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What is the most significant current source of generally accepted accounting principle?
fasb
Is the most FASB the most significant current source of generally accepted accounting principles?
yes
How can long service leave be classified as non current?
Under Generally Accepted Accounting Principles, the term Current usually refers to the next twelve months. Any thing that has a "life" over that time period, is considered Long-term, (or Non-Current).
Why is the tax expense reported on the income statement comprised of current and deferred tax?
This is in accordance with Generally Accepted Accounting Principles, SFAS No. 109, "Accounting for Income Taxes". The theory is that even if you don't owe tax today on a given temporary difference, you will one day owe (or get the tax benefit) of said temporary difference. Remember: current tax expense= your tax bill this year deferred tax expense/ benefit=your future tax expense or benefit on the book/tax temporary items
What do current liabilities mean in accounting?
Current Liabilities in accounting are amounts that are owed by a business. The two types of current liabilities are short-term and long-term liabilities.
What is the most significant current source of generally accepted accounting principle?
fasb
Is the most FASB the most significant current source of generally accepted accounting principles?
yes
How do I determine my small business working capital?
Working capital is determined by means of subtracting your business’ current liabilities from your business’ current assets as determined by generally accepted accounting principles.
How can long service leave be classified as non current?
Under Generally Accepted Accounting Principles, the term Current usually refers to the next twelve months. Any thing that has a "life" over that time period, is considered Long-term, (or Non-Current).
What is the current source of GAAP in the private sector?
In the private sector, the current source of Generally Accepted Accounting Principles (GAAP) is primarily the Financial Accounting Standards Board (FASB). The FASB establishes and maintains standards for financial reporting, which are recognized as authoritative guidelines for U.S. companies. Additionally, the Accounting Standards Codification (ASC) serves as the official source of GAAP in the United States, providing a structured framework for accounting standards.
What is current purchasing power accounting method?
What is current purchasing power accounting method
Why is the tax expense reported on the income statement comprised of current and deferred tax?
This is in accordance with Generally Accepted Accounting Principles, SFAS No. 109, "Accounting for Income Taxes". The theory is that even if you don't owe tax today on a given temporary difference, you will one day owe (or get the tax benefit) of said temporary difference. Remember: current tax expense= your tax bill this year deferred tax expense/ benefit=your future tax expense or benefit on the book/tax temporary items
What do current liabilities mean in accounting?
Current Liabilities in accounting are amounts that are owed by a business. The two types of current liabilities are short-term and long-term liabilities.
How to calculate the current ratio in accounting?
The current ratio in accounting is calculated by dividing a company's current assets by its current liabilities. This ratio helps assess a company's ability to cover its short-term debts with its current assets.
What accounting principle does the US use?
The current principle is the FASB (Financial Accounting Standards Board). This standard is the current adopted standard to the USA.
How can one determine the current ratio in accounting?
The current ratio in accounting can be determined by dividing a company's current assets by its current liabilities. This ratio helps assess a company's ability to cover its short-term debts with its current assets.
What is the effect of current technology in managerial accounting?
Reduction of reporting costs of managerial accounting information
