Criticisms against setting of accounting standards, Accounting Basics

Assignment Help:

Criticisms against setting of Accounting Standards:

1. Setting of Standards may occasionally control the type of treatment of definite items.

2. They may generate inflexibility in reporting of accounting information.

3. They cannot dominate the statute, as they are set within the sample of the existing statutes.

Related Discussions:- Criticisms against setting of accounting standards

Net realizable value , A)Guerrero Company occupied in the following events ...

A)Guerrero Company occupied in the following events during 2012: 1. Began operations by issuing common stock to investors for $40,000 cash 2. Given services to customers on a

Write the difference among journal voucher and contra, Journal voucher is t...

Journal voucher is the voucher in which all the adjustment related entries and non cash non bank transactions are come ijournal eg-dep, some of them book the bills in journal and

Film and television costs - accounting policies, Q. Film and television cos...

Q. Film and television costs- accounting policies? Film as well as television production and participation costs are expensed based on the ratio of the current period's gross r

Explain merchandising companies, Q. Explain Merchandising companies? Me...

Q. Explain Merchandising companies? Merchandising companies buy goods that are ready for sale and then sell them to customers. Merchandising companies comprise clothing stores,

TURNOVER, WHAT IS THE MEANING OF INVENTORY TURNOVER

WHAT IS THE MEANING OF INVENTORY TURNOVER

Describe the methods of recording, Q. Describe the methods of recording? ...

Q. Describe the methods of recording? Two general deductions from gross sales are (a) sales discounts and (b) sales returns and allowances. Sellers trace these deductions in co

Concept of conservatism, Concept of Conservatism: The concept of conse...

Concept of Conservatism: The concept of conservatism, also termed as the concept of prudence, is frequently stated as "anticipate no profit, give for all possible losses". It

Economic substance of the transaction, Q. Economic substance of the transac...

Q. Economic substance of the transaction? In a few business transactions the economic substance of the transaction conflicts with its legal form. For instance a contract that i

ACC 250, Matilda Crone owns and operates a public relations firm called Dan...

Matilda Crone owns and operates a public relations firm called Dance Fever. The following amounts summarize her business on August 31, 2014:

Credits and debits, How do you set up a t account correctly?

How do you set up a t account correctly?

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages