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Accounting like a field of study in its developmental process has evolved a theoretical framework consisting of concepts or principles over period of time. Such concepts enjoy a wide measure of support by the accounting profession. So that's why they are termed as Generally Accepted Accounting Principles (GAAP). Various concepts and their implications for business and information users were discussed earlier.
As the accounting principles are broad guidelines for common application, they allow a wide variety of methods and practices. The lack of uniformity in accounting practice makes this complicated to compare the financial reports of various companies. Moreover, the multiplicity of accounting practices makes this possible for management to conceal economic realities through selecting those alternative presentations of financial result that permit earnings to be manipulated. The financial statements prepared in such conditions, thus, may have limited usefulness for several users of information. This problem has been recognized all over the world and various professional bodies are engaged in the duty of standardizing accounting practices. There is a movement in the directions of consensus building even on the international level. These professional bodies, actually, first look at the practices used through practicing accountants they then try to obtain a refinement of those practices through a process of consensus. This is in this way that the theory of accounting is built. In India also, several headway has been made through establishing twenty eight standards for accounting practice.
Current Liabilities We have studied about liabilities are claims of outsiders against the business. Conversely, these are amounts owed through the business to people who have
These are amounts owed to the company through debtors. This is the purpose why we also utilize the term sundry debtors to indicate the amounts owed to the firm. This signifies amou
Fixed Assets These are tangible, relatively long-lived items owned through the business. The benefit of these assets is obtainable not only in the accounting period wherein the
Transfere from U.S GAAP to IFRS case study project
What kinds of risks does a firm like Amazon.com face with respect to safeguarding its assets? What types of controls do you think it already has in place to minimize these risks? G
3. Solve the following Linear Programming Problem using Simple method. Maximize Z= 3x1 + 2X2 Subject to the constraints: X1+ X2 = 4 X1 - X2 = 2 X1, X2 = 0
the books of deven verma could not be tallied.
Question : (a) Name the agent architectures which are commonly used for designing intelligent agent systems. (b) Name the design methodologies that will be used for constru
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Dear Sir, I am an accountant working in a company with limited liability (WLL), one of the partners (A) will withdraw from our company. One of the existing partner (B) of the comp
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