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Tag - Accounting

GAAP US Accounting Standards

GAAP stands for Generally Accepted Accounting Principles. US GAAP is about the Generally Accepted Accounting Principles in the United States. The Financial Accounting Standards Board (FASB). According to the US GAAP, accounting policies are those specific accounting principles and the methods of applying those principles that are judged by the management of the enterprise to be the most appropriate in the circumstances to present fairly financial position and results of operations in accordance with GAAP and that accordingly are [...]

International Accounting : Development and Classification

International Accounting : Development and Classification Why Study Development and Classification? Development Helps understand a nation’s accounting. Explains the differences and similarities in accounting around the world. Classification Helps understand why and how national accounting systems differ. Helps analyze whether these systems are converging or diverging. Are a way of viewing the world. Development 1.  Sources of finance – who, how many, how close? ◦       Equity markets –   Profits measure how well managers have run the company. –   Accounting is used to assess cash flows, [...]

International Accounting

What is Domestic Accounting? Domestic Accounting: an information specialty providing information about a firm to users of that information as a basis for economic decisions. What is International Accounting? International Accounting (defined): same as above except that the firm being reported on is a multinational company with operations and transactions that cross national boundaries or an entity with reporting obligations to non-domestic readers. What Does International Accounting Diversity Entail?   Measurement principles Financial disclosure (corporate transparency) Auditing practices Contributing Factors  Accounting’s international heritage Double-entry originates in [...]

Cost Benefit Analysis

Cost Benefit Analysis Cost Benefit Analysis is the process of taking calculated business decisions. The benefits or profits associated with a given actions or situations are summed up and the total costs associated with are subtracted. The resultant profit or loss determines the decision. Before an investment decision is taken a manager will analyze the data pertaining to the costs and the potential profits of taking up a project. This step will ensure that a good investment is being made [...]

Principles of Accounting

Accountancy is the art of communicating information of financial nature about a business entity like a sole proprietorship, partnership, company (Pvt. Ltd as well as Ltd) to the owners like sole proprietor, partners and shareholders respectively. The reports or statements contain information about the financial ‘health’ of the concern. The American Institute of Certified Public Accounts defines Accountancy as the “art of recording classifying and summarizing in a significant manner and in terms of money, transactions and events which are, [...]