Generally Accepted Accounting Principles

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  • Generally Accepted Accounting Principles

    Accounting calls for the use of estimates in the preparation of the required financial statements. Estimates in this case relate to the use of precise amounts in financial statement elements that cannot be precisely determined. Therefore the amounts are subjective and lack precision because they are plagued by the use of subjective management foresight to determine the values utilized in the financial reports. Where the use of estimates is encouraged there is definitely a lack of accuracy and reliability of the financial information provided (Lev 2016). Some of the typical examples (Table I) of accounting estimates include valuation of securities, obsolete inventory, impairment costs attributed to noncurrent assets and the useful lives…

    Words: 997 - Pages: 4
  • Generally Accepted Accounting Principles Essay

    Generally Accepted Accounting Principles The Standards issued by the policy-setting policies are known as the Generally Accepted Accounting Principles (GAAP). These principles address recognition, measurement and disclosure of economic activity. Recognition occurs when an entity records an item on the financial statements or source documents, measurement addresses how the item is recorded in the financial statement, and disclosure involves items that are not recorded in the financial statements.…

    Words: 1551 - Pages: 7
  • The Importance Of Generally Accepted Accounting Principles

    The Generally Accepted Accounting Principles also known as GAAP was adopted by the U.S. Securities and Exchange Commission (SEC). GAAP is a set of accounting principles public companies have to follow when preparing financial statements that are useful for creditors and investors. Financial Accounting Standards Board (FASB) has developed a framework to increase the effectiveness of disclosure footnotes. The financial disclosures can be required by GAAP or by the management team when preparing…

    Words: 762 - Pages: 4
  • Gaap Vs Ifrs

    In this paper I will be comparing and contrasting the key differences and similarities of the two the International Reporting Standards (IFRS) and Generally Accepted Accounting Principles also known as GAAP. According to AICPA International Reporting Standards can be defined as “a set of accounting standards developed by the International Accounting Standards Board (IASB) that is becoming the global standard for the preparation of public company financial statements.” International Financial…

    Words: 1664 - Pages: 7
  • Carp Case Study

    a) The committee on accounting procedure, CAP, that has been in operation from 1939m to1959, was a natural development of the AICPA(then known as AIA)Committee, that was in existed during 1933 to 1938. The committee was formed as a result of the financial crisis that were experienced during 1929 and the years after that. The power to issue pronouncements on matter of accounting principles and procedure was based on the grounds that AIPCA had the power to establish practices that would be…

    Words: 1910 - Pages: 8
  • Sears Inc Case Study

    The accounting standards that Sears should use for decision making are the Generally Accepted Accounting Principles (GAAP). According to GAAP, accounts receivable must be reported on the balance sheet at net realizable value. This means the item should be listed at the amount the company can reasonable assure can be collected from the consumer. Did Sears’ management meet its financial reporting…

    Words: 702 - Pages: 3
  • P & G Revenue Recognition Policy Analysis

    This paper will cover the following topics: P&G’s revenue recognition policies, the impact of trade promotions on P&G’s financial statements, two examples in which historical cost information is reported in P&G’s financial statements, two examples of the use of fair value information reported, how we can determine the accounting principles used by P&G, what is P&G’s accounting policy related to advertising, what accounting principle does P&G follow regarding accounting for advertising, and where…

    Words: 753 - Pages: 4
  • Compare IFRS To GAAP

    and Generally Accepted Accounting Principles (GAAP) are rules and guidelines established to attempt to standardize accounting and recording practices across the United States and Internationally. While United States has traditionally used GAAP, the ever changing world market makes it necessary for the US to begin to use IFRS in conjunction with or sometimes in place of GAAP. In an effort to standardize fair value measurements for financial instruments, the Financial Accounting Standards Board…

    Words: 870 - Pages: 4
  • Kuwait Food Company Case Study

    Academic year: 2016/17 Semester: First 1. Program: BA in Business Studies 2. Track: Accounting 3. Course Code: BE210 (BE210/4) 4. Course Title: Introduction to Financial Accounting 5. General Course Coordinator, GCC: Prof. Ahmad Al-Omari 6. TMA Grade Distribution: Criteria Content Deductions: Format & Presentation; Referencing; Word count and E-library Total marks Kuwait Food Company (Al Americana) Marks 20 each ; in total maximum deductions 20 About TMA: The TMA covers the…

    Words: 1415 - Pages: 6
  • Healthsouth Case Study

    net revenues, which were reported in the periodic financial reports and filed with the U.S. Securities and Exchange Commission. Since generally accepted accounting principles claim any increase in revenue or decrease in expenses on the Income Statement should be in accordance with either an assets increase or…

    Words: 870 - Pages: 4
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