Generally Accepted Accounting Principles

International ACC501: Introduction to Financial Accounting Module 1 Case Assignment For investors to objectively analyze and rate companies they need to have access to certain financial information in order to make informed business decisions. Key financial figures such as Statement of Income, Balance Sheet Statements, and Cash Flow Statements are used to make these comparisons. To ensure that companies are reporting the same financial information several accounting and auditing standards have been created

Assertions Existence and occurrence Audit Objectives: Substantiate the existence of receivables and the occurrence of revenue transactions. Prove none of the account receivables are fictitious. Completeness Audit objectives: Establish the completeness of receivables and revenue transactions. Rights and obligations Audit objectives: Determine the client has rights to the recorded receivables. Prove the accounts receivable are collectible

anticipate unfavorable implications that had been resulted due to poor performance of the company over the past years. The Financial Accounting Standards Board (FASB) is the recognized body for making pronouncements as Generally Accepted Accounting Principles (GAAPs) in the United States. The FASB has promulgated Statement of Financial Accounting Standard # 103 “Accounting for Income Taxes” which specifically prescribes the treatment of income taxes of corporate entities and guidance for how deferred

The accounting cycle is the process by which companies produce their financial statements for a specific period of time. It consists of ten steps, each step depending on the information generated in the previous step. Any business that fails to follow the steps of the accounting cycle, or omits any piece of vital information, risks ending up lost in a wave of inaccurate numbers or accounts that don’t balance correctly. The first step in the accounting cycle is to collect all the documents related

CAFR Project of Washington State, Fiscal Year 2008. 1. The CAFR Project which I am assigned is Washington State. http://www.ofm.wa.gov/cafr/ The most recent fiscal year is 2008; the last date of the fiscal year is June 30, 2008. The governor is Christine Gregoire. 2. A. The date on the letter is December17, 2008. B. This letter addressed to Governor Mrs. Christine Gregoire, Members of the legislature and Citizens of the state. C. This letter is written by Mr. Victor A. Moore Director

ssues Financial reporting in the recent years through the SEC mandates has become one of the most important aspects to corporate management. Stamford International's problem is inherent in the discrepancy in reporting system and accounting irregularities from the various aspects of the business. Not only has this but Stamford, due to rapid growth not been able to accommodate for the expansionary activities like acquisitions of units and international transactions. The result has been the experience

Business Plan For "Women 's Workout Facility for Women Over 40 Years of Age" 1. Introduction: In today 's age staying fit has become a lifestyle necessity. More and more people are joining various health and fitness centers. Our business plan is to provide a state of art workout facility specifically for women over 40 years of age. On doing a quick survey we found that around 1500 women aged above 40, around 76% of whom are working, live in the block in which we are planning to open our centre.

owned companies are required to publish general-purpose financial statements that include a balance sheet, income statement, and statement of cash flows. Financial statements issued for external distribution are prepared according to generally accepted accounting principles (GAAP). BALANCE SHEET The balance sheet shows the value of the assets, liabilities, and

Financial Statements IFRS vs. GAAP Kathrine D. Nepon Strayer University John Ware ACC 401 November 27, 2011 ABSTRACT For those in the business world, particularly in the accounting field, a major issue has surfaced in recent years relating to the differences between Generally Accepted Accounting Principles (GAAP) and the International Financial Reporting Standards (IFRS). Currently, the majority of countries in the world follow International Financial Reporting Standards guidelines; however

experiences in the real world and to see how it actually works. I had set some goals for my internship- to earn experience from it, to earn 3 credits from it, to learn to work in the team, to gain confidence, and gain valuable understanding of the accounting field and will be able to better grasp the things how my coursework is preparing me to enter my chosen career and to strengthen my CV. An internship can also heighten the awareness of community issues, motivates to create opportunities, embrace