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What else can I help you with?
Who must use GAAP and why?
Who? US publicly traded companies. Non-publicly traded companies may be required to produce a set of financial statements in accordance with GAAP if applying for a loan. Why? GAAP accounting is nothing more than a common set of principals, terminology, etc. It allows for better communication between organizations, stockholders, individuals, etc. For example, with GAAP the term Revenue means the same thing, no misunderstandings. If you did not have a common set of principals you would not be able to compare on company to another.
What is meant by the phrase generally accepted accounting principles?
GAAP help to ensure that financial information fairly presents a firm's operating results and financial position.GAAP is important for uniformity reasons. Any where in the world as long as the two companies are operating in the same industry you can easy compare them simple because of GAAP.
Deferred taxes arise from the use of the same method of depreciation for tax and reporting purposes. True or false?
False. Deferred taxes typically arise from differences in accounting methods or timing between tax reporting and financial reporting, such as using different depreciation methods for tax purposes than for financial statements. When the same method is used for both, there is generally no temporary difference, and therefore, no deferred tax implication.
Journal entry for credit sales?
Buyer a/c dr. To Sales a/c. The GAAP shows such an entry as: Account Receivable (debit) $$$ Sales (Revenue) (credit) $$$ This is based on Double-Entry Accounting as standardized by the GAAP. For example, say you sold a computer to a customer on credit for $1500, the journal entry would read AR (debit) $1500 Revenue (credit) $1500 Some companies use the term Sales, Revenue, and even Income. Which generally refer to the same thing.
Do I file both 1099-R forms from the same place?
If you received two different 1099-R forms from the same place you will have to file both of them. You do need to make sure that these are not just two copies of the same form. If they are two copies then you don't have to file both of them.
Can a company use a hybrid of the percentage of sales and the percentage of receivables methods?
No. It is not practical or correct to use both methods as the same time. According to GAAP, each method is accepted, but management must choose which method to use, independently of the other.
What is gaap?
Generally Accepted Accounting Principles Generally Accepted Accounting Principles (GAAP) is the standard framework of guidelines for financial accounting. It includes the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the preparation of financial statements. One key aspect of GAAP is an emphasis of "general" as a conceptual realization of variables in method. Far from suggesting that all accounting exercises employ the same method and generate the same results, GAAP accommodates variation in applied accounting methods as long as the methods generally adhere to this set of principles, which are more broad than specific. Pursuant to the foregoing, not only therefore does this provide for variation in method, the natural conclusion is GAAP creates an environment in which financial reporting results can vary depending on purpose. One company in one fiscal year can produce different reports, all completed within GAAP, for different audiences or different purposes, and all these reports can be considered correct.
Why are generally accepted accounting principles needed?
GAAP allows for the fair comparison of accounting information. GAAP allows the work of the accountant to be scrutinized and analyzed on an even level with other similar firms. It allows for greater transparency in accounting practices.
Are methods also known as sub programs or functions?
yes,both are same...methods are also known as functions,we call differently in different programing language
Are audited accounts are free from errors?
While I'm not sure what you exactly the answer is clearly NO. An audit by an audit firm doesn't guarantee anything on any specific account...just that the methods that they looked at and tested for the accounting process used were in accord with a particular system, normally GAAP. (Tax doesn't use GAAP accounting by the way). An audit by the IRS does not prove accuracy of anything...nor does itmean the IRS will accept the exact same thing if it looks again.
What is the difference between the substitution method and the linear combination method?
well,both are different methods but the answers are same.
Does the washer method and cylindrical shells method both give you a relatively same value of volume?
They both give you exactly the same value. However, in some cases solving a problem using both methods is very difficult.
Who must use GAAP and why?
Who? US publicly traded companies. Non-publicly traded companies may be required to produce a set of financial statements in accordance with GAAP if applying for a loan. Why? GAAP accounting is nothing more than a common set of principals, terminology, etc. It allows for better communication between organizations, stockholders, individuals, etc. For example, with GAAP the term Revenue means the same thing, no misunderstandings. If you did not have a common set of principals you would not be able to compare on company to another.
How is a G-Wireless Router and N-wireless Router the same?
They both allow computers to connect without using wires. They use the same frequency.
What is the difference between SMACNA and DW144?
Both methods are using in HVAC Ducting work mostly about 99% that smacna is using in that same.
Which area have both floods and drought?
Usually areas which have heavy rainfall, at the same time poor draining facilities and rainwater harvesting methods tend to have both floods and drought.
What does for shadowing mean?
shadowing in general is when two variables/methods or any other element has same name and any one of the both can shadow( in OOP case override) the behavior of the other one. garimashadowing in general is when two variables/methods or any other element has same name and any one of the both can shadow( in OOP case override) the behavior of the other one. garimashadowing in general is when two variables/methods or any other element has same name and any one of the both can shadow( in OOP case override) the behavior of other. garima
