Explain inaccurate financial statemnts, Cost Accounting

Assignment Help:

Generally Accepted Accounting Principles (GAAP) are guidelines for companies to follow as they prepare and issue financial statemnents. Let's start by getting an understanding of why the guidelines were developed in the first place? Who relies on the financial statemnets (external users)? What happens if an external user relies on financial statements that are inaccurate? What negative consequences can arise from relying on inaccurate financial statemnts? Explain


Related Discussions:- Explain inaccurate financial statemnts

Limitations of standard costing system, The use of standard costs can prese...

The use of standard costs can present a number of potential problems or disadvantages. Most of these problems result from improper use of standard costs and the management by excep

Classification, what is the classification of cost & how it is done?

what is the classification of cost & how it is done?

Product costing, scope and limitations of product costing

scope and limitations of product costing

#manual productions, Vary the force by hiring layoffs. No over time.

Vary the force by hiring layoffs. No over time.

Accounting for job order costing, Accounting for Job Order Costing ...

Accounting for Job Order Costing 1.  Direct Labor  Dr W.I.P. Control Account Cr Cash Account 2.  Accrued Direct Wages Dr W.I.P. Control Account Cr Wages

Material cost, distinguish between bin card and store ledgre

distinguish between bin card and store ledgre

Determine the minimum (floor) price, Special order pricing - Shorewood Shoe...

Special order pricing - Shorewood Shoes Company makes and sells a variety of leather shoes for children. For its current mix of different models and seizes, the average selling pri

What is chargeback, A process in the industry where a wholesaler needs an a...

A process in the industry where a wholesaler needs an amount that is the difference among the manufacturer's price to the wholesaler and the contract price to the resale customer.

Cretae trial balance in t-accounts, Chrome-It, Inc., manufactures special c...

Chrome-It, Inc., manufactures special chromed parts made to the order and specifications of the customer.  It has two production departments, stamping and plating, and two service

What is cost accounting, This can be explained as the process of accumulati...

This can be explained as the process of accumulating, calculating, analyzing, interpreting and reporting cost information that is both helpful and relevant to the internal and exte

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