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Why does accounting profession adopt and follow agreed accounting concepts and standards?
The main reason this is done is so there is some level of comparability between companies. There are many different ways that companies could account for different things such as inventory expenses, revenue recognition, leases, assets, etc. Having a set of standards makes it slightly easier to understand what a firm is doing, by limiting what they are allowed to do, conceptually speaking.
What else can I help you with?
How do you record letter of credit in accounting book?
Upon application of LC, on the buyer's books it still payable until the agreed time that the LC become due and demandable.
How would you record and report in line with agreed ways of working?
Maintain records about group care activities in line with agreed ways of working.
You are responsible for a fixed price contract and YOUR CONTRACTOR HAS A GOVERNMENT APPROVED ACCOUNTING?
As the responsible party for a fixed-price contract, it's essential to ensure that the contractor adheres to the terms and delivers the contracted services or products within the agreed-upon budget. Having a government-approved accounting system provides a level of assurance regarding the contractor's financial practices and compliance with regulations. This approval can facilitate smoother communication and accountability, but it is still crucial to monitor performance and address any discrepancies promptly throughout the contract lifecycle. Regular reviews and audits may also be beneficial to maintain oversight and ensure successful project completion.
Is a management Representation letter required for agreed upon procedures?
yes
What does the accounting term buy in payment mean?
Buy-in payments occur in a Cost Contribution Arrangement (i.e., a framework agreed by several enterprises to share the costs and risks of certain "activities", such as R&D, manufacturing, etcetera, as well as to determine the nature and extent of the interest of each CCA participant as the result of the activities) Buy-in payments are made by new 'participants' in an already existing CCA with the aim of obtaining an interest in any results of prior CCA activities.
What are the deferences between accounting theory and IAS?
Accounting theory is a framework for understanding accounting principles and concepts, while IAS (International Accounting Standards) are specific guidelines and rules set by the International Accounting Standards Board for how financial statements should be prepared and presented. Accounting theory provides the foundation for accounting standards, including IAS, by guiding the development of principles and concepts used in accounting practice.
How did the International Federation of Accountants minimize potential for conflict with the International Accounting Standards Committee?
both organizations agreed in 1982 to have a uniform membership in which IASC would concentrate on promoting harmonized accounting standards while IFAC would focus on promoting harmonized professional standards
When spoken or written form of communication using agreed upon symbols for ideas or concepts is?
language
A spoken or written form of communication using agreed-upon symbols for ideas or concepts is called?
language
What is the difference between international standards and absolute standards?
The question isn't as clear as it could be, but making some hopefully educated guesses about what you mean: International standards are those agreed upon by several countries. For example, the kilogram and the meter are international standards. Absolute standards are things that don't need to be agreed upon because they just are what they are. The speed of light in a vacuum, for example, is an absolute standard. The charge on an electron is an absolute standard.
What are Italian lire coins from 1978 made off?
Metal and agreed upon concepts of ideas pertaining to exchange and currency.
What is online financial accounting software?
It is a form of accounting without having to download a full propriety accounting program physically on to a computer. A company could do their accounting on-line, over the internet, using the vendor's servers, and paying an agreed fee for the privilege. Non-internet accounting programs are first downloaded and installed on the company's network (if more than one computer is used) and is used by the company's computer system alone.
What is the term used to describe a socially accepted and agreed upon form of government?
A convention is a set of agreed, stipulated, or generally accepted standards, norms, social norms, or criteria, often taking the form of a custom.
Why is it important to follow cabling standards which have been developed by different organizations?
To ensure data networks operate to agreed levels of performance.
What important concepts about Earth did Hutton and Lyell agree upon?
important concepts they agreed upon are because uniformitarianism combines Hutton's idea of gradual change over time with lyells observations that such changes have occurred at a constant rate and are ongoing
What is the definition of standard system of measurement?
A measurement standard is an agreed upon comparison for people to trade or make measurements. The International System of Units has defined the agreed standards for measurements. Modern standards are based on non arbitrary standards when possible for example time (seconds) is based on the oscillations of a cesium-133 atom; length(metres) is based on the distance that light travels in a vacuum in 1⁄299,792,458; weight(kg) is still measured by an artefact rather than an agreed physical property. Previously/historically the agreed standards could be whatever the ruler/merchants decided upon in that area.
How do you record letter of credit in accounting book?
Upon application of LC, on the buyer's books it still payable until the agreed time that the LC become due and demandable.
