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The most important of the accounting is to comply with generally accepted accounting principles and standards and norms that conducted by accounting organizations. Accounting must have qualities characteristics.
With these characteristics, it will be useful to users. Example for characteristics: relevance, reliability and comparability
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What is the principal book of accounting?
Journal Book
What is substance over form in accounting terms?
is a principal of accounting meaning means fully covered accounting satatements.
What is the accounting principle that requires accounting information to be based on actual cost and require assets and services to be recorded initially at the cash or cash equivalent amount?
Cost principal
What is the principal concern with accounting for related party transactions?
Differences between economic substance and legal form.
What is the difference between management accounting financial accounting and cost accounting?
Management accounting is concerned with the provisions and use of accounting information to managers within organizations, to provide them with the basis to make informed business decisions that will allow them to be better equipped in their management and control functions.Financial accountancy (or financial accounting) is the field of accountancy concerned with the preparation of financial statements for decision makers, such as stockholders, suppliers, banks, employees, government agencies, owners, and other stakeholders. The fundamental need for financial accounting is to reduce principal-agent problem by measuring and monitoring agents' performance and reporting the results to interested users.Cost Accounting - In management accounting, cost accounting establishes budget and actual cost of operations, processes, departments or product and the analysis of variances, profitability or social use of funds. Managers use cost accounting to support decision-making to cut a company's costs and improve profitability.
What is the principal book of accounting?
Journal Book
What is substance over form in accounting terms?
is a principal of accounting meaning means fully covered accounting satatements.
What is the main subject of bba?
principal of management
What is the accounting principle that requires accounting information to be based on actual cost and require assets and services to be recorded initially at the cash or cash equivalent amount?
Cost principal
What is the principal concern with accounting for related party transactions?
Differences between economic substance and legal form.
Does sibling with power of attorney have to show accounting for expenses?
The parent should definitely ask for a periodic accounting or if they are incapacitated, the family should ask for a periodic accounting. An attorney-in-fact under a Power of Attorney should keep accurate records of all their expenditures, all the funds coming in and must make certain they do not mingle their own funds with those of the principal. An AIF has sweeping power over all the assets of the principal. Mismanagement could result in the principal losing benefits and entitlements and theft is extremely easy.The parent should definitely ask for a periodic accounting or if they are incapacitated, the family should ask for a periodic accounting. An attorney-in-fact under a Power of Attorney should keep accurate records of all their expenditures, all the funds coming in and must make certain they do not mingle their own funds with those of the principal. An AIF has sweeping power over all the assets of the principal. Mismanagement could result in the principal losing benefits and entitlements and theft is extremely easy.The parent should definitely ask for a periodic accounting or if they are incapacitated, the family should ask for a periodic accounting. An attorney-in-fact under a Power of Attorney should keep accurate records of all their expenditures, all the funds coming in and must make certain they do not mingle their own funds with those of the principal. An AIF has sweeping power over all the assets of the principal. Mismanagement could result in the principal losing benefits and entitlements and theft is extremely easy.The parent should definitely ask for a periodic accounting or if they are incapacitated, the family should ask for a periodic accounting. An attorney-in-fact under a Power of Attorney should keep accurate records of all their expenditures, all the funds coming in and must make certain they do not mingle their own funds with those of the principal. An AIF has sweeping power over all the assets of the principal. Mismanagement could result in the principal losing benefits and entitlements and theft is extremely easy.
What if the agent under a Power of Attorney doesn't keep records?
An attorney-in-fact has sweeping power over the assets of the principal. For that reason they are subject to state laws that govern the actions of fiduciaries. An AIF should maintain careful records and be prepared to show an accounting of all the funds that came into the principal's estate, all the funds that went out and that all the funds that went out benefitted the principal. Courts are particularly intolerant of self dealing by a fiduciary.The AIF may be called upon at some point to prove they didn't steal assets of the principal especially if the principal is elderly. Other family members can instigate a demand for an accounting through a court order. If the principal is receiving any medical assistance the state can require an accounting. If the principal's funds are depleted and the AIF cannot account for them they could face serious criminal charges.
What is the financial responsibility of the attorney in fact under a power of attorney?
An AIF is a fiduciary and is subject to state laws that govern fiduciaries. One of the boilerplate rules for fiduciaries is that they not convert the principal's assets to their own use. The attorney in fact must not waste assets. Another rule is that they keep good records so that an annual accounting can be produced that shows the principal's funds coming in and going out. Those figures should closely match. Any fee charged by the AIF should be represented in that accounting. Serious problems can arise for the fiduciary when other family members question the conversion of the principal's assets by the AIF for their own use. They can bring a court action to compel the accounting and if the AIF cannot show a detailed accounting they will be held personally liable for any shortages. If the agent is stealing from the principal it should be brought to the principal's attention so the POA can be revoked. If the principal is not capable of supervising the agent then the situation should be brought to the attention of the authorities. You should consult with an attorney if you have evidence that an agent is stealing from their principal. They could explain your options. Another problem could arise if the principal is receiving any government entitlements. In certain circumstances the state can demand an accounting especially when there is evidence that the state is paying expenses for the principal while their AIF is spending the principal's money for personal use. Any attorney-in-fact who uses their power to access the principal's funds for their own personal use should be sued and reported to the local district attorney for criminal prosecution. Courts abhor an attorney-in-fact, or any fiduciary, who uses their power to steal from the principal. Self-dealing by an attorney-in-fact is against the law in every state. An attorney-in-fact who uses their power to convert any property to their own use is committing a criminal offense. That would include such things as transferring real estate or personal property such as motor vehicles or timeshare interests to their own name
What are the principal accounting reports involved in financial reporting process?
Balance sheet Income statement Statement of changes in equity Statement of cash flows Notes to the financial statements
What is the difference between management accounting financial accounting and cost accounting?
Management accounting is concerned with the provisions and use of accounting information to managers within organizations, to provide them with the basis to make informed business decisions that will allow them to be better equipped in their management and control functions.Financial accountancy (or financial accounting) is the field of accountancy concerned with the preparation of financial statements for decision makers, such as stockholders, suppliers, banks, employees, government agencies, owners, and other stakeholders. The fundamental need for financial accounting is to reduce principal-agent problem by measuring and monitoring agents' performance and reporting the results to interested users.Cost Accounting - In management accounting, cost accounting establishes budget and actual cost of operations, processes, departments or product and the analysis of variances, profitability or social use of funds. Managers use cost accounting to support decision-making to cut a company's costs and improve profitability.
Define 'Accounting' Distinguish between Financial Accounting and Management Accounting?
Define 'Accounting' Distinguish between Financial Accounting and Management Accounting
What are the subfields of accounting?
1. Financial Accounting 2. Cost Accounting 3. Management Accounting 4. Social Accounting 5. Human Resource Accounting 6. National Accounting
