referring to when they talk about "financial reporting."
• Explain the generally accepted accounting principles (GAAP).
• Explain the sources of GAAP.

Reference no: EM13510693

Questions Cloud

What is its gross margin : If PetCo had net sales of $600,000, goods available for sale of $450,000, and cost of goods sold of $375,000, what is its gross margin? What amount of inventory will be shown on its balance sheet?
Basic financial statements for the month of march : Give one additional piece of information related to the transaction that could be recorded in an information system for a purpose other than the financial statements.
How far must the small piston be pushed down : A hydraulic lift is lifting a car that weighs 13 kN. The area of the piston supporting the car is A, How far must the small piston be pushed down to raise the car a distance of 1.3 cm
What is the amount of the gross profile : During the current year, merchandise is sold for $775,000. The cost of the merchandise sold is $426,250.
Explain what accountants are generally referring : Explain what accountants are generally referring to when they talk about "financial reporting." and  explain the generally accepted accounting principles (GAAP).
Determine cvs gross profit : CVS Corporation operates drugstores throughout the United States, selling prescription drugs, general merchandise, cosmetics, greeting cards, food, and beverages.
What additional costs does rtwmtc have : How many employees does the RTWMTC company have and what is the break down of their salaries and what additional costs does RTWMTC have (include utilities, lease/mortgage, phone, etc.)?
Calculate the cost of goods available for sale : Daniel Jackson is the owner of ABC Cleaning. At the beginning of the year, Jackson had $2,400 in inventory. During the year, Jackson purchased inventory that cost $13,000. At the end of the year, inventory on hand amounted to $3,600.
Prepare the basic financial statements for the month : Prepare the four basic financial statements for the month of March and how many employees does the RTWMTC company have and what is the break down of their salaries

Reviews

Write a Review

Financial Accounting Questions & Answers

  Show the influence on the optimal dividend policy

Myron Gordon and John Lintner believe that the re­quired return on equity increases as the dividend payout ratio is decreased. Their argument is based on the assumption

  A manufacturing company was to purchase various

a manufacturing company was to purchase various capitalizable spare partssome of which could be very expensive for its

  Identify industries in your area that must accouont assets

Identify industries in your area that must accouont for at least one of the following assets: natural resource, patent, lease, leasehold improvement, copyright, trademark, or goodwill.

  Q1 on november 30 2008 crown food purchased two trucks for

q1. on november 30 2008 crown food purchased two trucks for a total of 70000 issuing a one-year 8 note payable all due

  Question dawson toys ltd creates a toy called the maze the

question dawson toys ltd. creates a toy called the maze. the company has currently established a standard cost system

  What unit cost figure is relevant for setting selling price

If the company wishes to sell them through regular distribution channels, what unit cost figure is relevant for setting a minimum selling price? Explain.

  Evaluate cost of goods sold

Choose the correct option in the question - Evaluate Cost of goods sold and Which of the following is an example of a fixed asset?

  Determine the gross profit for the year

Determine the gross profit for the year under each of the three methods and explain varying viewpoints why each of the three inventory costing methods may best reflect the results of operations for 2012.

  The question is on accounting basics about closing process

the question is on accounting basics about closing process in accounting cycle.indicate which of the following accounts

  How much total overhead would be budgeted

If the company prepared a budget for 10,000 machine hours, how much total overhead would be budgeted?

  What was its beginning balance

Accounts payable has debit postings of $17,000, credit postings of $14,000, and a normal ending balance of $6,000, what was its beginning balance?

  Determine the net present value of the projected cash flows

Determine the net present value of the projected cash flows at 1 July 2004 of the new Health Zone (Pty) Ltd club in Sandton for the period 1 July 2004 to 30 June 2009. Show all your workings.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd