Syntax of accounting procedure, Financial Management

Assignment Help:

Syntax of Accounting Procedure

The general accounting practices are:

(a)  Do not consider any income or gain till the similar is realised in cash;

(b)  Create or make provision for future expected losses & contingencies on the basis of past performance.

The accounting procedure has its own syntax (Rules on that accounting entries are made in books of accounts) that is generally known as Double Entry Book Keeping System. The primary system on that the accounting procedure is based is known as Generally Accepted Accounting Principles (GAAP) and Accounting Standards.

The primary steps used in measurement of accounting information are explained in the traditional definition of accounting through the AICPA that defines accounting as "the art of recording classifying and summarizing in important manner and in terms of money, transactions events that are, in part at least of a financial character and interpreting the results thereof".


Related Discussions:- Syntax of accounting procedure

Sunk cost, Sunk Cost This is a cost which has already been incurred and...

Sunk Cost This is a cost which has already been incurred and cannot be affected through present or future decisions.

Explain learning outcomes of financial management, Explain learning outcome...

Explain learning outcomes of financial management By the end of this subject guide as well as having done the relevant readings and activities you should be able to

Examine the pay-back period , Critically examine the pay-back period as a t...

Critically examine the pay-back period as a technique of approval of projects.

Define leveraged buyout, What is an LBO?  What are the risks for the equity...

What is an LBO?  What are the risks for the equity investors and what are the potential rewards? A term leveraged buyout is a purchase of a publicly owned corporation through a s

Management of finacial institutions, what are the features of a comprehensi...

what are the features of a comprehensive interest rate risk management programme

Explain about baumol model, Q. Explain about Baumol Model? Baumol Model...

Q. Explain about Baumol Model? Baumol Model: - Baumol model is a mechanism of cash management which is used to determine optimum cash balance. Optimum cash balance is resolute

What do you mean by sarbanes-oxley, Q. What do you mean by Sarbanes-Oxley? ...

Q. What do you mean by Sarbanes-Oxley? Sarbanes-Oxley (SOX) - Sarbanes-Oxley Act was signed into law on 30 July 2002 by President Bush. Act is designed to oversee the financial

Distinguish between a promissory note and a bill of exchange, QUESTION ...

QUESTION (a) "A promissory note is an instrument in writing (not being a blank or a currency note) containing an unconditional undertaking, signed by the maker, to pay a certai

Calculate the cca allowance anfd the pv of tax shield , Home Inc. is consid...

Home Inc. is considering buying a new piece of equipment, which will cost $715,000 and has an economic life of 5 years, in order to produce a new line of product.  The company beli

Write Your Message!

Captcha
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