0
How should an unusual event not meeting the criteria for an extraordinary item be disclosed in the financial statements?
I imagine that you are thinking in terms of a one-time-only, never-to-be-repeated, paid-at-once expense that you don't have an expense account for? How about setting up an expense account for this? It need not be an account that is used all the time, but it will assist with the tracking of the 'event' that occurred. On the other hand, you could be talking about an 'event' that is going to need recording over several accounts and over a period of time. Can you provide more details?
What else can I help you with?
What are the criteria for general acceptance of accounting principles?
Some GAAP principles are meant to improve or standardize recording and reporting of financial statements. Companies are expected to follow the GAAP principles when presenting financial statements.
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.
What criteria must be met before an event or item should be recorded for accounting purposes?
The event should be measurable in financial terms
Is a liability recorded when the identity of the recipient is unknown?
Yes, a liability can be recorded even when the identity of the recipient is unknown, as long as the obligation to pay exists and its amount can be reasonably estimated. This is often seen in situations like unclaimed property or liabilities related to contingent events. The key is that the obligation must meet the criteria of being probable and measurable, regardless of the recipient's identity. Proper disclosure in the financial statements is essential to inform stakeholders of such liabilities.
What options do you have for marking transactions as ready for financial extract?
To mark transactions as ready for financial extract, you can typically use options such as categorizing transactions into specific statuses, applying tags or labels, or using a designated button or function within your financial software. Additionally, you may have the ability to set up automated rules that flag transactions based on certain criteria. Lastly, exporting selected transactions to a financial report or spreadsheet can also indicate readiness for extraction.
What are the criteria for general acceptance of accounting principles?
Some GAAP principles are meant to improve or standardize recording and reporting of financial statements. Companies are expected to follow the GAAP principles when presenting financial statements.
What standard governs financial audits?
In a financial audit, the management of an organization asserts that the financial statements are prepared in accordance with generally accepted accounting principles (GAAP), the applicable criteria.
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.
What is non assurance engagement?
An assurance engagement is any engagement that increases the level of confidence of third parties and management towards the outcome of an evaluation or measurement of a set of financial statements in accordance with the criteria of the financial reporting standards. This term usually refers to an independent audit. A non-assurance engagement is therefore an engagement that doesn't impact on the level of confidence in the validity of the financial statements. For example, a compilation of financial information or consulting engagement, such as tax or management consulting.
What Project selection criteria are typically classified as?
Financial and non-financial
What is assurance and non-assurance engagement?
An assurance engagement is any engagement that increases the level of confidence of third parties and management towards the outcome of an evaluation or measurement of a set of financial statements in accordance with the criteria of the financial reporting standards. This term usually refers to an independent audit. A non-assurance engagement is therefore an engagement that doesn't impact on the level of confidence in the validity of the financial statements. For example, a compilation of financial information or consulting engagement, such as tax or management consulting.
What do you call an expression that establishes criteria for either executing or skipping a group of statements?
conditions
What criteria are required in a Credit Review Process for Business loan?
Depending on the lender, the credit review process could vary. However, there are certain elements that are almost always included in the business credit review process. These include: personal background checks, a personal resume, a business plan, a business credit report, income tax returns, financial statements, bank statements, collateral (often required for businesses without financial statements), and legal documents, including licenses and registrations.
What criteria would you look at when comparing checking account options at different financial institutes?
criteria is an over the top expression as in options
What is the process for obtaining a home loans pre approval?
To obtain a home loan pre-approval, you typically need to submit financial documents such as income statements, credit reports, and asset information to a lender. The lender will review your financial information to determine how much you can borrow. If you meet the lender's criteria, you will receive a pre-approval letter stating the loan amount you qualify for.
Which supporting document will the manager need when seeking for financial aid?
When seeking financial aid, the manager will typically need to provide a detailed budget or financial proposal outlining the project's costs and expected outcomes. Additionally, supporting documents such as the organization's financial statements, tax returns, and any relevant project plans or descriptions may be required. Letters of support or collaboration from partners can also strengthen the application. Lastly, compliance documents demonstrating adherence to eligibility criteria may be necessary.
What criteria are you using to evaluate the organisation which you hope to work?
The criteria that you use to evaluate an organization for possible work depend on what you are looking for. Location, salary, requirements, financial handling and philosophies are important factors to look at.
