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Proper application of accounting principles is most dependent upon the?
Wiki User
∙ 13y ago
existence of specific guidelines
Wiki User
∙ 13y ago
Anonymous
Proper judgement of accountant
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Succes of accounting to our country?
The success of accounting in our country has led to proper utilization of the national resources.
What is fiduciary accounting?
Proper accounting for property that is entrusted to the fiduciary acting under the conditions set forth in a deed
What is the relationship of cost accounting to financial accounting and management accounting?
Cost Accounting related to accounting methods and techniques used by managers to operate their firms. Examples include raw materials, labor and manufacturing overhead management. On the other hand, Financial Accounting refers to generally accepted accounting principles that produce results (profit, earnings per share) which are reliable (can be used by analysts and creditors to predict future earnings) and comparable (with other companies). The first type deals more with managerial issues and does not define any "proper" way of reporting a company's financial statements, while the second one is all about bringing a common set of rules that all companies should follow when reporting performance results.
Benefit of accounting?
There are so many benefits of accounting. The basic ones include proper management of finances, it makes it easy to budget and plan for funds among others.
Which accounting principle requires that transaction should be recorded in the period they occurred?
There is no one accounting principle that requires that a transaction be recorded in the period it occurs (commonly referred to as accrual basis accounting). There is a conceptual statement that the Financial Accounting Standard Board has issued with regard to the use of accrual accounting. The Financial Accounting Standards Board has issued STATEMENT OF FINANCIAL ACCOUNTING CONCEPTS NO. 6: ELEMENTS OF FINANCIAL STATEMENTS which states in paragraph 134: Items that qualify under the definitions of elements of financial statements and that meet criteria for recognition and measurement are accounted for and included in financial statements by the use of accrual accounting procedures. The basis of accounting, whether cash basis or accrual, should be disclosed in the notes to the financial statements so that the financial statement reader is aware which method of accounting is in use. Generally accepted accounting principles (GAAP) does require the accrual basis of accounting; nevertheless, businesses can present their financial statements on a cash basis as long as proper disclosures are made. The financial statement opinion rendered by the external audit firm would also disclose that the cash basis of accounting is being used.
DoD and contractor personnel must receive initial training in the proper application of derivative classification principles?
Two
What is the proper application of polymer?
application of polymer
Why there should be an effective and proper system of accounting?
The records can be maintained in accounting system in a right way so that there will be no confusion, no fault data, etc. Therefore an effective and proper system of accounting is a must.
Succes of accounting to our country?
The success of accounting in our country has led to proper utilization of the national resources.
What is the proper noun for the word accounting?
A proper noun is the name of a person, place, thing, or a title; for example:Arlene Lefkoe Accounting Solutions, New York, NYHarvard Business School, Accounting and Management, Boston, MAUS Dept. of Defense, Defense Accounting and Finance Office"Final Accounting", a novel by Linda Lovely
Which is NOT a chant of the Proper of the Mass?
Sederunt Principles
What is fiduciary accounting?
Proper accounting for property that is entrusted to the fiduciary acting under the conditions set forth in a deed
What is the role of statistics in accounting?
Statistics play a very vital role in accounting. They help in the interpretation of data which is crucial for making proper accounting decisions.
Accounting where would you put a bad debt entry?
In the Journal Proper
What is the importance of the auditor's report to its users?
The auditor's report is an authoritative indication of whether or not the company being audited has followed the generally accepted accounting principles. It also gives an indication regarding whether the management is using proper financial reporting procedures.
What are the 3 principles to body mechanics?
Proper body mechanics are vital for prevention of injury and disability.3 principles to body mechanics are :Maintaining proper spinal alignment .Widen Base of Support and Center of Gravity.Good Lifting Technique.
Can business continue to operation without proper accounting information system?
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