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

Convertible and non-convertible bonds, Bonds can also be classified i...

Bonds can also be classified into convertible and non-convertible depending upon whether they carry a conversion feature or not. Convertible bonds are the ones which ca

Valuing bonds with embedded options, Bond valuation would be relative...

Bond valuation would be relatively simple if interest rates exhibit little day-to-day volatility. One could value a bond by discounting each of its cash flows at

Fin 534 financial management homework solutions to c, Need help with explan...

Need help with explanations for the answers chosen, not good with math calculations, or explaining the answers, can you help with this.Chapters 6, 8

Federal agency securities, Federal Agency Securities are those securi...

Federal Agency Securities are those securities issued by federally related institutions and those issued by Government-Sponsored Enterprises (GSE). Securities iss

Bond indenture, Bond Indenture An indenture builds the formal conditio...

Bond Indenture An indenture builds the formal conditions of a lending relationship between a borrower and a lender. It is a written record, and it outlines most important func

Define the meaning of overtrading, Define the meaning of Overtrading Wh...

Define the meaning of Overtrading When  a  company  is  trading  at  a  very  fast  pace,  it  would be  generating  sales  on  credit  with  speed, so have a large volume of t

Define the benefits of the jit inventory control system, What are the benef...

What are the benefits of the JIT inventory control system? The just-in-time that is abbreviated as JIT inventory control system lowers inventory carrying costs and tends to inc

Question, You deposit $500 today in a savings account that pays 3.5% intere...

You deposit $500 today in a savings account that pays 3.5% interest, compounded annually. How much will your account be worth at the end of 25 years?

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