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Q. Financial accounting standards boards conceptual framework?
Experts have discussed the exact nature of the basic concepts and related principles composing accounting theory for years. The debate continues at present despite numerous references to generally accepted accounting principles (GAAP). To date all efforts to present a concise statement of GAAP have received only limited acceptance.
Because of this limited success a lot of accountants suggest that the starting point in reaching a concise statement of GAAP is to seek agreement on the objectives of financial accounting and reporting. The conviction is that if a person (a) carefully studies the environment (b) knows what objectives are sought (c) can identify certain qualitative traits of accounting information and (d) can define the basic elements of financial statements, that person can discover the principles and standards leading to the stated objectives. The FASB finished the first three goals by publishing Objectives of Financial Reporting by Business Enterprises and Qualitative Characteristics of Accounting Information. Attend to the fourth goal are concepts statements entitled Elements of Financial Statements of Business Enterprises and Elements of Financial Statements.
Q. Explain about Equity or net asset? An equity or net asset is the residual interest in the assets of an entity that remains subsequent to deducting its liabilities and in the
WHERE DO I START? I have two questions QUESTION1 On March 31, 2010, our company, Harry Yolo, purchased a 100,000. 8% 10-year bond for 102 from Fish Gimp, due in 6 years & 8 months
If my company sells 4000 shares of common stock for $86,400, how do I record this in the Journal?
list me all the asset in the world?
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.” Elaborate and explain why journal is necessary.
What is the implication of applying accounting concepts wrongly
Q. What do you mean by Cross-indexing? Usually, accountants should check and trace the origin of their transactions so they provide cross indexing. Cross-indexing is the insert
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
Q. What do you mean by Contingent liabilities? Contingent liabilities -- liabilities which are not recorded on a company's financial reports though whichmight become due. If a
Generally Accepted Auditing Standards (GAAS) - Standards set by AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS (AICPA) which concern AUDITOR'S professional qualities and judgme
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