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GAAP
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Is the financial accounting standards advisory board the same as the federal accounting standards board?
The Financial Accounting Standards Board (FASB) is a private organization (within the Financial Accounting Foundation) that issues financial accounting and reporting standards for nongovernmental entities.
Why financial accounting defer with other disciplines?
Financial Accounting just deals with the recording, analysing and classification of financial statements. Whereby other disciplines related to Financial accounting deal with the information "recieved" from Financial Accounting. For example : Management Accounting deals with making decisions for the company's growth and stability, on the contrary Financial accounting provides the data to management accounting for its decision making process.
What are the purpose of management accountong?
The purpose of management or managerial accounting is to obtain financial information to help make business decisions. Another type of accounting is financial accounting.
What is the purpose of financial accounting analysis?
Financial accounting analysis is necessary so that a business can make sure that financial matters are being taken care of without a deficit being present. Financial accounting analysis will also help a business pay the proper amounts for taxes.
What are the solutions for financial accounting and reporting?
The solutions for financial accounting and reporting are maintained by a well developed system. Many are available on the market and integrate the actual data accounting with automated report generation.
What is the difference between governmental accounting and financial accounting?
Governmental accounting is the form accounting practice by government- recognizing inflows as revenue and outflows as expenditure, whereas financial accounting is the accounting work done within an institution.
What si accounting standard?
Accounting Standards are the statements of code of practice of the regulatory accounting bodies that are to be observed in the preparation and presentation of financial statements.
What is the relation between accounting theory and accounting practices?
Accounting theory examines practical and theoretical issues in accounting practices such as historical costs, decision usefulness, portfolio risk, fair-value-oriented standards and executive management compensation and earnings. In addition, it also discusses economic and political issues and criteria related to accounting practices required by accounting governing bodies such as Canadian Institute of Chartered Accountant (CICA), Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB). The first goal of accounting theory is to describe and explore various theories that underlie financial accounting and reporting. The second goal is to explain and illustrate the relevance of these theories in order to understand the practice of accounting and reporting. Some of the main theories are based on economics and finance. For instance, by discounting future cash flows to present time, the present value model enables a theoretically correct basis of asset and liability valuation and income measurement of a firm. Thus, the present value model provides a benchmark to guide accounting practice. From a finance stand point, portfolio and efficient market theory are used in accounting practices in understanding how investors make rational investment decisions and how they use financial accounting information to make their decisions. Accountants can then prepare financial statements that are of greatest use to investors. To put in a nutshell, accounting theory helps to understand the impact of complex ideas and regulations on financial reporting and the interpretation of information generated by financial reporting at the conceptual level.
Definition of industrial practice?
Industrial practice, or industry practice, refers to government regulated industries that must follow requirements for financial reporting. It refers to the accounting constraints for the preparation of financial reports.
What is Financial accounting data?
what is financial accounting?
What is the importance of accounting theory?
Accounting theory is very important in helping people to understand the basis and policies in accounting. From understanding the rules of GAAP to exploring the origins of accounting, being a good accountant involves understanding the theories that support the practice.
What has the author James J Benjamin written?
James J. Benjamin has written: 'Principles of Accounting/Study Guide' 'Practice problem I for use with intermediate accounting' -- subject(s): Bookkeeping, Problems, exercises, Small business 'Accounting flows and disclosures' -- subject(s): Accounting, Cash flow, Disclosure in accounting 'Financial accounting' -- subject(s): Accounting 'Study guide for Financial accounting'
The output of financial accounting is?
The output of the financial accounting is preparation of financial statements.
Is Management accounting starts where financial accounting ends?
Management accounting starts where financial accounting ends
Define 'Accounting' Distinguish between Financial Accounting and Management Accounting?
Define 'Accounting' Distinguish between Financial Accounting and Management Accounting
Compare and contrast between cost accounting and financial accounting?
compare and contrast cost accounting and financial accounting
Differentiate cost accounting system from financial accounting system?
Q.5 Differentiate Financial Accounting and Management accounting
