Generally accepted accounting principle and accounting cycle

Assignment Help Financial Accounting
Reference no: EM131215729

What is the purpose of generally accepted accounting principles (GAAP) and the accounting cycle? Is it possible to deviate from GAAP and the accounting cycle and still prepare financial statements? Why? What are some possible consequences of this course of action?

Reference no: EM131215729

Questions Cloud

Is the testimony valid : The decedent, father of the infant Plaintiff, was killed in a train accident. Testimony showed he was a good and reliable man. Through a representative, the decedent’s surviving child, age five, recovered judgment against the railroad (Defendant). Is..
What checks and balances should have been in place : A company, out of Florida, was run by two gentleman. One was the CEO, the other was the President. They both had a salary of $ 200K per year. However, they never took there full salary; in fact, it was only a small percentage that they drew upon ever..
What is the budgeted raw material purchases for next period : A Company manufactures and sells one product which requires 8 kg of raw material in its manufacture. What is the budgeted raw material purchases for next period (in kg)?
Responsible for governing financial reporting : What organizations are responsible for governing financial reporting? What is the role of each organization? How have the roles changed in the last 20 years? How might their roles change in the next 20 years?
Generally accepted accounting principle and accounting cycle : What is the purpose of generally accepted accounting principles (GAAP) and the accounting cycle? Is it possible to deviate from GAAP and the accounting cycle and still prepare financial statements? Why? What are some possible consequences of this cou..
Quickbooks automatically calculates paychecks : Quickbooks automatically calculates paychecks using information from all of the following source except
Objective of a systems survey : Which of the following is an objective of a systems survey?
Determine the adjusted cash balance : Clayborn Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on May 31, its Cash account shows a debit balance of $19,525. Clayborn's May bank statement shows $17,800 on depos..
Use the voucher check style for printing paychecks : WHy is it best to use the voucher check style for printing paychecks?

Reviews

Write a Review

Financial Accounting Questions & Answers

  The perpetual inventory method of tracking inventory

The perpetual inventory method of tracking inventory is considered superior to the periodic method because the perpetual method: In order to calculate shrinkage:

  Potential problem with financial statement analysis

Which of the following does not represent a potential problem with financial statement analysis?

  What would the estimated total cost per tax return

Determine the variable and fixed cost components of the firm’s Service Overhead account. What would the estimated total cost per tax return be if the firm prepares 825 standard short-form tax returns in April?

  Evaluate the current competitive environment

Evaluate the current competitive environment of Maple Hill Dairy Farm.

  What are two critical operating assumptions

Based on this forecast method, what are operating profits and invested capital expected to be next year? What are two critical operating assumptions (identify one for profit, and one for capital) embedded in this forecast method.

  Who works in a state with a credit reduction

What would the FUTA & SUTA tax be for an employee whose year-to-date earnings prior to the current period are $12,400, who earns $1,500 during the current period, who works in a state with a credit reduction of 0.6%, and whose state imposes a SUTA ta..

  Fewest number of estimates

Which budget has the fewest number of estimates-Purchases budget -Sales budget

  Acquired new bottling equipment with a list price

On April 1, Clear Water Co., a water distiller, acquired new bottling equipment with a list price (fair market value) of $350,000. Clear Water received a trade-in allowance of $50,000 on the old equipment of a similar type and paid cash of $300,000

  Accounts payable

What are some of the reasons that accounts payable testing should not be performed until after the company year end

  What is tax basis in the stock received in the exchange

Kim transfers property with a tax basis of $1,120 and a fair market value of $810 to a corporation in exchange for stock with a fair market value of $620 in a transaction that qualifies for deferral under section 351. The corporation assumed a liabil..

  Assess the ethical considerations for information privacy

Assess the ethical considerations for information privacy

  Harvey alexander an all-league professional football player

harvey alexander an all-league professional football player has just declared free agency. two teams the san francisco

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd