D
Positive Accounting Theory is a branch of academic accounting research. It tries to predict and explain actual accounting practices. It is used to understand how to use accounting practices better.
The variation in accounting disclosure and reporting practices.
Accounting concepts and conventions are a list of standard practices. These develop a framework for accounting and are used by accountants and students for learning.
Financial Accounting Standards Board (FASB) set US GAAP (Generally Accepted Accounting Practices)
A committee that attempts to create more harmony among the accounting practices of different countries by identifying preferred practices and encouraging their worldwide acceptance. what's glossary
Positive Accounting Theory is a branch of academic accounting research. It tries to predict and explain actual accounting practices. It is used to understand how to use accounting practices better.
Accounting practices are not for sale, as then they would be of no use to customers. What is for sale are books on accounting practices. These can be found at Amazon, Waterstones and all good book retailers.
In 1938, the SEC delegated much of its authority to prescribe accounting practices to the AIA and its Committee on Accounting Procedures (CAP).
Financial Accounting Standards Board (FASB) set US GAAP (Generally Accepted Accounting Practices)
The variation in accounting disclosure and reporting practices.
Accounting concepts and conventions are a list of standard practices. These develop a framework for accounting and are used by accountants and students for learning.
Financial Accounting Standards Board (FASB) set US GAAP (Generally Accepted Accounting Practices)
Accounting practices. are the set of activities done by accountants in the field of financial accounting. They are what accountants do, these include recording transactions, Classifying transactions, summarizing transactions, reporting transactions and interpreting reports. The posting of transactions from the source documents to the preparation of income and financial statements takes the large fraction of what accountants do.Users of Accounting Practices. The accountants, financial managers, petty cashiers, auditors, accounting intellectuals, and other related individuals who are knowledgeable and have accounting expertise (i.e qualified accounting personnel) are said to be the users of Accounting Practices.Non-users of Accounting Practices. The group of individuals who wait for the outcomes/results of the Accounting Practices are said to be non-users of accounting practices. Because they lack accounting knowledge, skills and expertise, they are not in a good position to do what accountants do. This means they can not practice and cant be involved in the process of recording transactions, Classifying transactions, summarizing transactions, preparing income and financial statements, reporting transactions, sometimes they might lack the competence to interpret the given financial reports, unless assisted by the qualified accounting personnel.Non-user of accounting Practices include: Customers, general public, potential investors and shareholders without accounting skills.How do they benefit from accounting practices? Accounting information is the outcome of accounting practices, what qualified accounting personnel do ( accounting practices) provide information to enable them make decisions.Costomers. They need accounting information to be able to rely and establish a confidence in the firm they purchase, otherwise they may decide to sacrifice the firm and start a new tie with another company if they observe poor performance in the accounting information at hand.General public. They need the accounting information for social economic needs like employment opportunities, environmental and legal consideration and lawful dealings of the firm. The general public has the obligation of maintaining justice, fair play and balance in respect of the firm in their area.Potential/ present investors and shareholders without accounting expertise. They need accounting information to be able make decisions like, sacrificing more fund for investment into the firm, if it is performing better or withdraw their fund if the firm is performing poor. A good performing company is said to attract new investors and shareholders. The performance of the firm is measured by the financial accounting reports (information) given after the financial accounting practices.
responsibility for the fair presentation in the financial statements of financial position and results of operation and cash flows in conformity with generally accepted accounting practices
A committee that attempts to create more harmony among the accounting practices of different countries by identifying preferred practices and encouraging their worldwide acceptance. what's glossary
yes, why not....e.g IMF
General Accepted Accounting Practices..