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What authority does the Financial Accounting Standards Board have over generally accepted accounting principles?
The FASB has the authority to establish GAAPs but has no authority to enforce its standards. The SEC and the AICPA are the organizations that provide the enforcement mechanism.
Why cost accounting is used instead of financial accounting?
cost accounting is used instead of financial accounting because cost accounting is used to determine the cost of the good produced
What is accounting system and what their types?
An accounting system is a program or a system that is used in management and processing of accounts. Some of the types of accounting systems include management accounting, cost accounting, manual systems, double entry and so many others.
How are fractions used in a job of accounting?
Fractions are used in many places in accounting. Usually turned into decimal point factions, they are calculated as part of a whole number of units or pieces sold.
Cost accounting and management accounting?
Cost accounting is a subset of management accounting, although the two are used interchangeably.
What is the difference between 'Normative Accounting Theory' and 'Positive Accounting Theory'?
Normative theory is used to advise what methods should be used for accounting. Positive accounting theory explains and predicts accounting as it is currently happening.
What is management accounting information used for?
Management accounting or managerial accounting is concerned with the provisions and use of accounting information to managers within organizations, ...
How many pages does The Accounting have?
The Accounting has 285 pages.
How much math is used in accounting?
Math is constantly used in accounting. In fact, math is used in accounting more than anything else. Without a strong background in math, you will not be able to be an accountant.
What is the difference between What is the difference between financial accounting and management accounting?
Financial accounting is used to present the performance and financial statements to third parties while management accounting is used for company's internal working purpose.
How many international accounting standard do you have in accounting?
There are currently 41 IAS and 9 IFRS. Although not all of the ISAs are still used as they superseded by other standards and made outdated.
How many types of accounting standards?
29 accounting standard
