Objectives of accounting concepts and standards, Accounting Basics

After going through this section, you should be capable to:

Appreciate the needs for a conceptual framework of accounting;
understand and appreciate the Generally Accepted Accounting Principles (GAAP), and
Expand an understanding of the significance and necessity for uniformity in accounting practices.

Related Discussions:- Objectives of accounting concepts and standards

Explain the costs terms, Question 1: Briefly explain the following cost...

Question 1: Briefly explain the following costs terms: Variable costs and fixed costs Semi- variable costs and semi-fixed costs Past costs and future costs.

What do you mean by account, Q. What do you mean by account? An account...

Q. What do you mean by account? An account is a division of the accounting system used to classify and summarize the decreases, increases and balances of each liability, asset,

Difference of fund flow statement and cash flow statement, Fund flow deals ...

Fund flow deals with transaction within financial year (One year) while Cash flow Statement record only the cash transaction.

Interest calculations, Calculate the amount of interest for each of the f...

Calculate the amount of interest for each of the following independent situations (assume 365 days per year): a)

COMMON SIZE STATEMENTS, RATIO ANALYSIS

RATIO ANALYSIS

Costs within the banking industry, There are over 5,000 banks in the United...

There are over 5,000 banks in the United States-more than 10 times the number per person than in other industrialized countries. A recent study suggests that the long-run average c

Uses of accounting, uses of accounting as a software enginner

uses of accounting as a software enginner

Case Study Labor standards, Case Study Labor standards Geet...

Case Study Labor standards Geeta & Company has experienced increased production costs. The primary area of concern identified by management is direct labor. The compa

What is the use of balance sheet, Q. What is the use of balance sheet? ...

Q. What is the use of balance sheet? Balance sheet -- a statement of the financial position of a company at a single specific time(often at the close of business on last day

Zero-coupon method, A swap valuation method which involves summing and co...

A swap valuation method which involves summing and computing the present value of each and every future net settlement and would be required by the contract terms either future s

Write Your Message!

Name

Email id

Message

Verfication Code

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!

Submit Assignment

User Account

All Pages