Generally Accepted Accounting Principles

Financial Accounting and Reporting course work 1 Title: Financial accounting and reporting Student Name: Mengting KE CEG Number: MK24366 Supervisor Name: Nilam Sultan Date of submission: 14/02/2016 Total word count: 2042 Introduction According to Black (2009: 2), accounting can be defined simply as the recording, summarizing and interpretation of financial information. A more detailed definition is that offered by the American Accounting Association (1966), as follows: ’The

Securities and Exchange Commission) This is where Ruttenberg aspired to go when he opened the first store in 1988. (Taylor) In this instance, it would be speculated that at the time the transactions and “creative accounting” (U.S. Securities and Exchange Commission) occurred it was because the ends justified the means in achieving the goal of being number one. Based on the perceived aggressive nature of Ruttenberg, Don-Allen, and the others, they may have felt that

Today, Accounting is called “the language of business” because it is the source where all financial information comes from. However, Accounting is based on certain rules which all accountants must adhere. These rules are based on the Accounting standards and Accounting concepts. They form the framework and are the guidelines for good accounting practices. However, at times the accounting concepts may clash with each other due to conflicting objectives. The problem lies in the accounting conventions

In 1916 a small group of Presbyterian ministers founded a non-profit organization called Springpoint. Originally called Presbyterian Homes, Springpoint provides housing and services to the elderly. In 1963 the senior community build one of the first continuing care retirement communities in America and it was the first on the east coast. It had comfortable residential living service and healthcare on one campus. Today Springpoint become New Jersey’s largest not for profit senior living providers

Critical accounting policies are those that are believed to be most important to the presentation of Starbucks financial position and results. They require the most difficult, subjective and complex judgments. They are often used to make estimates about the effect of matters that are inherently uncertain. Starbucks considers financial reporting and disclosure practices and accounting policies quarterly to ensure that the documents provide accurate and transparent information relative to the current

University of Arizona Accounting 554 Case #1: Dow Chemical Company Goals: • • • Become familiar with a set of financial statements including auditor opinion and significant accounting policy footnote, Perform basic analysis and interpretation of the financial statements, including common size analysis, Recognize the role of estimates in the measurement of financial statement amounts. Refer to the Dow Chemical financial statements for 2008 in answering the following: 1. Who are Dow’s external auditors

profit. Many factors come contribute to the equation to achieve this goal. The most important factor is compliance with the Accounting governing bodies, such as GAAP (Generally Accepted Accounting Principles). As an accounting firm it is essential to review your financial statements for consistency regarding the accounting treatment of share-based payment and accounting

Fair Value accounting is a measurement application to value assets and liabilities based on current transactions among buyers and sellers in the market. In other words, the price market participants pay or receive in an orderly transaction at a certain date. There are different techniques for measuring fair values depending on asset and market activity. It includes market approach, cost approach, and income approach. Financial Accounting standards (FAS 157) defines fair value as “the price that would

Case Study: GSM Pharmaceuticals GB 519 Measurement and Decision Making Unit 1 Introduction Elaine Shumate has worked for more than the past seven years for GSM, a pharmaceutical research company. She has been receiving increased responsibility, but her knowledge and experience has not prepared her for the information requested by Blake Walton, the vice president of research. Mr. Walton has a meeting scheduled with the board of director’s to ask for additional investment funds based

S. GAAP Balance Sheets The international accounting standards board (IASB) determines the regulations under which organizations operating internationally and adhering to international financial reporting standards (IFRS) must compile financial statements. In 2003, the IASB issued international accounting standard 2 (IAS 2) regarding valuation of inventories, which has similarities and differences to United States generally accepted accounting principles (GAAP). IFRS adopted this standard in 2005