Accounting framework, Financial Management

Assignment Help:

Accounting Framework

The rules and conventions of accounting are generally referred to as the conceptual framework of accounting.  As already elaborates in the previous section accounting communicates financial information to the several stakeholders.  It is essential in which there is uniformity in the preparation of financial statement of different business enterprises at a point of time and consistency over a period of time.  To have uniformity & consistency in the financial statements they are prepared inside a framework of GAAP "(Generally Accepted Accounting Principles)". A Generally accepted accounting principle follows a conceptual framework that are expressed as postulates, concepts, convention, principals, axioms, etc. For our reasons we are going to use the term Accounting Principles Yorston, Smith and Brown describes accounting principles as "the body of doctrines generally related with the theory and procedure of accounting and serving as an explanation of current practices and as guide for selection of conventions and process where alternatives exist". The most significant goal of accounting principles is to give a coherent set of logical principles which form the general frame for the evaluation and development of sound accounting principles.


Related Discussions:- Accounting framework

Benefits of e-trading, QUESTION (a) (i) Outline some capabilities of E-...

QUESTION (a) (i) Outline some capabilities of E-Trading. (ii) List three benefits of E-Trading. (b) (i) How can privacy be affected in E-Banking? (ii) Outline two meas

Balance sheet equation concept, Balance Sheet Equation Concept The His...

Balance Sheet Equation Concept The Historical Cost Concept needs support of two other concepts for practical reasons, viz. (i) The Money Measurement Concept (already discus

Asset-backed securities, Introduction When financial assets...

Introduction When financial assets or bonds are pooled together and offered to the investors for receiving the inflow of funds from these underlying

Example on bills of exchange, Q. Example on Bills of exchange? ARG Co w...

Q. Example on Bills of exchange? ARG Co will be apprehensive to protect the sterling value of its expected dollar receipt. The quoted forward rates demonstrate that the dollar

What are the techniques of financial management, What are the techniques of...

What are the techniques of financial management There are two widely-discussed techniques: (i) Profit maximisation approach and (ii) Wealth maximisation approach.

Public finance, suppose perfect competition prevails in the market for hote...

suppose perfect competition prevails in the market for hotel rooms. the current market equilibrium price of a stanar hotel room is 100 per night

Leverages, Leverages 'Leverages' are of prime importance in the analysi...

Leverages 'Leverages' are of prime importance in the analysis of a companies' risk. They give a good picture of the business, financial and the overall risk of a company's oper

Interest rate anticipation strategies, Active bond management depends...

Active bond management depends on an economic scenario in order to forecast the movements of yield curve. A portfolio manager skillfully builds a portfolio wit

Time value of money, Ask quSteve and Ed are cousins who were both born on t...

Ask quSteve and Ed are cousins who were both born on the same day, and both turned 25 today. Their grandfather began putting $2,500 per year into a trust fund for Steve on his 20th

Write Your Message!

Captcha
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!

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