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What is fresh start accounting?
Fresh Start Accounting is an accounting method used by business entities that are emerging from bankruptcy. The method is governed by the Federal Accounting Methods Board.
What is the fundamental structure of accounting?
described the double-entry system, which continues to be the fundamental structure for contemporary accounting systems in all types of entities.
What is the accounting framework and why does it exist?
limits the different and diversity between the financial statements of entities.
Is the financial accounting standards advisory board the same as the federal accounting standards board?
The Financial Accounting Standards Board (FASB) is a private organization (within the Financial Accounting Foundation) that issues financial accounting and reporting standards for nongovernmental entities.
What is process of accurately accounting for all adt activiity within or across entities?
census
Who uses accounting information?
Many people use accounting information including investors, government entities and shareholders. Since so many people use accounting information, the reports must be accurate.
When was the Governmental Accounting Standards Board established?
The Governmental Accounting Standards Board (GASB) was organized in 1984 under the auspices of the Financial Accounting Foundation.
Who are the entities enterested in accounting?
All companies or organizations in need of maintaing good financial accountability for their operations.
What role does financial accounting play in decision making?
Accounting has been defined as the process of identifying, measuring, recording and communicating economic information to permit informed judgments and economic decisions. The primary purpose of accounting is to help persons make economic decisions. In our society resources must be allocated among and within all kinds of entities. Accounting information provides the basis for making decisions about resource allocation.Accounting information is financial information about economic activities. All economic entities (e.g. businesses, government agencies, families, charitable entities) need such information because it is used for making economic decisions about those entities.11 Hoggett, J.R., Edwards, L., & Medlin, J., Accounting in Australia, Fifth Edition, Chapter 1.
What is the importance of the entity concept in accounting?
The importance of the entity concept in accounting is that you are able to determine the financial status of a business. The entity concept demands that the business and the owners should be treated as separate entities.
Why accounting is a service activity?
ACCOUNTING is a service activity. Its function is to provide quantitative information, primarily financial in nature as it talks about economic entities that is intended to be useful in making economic decisions and in making reasoned choices.
What does the Financial Accounting and Reporting section of the Uniform CPA Examination consist of?
This section deals with generally accepted accounting principles for business enterprises, not-for-profit organizations, and governmental entities, and the skills needed to apply that knowledge.
