Recording referes to the concept of just writing down any exchage of values in business (transactions) such as merchandise sold, it is recorded in a double entry sales where cash is debited and merchandise is credited. during classification, these transactions are classified in heads under "T Accounts" where all cash/other accounts which were debited/credited comes under one heading and shows the current position of cash/ other accounts these T Accounts are then summarized in steps in a more meaningful form to have a better view of progress of the business. example is p/l statements, balance sheet, etc
differentiate between financial Accounting and management accounting
Yes, you can reallocate a transaction among multiple accounting codes. This process typically involves splitting the transaction into different amounts that correspond to each accounting code based on specific criteria, such as departments or expense types. The method for doing this may vary depending on the accounting software you are using, but it generally allows for accurate financial reporting and better tracking of expenses. Always ensure that the reallocations comply with your organization's accounting policies.
General Requirement120 credit hours, with a minimum of 20 hours per yearCPA License Renewal Date6/30 trienniallyCPE Reporting Period1/1 to 12/31 trienniallyEthics Requirement4 credits every reporting periodOther Subject Area Requirements12 hours of Accounting & Auditing are required.
One basic difference between managerial accounting and financial accounting is that managerial accounting is used internally instead of externally for investors. Managers use managerial accounting to determine what level of output is appropriate for their departments.
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What is reporting in accounting?
What is a reporting entity in accounting?
The basic foundation of governmental financial accounting and reporting in the United States was established by the Governmental Accounting Standards Boards (GASB) in its "Objectives of Financial Reporting,"
No
The solutions for financial accounting and reporting are maintained by a well developed system. Many are available on the market and integrate the actual data accounting with automated report generation.
differentiate between financial Accounting and management accounting
If the entity is a state or local governmental unit, it is subject to the reporting standards and requirements of the Government Accounting Standards Board.
The most commonly used accounting method for reporting income on a 1099-MISC form is the cash basis accounting method.
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Reduction of reporting costs of managerial accounting information
The variation in accounting disclosure and reporting practices.
FRS - Financial Reporting StandardsIn UK, the chief standard-setter for financial accounting is the Accounting Standards Board (ASB), which issues standards called Financial Reporting Standards (FRSs). The ASB is part of the Financial Reporting Council, an independent regulator funded by a levy on listed companies.IFRS - International Financial Reporting StandardsInternational Financial Reporting Standards (IFRS) are standards and interpretations adopted by the International Accounting Standards Board (IASB). This is used extensively in EU and there are efforts being made to converge accounting standards globally to IFRS.