0
What private organization establishes broad accounting principles as well as specific accounting rules?
Wiki User
∙ 14y ago
FASB financial accounting standards board
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
What is specific accounting principle?
Accounting principles differ throughout the world. Whether you are an accounting student or an investor, you should be aware of the accounting principles that apply in your region.
Identify the two main categories of accounting principles?
General Principles and Specific Principles. If you want to know more about "Basic Accounting Principles and Guidelines" go for below url: www[.]accountingcoach.com/accounting-principles/explanation
Proper application of accounting principles is most dependent upon the?
existence of specific guidelines
How legislation and accounting concepts affect an organization accounting policies?
Describe how the legislation and accounting concepts affect an organisation's accounting policiesReporting methods, measurement systems, and disclosures used by a specific company. The accountant should evaluate the appropriateness of accounting policies employed by management. A description of the company's accounting policies should be presented in a separate section preceding the footnotes to the financial statements or as the first footnote. Disclosure of accounting policies should include Accounting Principles and methods of application that involve: (1) a selection from generally accepted alternatives; (2) those peculiar to the industry or field of endeavor; and (3) unusual or different applications of Generally Accepted Accounting Principles (GAAP). Examples of disclosures are basis of Consolidation, depreciation methods, and inventory pricing. Disclosure of accounting policies assists financial readers in better interpreting a company's financial statements. Thus it results in fair presentation of the financial statements.
How do you establish which cardholder accounts a specific accounting validation controls applies to?
How do you establish which cardholder accounts a specific accounting validation control (AVC) applies to
What is specific accounting principle?
Accounting principles differ throughout the world. Whether you are an accounting student or an investor, you should be aware of the accounting principles that apply in your region.
Identify the two main categories of accounting principles?
General Principles and Specific Principles. If you want to know more about "Basic Accounting Principles and Guidelines" go for below url: www[.]accountingcoach.com/accounting-principles/explanation
What is difference between accounting concept and accounting principles and convention?
Accounting concepts are essentially theories. Accounting principles are measures and processes that have proven to be successful when used. Conventions are beliefs within the discipline that help make things efficient.
Proper application of accounting principles is most dependent upon the?
existence of specific guidelines
What is the Definition of accounting standards and what are the accounting standards?
These are set of guidelines & principles formulated by an authorised body for preparation & presentation of Financial statements. AS are the detailed guides for interpretations of issues,terms,Accounting treatments of specific items on uniform base to be used by organisations,accounting people and auditors.
How the legislation and accounting concepts affect an organization's accounting policies?
Reporting methods, measurement systems, and disclosures used by a specific company. The accountant should evaluate the appropriateness of accounting policies employed by management. A description of the company's accounting policies should be presented in a separate section preceding the footnotes to the financial statements or as the first footnote. Disclosure of accounting policies should include Accounting Principles and methods of application that involve: (1) a selection from generally accepted alternatives; (2) those peculiar to the industry or field of endeavor; and (3) unusual or different applications of Generally Accepted Accounting Principles (GAAP). Examples of disclosures are basis of Consolidation, depreciation methods, and inventory pricing. Disclosure of accounting policies assists financial readers in better interpreting a company's financial statements. Thus it results in fair presentation of the financial statements.
How legislation and accounting concepts affect an organization accounting policies?
Describe how the legislation and accounting concepts affect an organisation's accounting policiesReporting methods, measurement systems, and disclosures used by a specific company. The accountant should evaluate the appropriateness of accounting policies employed by management. A description of the company's accounting policies should be presented in a separate section preceding the footnotes to the financial statements or as the first footnote. Disclosure of accounting policies should include Accounting Principles and methods of application that involve: (1) a selection from generally accepted alternatives; (2) those peculiar to the industry or field of endeavor; and (3) unusual or different applications of Generally Accepted Accounting Principles (GAAP). Examples of disclosures are basis of Consolidation, depreciation methods, and inventory pricing. Disclosure of accounting policies assists financial readers in better interpreting a company's financial statements. Thus it results in fair presentation of the financial statements.
What are the Accounting principles and concepts?
Accounting basics are the building blocks of accounting theory such as:- what asset, liabilities, equity, revenue and expenses are;- double sided accounting; and- time value of money.Accounting concepts generally refers to the four pillars of accounting theory:- Going Concern: the assumption that the company you are accounting for is going to continue to operate in the future (and not be wound-down or go bankrupt unless there is compelling evidence to the contrary).- Consistency: the accountant will use the methods of valuing and recording transactions year-over-year unless they disclose otherwise.- Conservatism: the accountant will be cautious about what and when they record items on the books.- Matching: revenues and expenses which are related should be recorded over the same accounting period.Accounting Principles:Each region (ie. Canada, US, UK, etc...) have their own accounting principles these are specific guidelines as to how process, value, record and evaluate accounting transactions.Canadian Accounting principles are called Canadian Generally Accepted Accounting Principles (CDN GAAP) which "provides the framework of broad guidelines, conventions, rules and procedures of accounting". Issued by Accounting Standards Board (AcSB).United States principles are called US Generally Accepted Accounting Principles (US GAAP) which "is the standard framework of guidelines for financial accounting [which] includes the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the preparation of financial statements. Issued by the Financial Accounting Standards Board (FASB).Both are moving towards international GAAP as set by the International Accounting Standards Board (IASB).
Is there a difference between an MBA in accounting and an MS in accounting?
The master's in accounting is specific to accounting. The MBA is particular to business administration and all it contains.
Why should each item in the work breakdown structure have a unique identifier?
Facilate monitoring and control of the project work To connect specific project activities with an organization's accounting and management system
What type of intent establishes a particular state of mind?
That would be specific intent.
How do you establish which cardholder accounts a specific accounting validation controls applies to?
How do you establish which cardholder accounts a specific accounting validation control (AVC) applies to
