Possible to deviate from gaap and the accounting cycle and

Reference no: EM13601235

Possible to deviate from GAAP and the accounting cycle and still prepare financial statements because "the standard categorizes the major sources of the GAAP are FASB Standards, Interpretations, and Staff Positions; APB Opinions; and AICPA Accounting Research Bulletins. Often, however, a specific accounting transaction occurs that these documents do not cover. In this case, companies must use other authoritative literature"

What about companies that are not governed by the SEC? What about private companies? Are they still governed by GAAP, and if so, to what extent? I need an expert opinion please.

Reference no: EM13601235

Questions Cloud

The general ledger account for accounts receivable shows a : the general ledger account for accounts receivable shows a debit balance of 40000. the allowance for uncollectible

Cortez art gallery is adding to its existing buildings at a : cortez art gallery is adding to its existing buildings at a cost of 2 million. the gallery expects to bring in

On january 1 2010 irik corporation issued 1830700 face : on january 1 2010 irik corporation issued 1830700 face value 7 10-year bonds at 1707852. this price resulted in an

What factors would you consider in deciding which : cost allocation and decision making. geenbold manufacturing has four divisions named after its locations arizona

Possible to deviate from gaap and the accounting cycle and : possible to deviate from gaap and the accounting cycle and still prepare financial statements because the standard

Madison inc uses job order costing for its brand new line : madison inc. uses job order costing for its brand new line of sewing machines. the cost incurred for production during

What financial information do you think a manager needs to : what financial information do you think a manager needs to perform hisher job effectively? what different types of

January 2 2010 indian river groves began construction of a : january 2 2010 indian river groves began construction of a new citrus processing plant. the automated plant was

Compute the amount of realized gross profit to be : swift corp. a capital goods manufacturing business that started on january 4 2012 and operates on a calendar-year basis

User Account

All Pages