How gaap affect financial reporting

Assignment Help Accounting Basics

Reference no: EM133558553

Homework: Accounting Theory and Merchandising Organizations

Competencies Measured

By successfully completing this homework, you will demonstrate your proficiency in the following course competencies:

I. Competency I: Apply accounting cycle strategies to manage business financial events.

1. Answer 5-6 questions correctly.

II. Competency II: Communicate effectively and professionally.

1. Convey clear meaning through appropriate word choice and usage.

This homework focuses on accounting assumptions, concepts, principles, modifying conventions, objectives, qualitative characteristics, accounting policies, and the income statements for service and merchandising organizations. It requires knowledge in the following:

A. The effects of accounting assumptions on the accounting process.

B. The effects of accounting concepts on the accounting process.

C. How GAAP affect financial reporting.

D. The impact of modifying conventions on the accounting process.

E. How accounting objectives, qualitative characteristics, and policies affect financial reporting.

F. The differences and similarities between income statements for service and merchandising organizations.

G. The methods used to determine the amount of merchandise inventory on hand.

H. How to use the gross margin percentage as a tool for financial analysis.

Reference no: EM133558553

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