Colorado, BCOR 1010

Excerpt: ... GAAP are rules and procedures governing the form and content of financial reports and are formulated by the Financial Accounting Standards Board . ...

Drexel, ACCT 115

Excerpt: ... Accounting Notes 3/31 Chapter 1 Accounting is the summarization of the business totals that occurs over a business day Three types of accounting: Financial, Managerial, and Tax Basic Functions of an Accounting System Interpret Classify transactions Will Learn More About Balance Sheet Income Statment Statement of Cash Flows Characteristics of Externally Reported Info (this class) general purpose assumption means to an end broader than financial statements results from inexact and appropriate measures historical in nature (not market value) Accounting Information Institutional Features such as Generally Accepted Accounting Principles Financial Accounting Standards Board International Accounting Standards Board Security and Exchange Commission Public Company Accounting Oversight Board Audits of Financial Statements Legislation Accounting Information Professional Organization i really dont feel like listing these cause they prob dont matter Careers in Accouting Public Accounting ...

SUNY Buffalo, MGA 201

Excerpt: ... ne or division Budgeting Pricing Bonuses Whatever kind of report that provides info relevant to decision at hand Reports Issued: 1 CHAPTER 1 STUDYNOTES Financial Statements-Generally Accepted Professional managerial Accounting Principles (GAAP) literature & studies (no governing body or "law") Pronouncements issued by Financial Accounting Standards Board (FASB) GAAP-"Bible" of accounting- established by FASB Accounting principles governed by certain basic concepts & principles- reliability (objectivity), historical cost, going-concern, stable monetary unit- see textbook Government Reports-Congress, State legislatures, government agencies (eg- IRS, SEC) Note-same basic pool of data, the accounting records, is used by both financial & managerial accounting; it is the compilation, summarization and kinds of reports issued that is different Governed by: 2 ...

UCSB, ECON 3A

Excerpt: ... Econ3a Lecture 3 Notes - April 7, 2008 1. Chapter 1: Accounting as a Form of Communication a. Balance Sheet i. Assets: 1. Accounts receivable 2. Cash 3. Equipment 4. Supplies ii. Liabilities: 1. Accounts payable iii. Equity: 1. Capital stock 2. Retained earnings 3. A-L = E iv. Total liability and equity must be the same amount as total assets (thus a balance sheet) b. Income statement i. Revenues: 1. Landscape revenue ii. Expenses: 1. Rent expense 2. Salary expense iii. Net income: iv. Statement of Retained Earnings: 1. Retained earnings at the beginning of the year 2. Dividends 3. + Net income v. Rent 1. Pay on the 1st of each month a. At the beginning of the month, rent is an asset b. At the end of the month, rent is an expense c. How does GAAP come to be? i. Financial Accounting Standards Board s 1. Writes the GAAP 2. Generally accepted accounting standards a. Private Companies b. Public companies i. Additional public company standards 3. Generally accepted auditing standards a. Auditing b. Oversees ind ...

Abilene Christian, MGMT 375

Excerpt: ... ed by the AICPA GAAP Generally Accepted Accounting Principals Accounting Principles used by all financial accountants in the U.S. CPA Certified Public Accountant FASB Financial Accounting Standards Board The FASB's mission was to establish and improve standards of financial accounting and reporting for the guidance and education of the public, which includes issuers, auditors, and users of financial information. SEC Securities and Exchange Commission established by Congress to help develop and standardize financial information presented to stockholders IASB International Accounting Standards Board Basically, international GAAP GASB Government Accounting Standards Board Deals with state and local reporting C1-11 1. b,e 2. a 3. c 4. d C1-12 1. d 2. f 3. c 4. e 5. a 6. b C1-14 1. Securities and Exchange Act of 1934, Congress 2. The SEC is the ultimate authority on financial accounting principle. It gives other organizations to author rules and guidelines, however, the SEC ...

Texas State, ACC 3313

Excerpt: ... . Many companies also present the statement of changes in stockholders' equity, which shows the changes in each item of stockholders' equity for a period of time, as a fourth major financial statement. Generally accepted accounting principles (GAAP) are the guidelines, procedures, and practices that a company is required to use in recording and reporting the accounting information in its audited financial statements. The four accounting bodies that have established generally accepted accounting principles are the Financial Accounting Standards Board (FASB), Accounting Principles Board (APB), American Institute of Certified Public Accountants (AICPA), and the Committee on Accounting Procedure (CAP). The Securities and Exchange Commission (SEC) also establishes GAAP. Q1-2 Q1-3 Q1-4 Q1-5 Q1-6 1-2 Q1-7 There are five categories of GAAP in the hierarchy of generally accepted accounting principles. The pronouncements included in Category A are FASB Statements of Financial Accounting Standar ...

Brandeis, IEF 217

Excerpt: ... and reporting JP Morgan's Riskmetrics Global Association of Risk Professionals Financial Risk Manager Certificate Program Public Financial accounting standards board Better balance sheet pricing SEC Quantitative reporting of risk exposures for derivatives ...

Arizona, ACCT 200

Excerpt: ... ndards Board 16 U.S. Government Agency That Oversees Financial Markets Securities and Exchange Commission (SEC) 17 GAAP Are the Rules The FASB makes the rules. The SEC enforces the rules. IASB = International Accounting Standards Board Review What organization issues United States accounting standards? a. Financial Accounting Standards Board b. Internal Accounting Standards Committee c. Internal Auditing Standards Committee d. Securities and Exchange Committee 19 7 11 Basic Terms Relevance - information makes a difference in decisions Reliability - information must be free of error and bias Comparability - ability to compare information of different companies because they use the same accounting principles Consistency - use of same accounting principles and methods from year to year within the same company 20 Characteristics of Useful Information 21 Accounting Assumptions Accounting Principles Constraints In Accounting Illustration 2 ...

Arizona, ACCT 200

Excerpt: ... makes the rules. The SEC enforces the rules. IASB = International Accounting Standards Board Review What organization issues United States accounting standards? a. Financial Accounting Standards Board b. Internal Accounting Standards Committee c. Internal Auditing Standards Committee d. Securities and Exchange Committee 7 11 Basic Terms Relevance - information makes a difference in decisions Reliability - information must be free of error and bias Comparability - ability to compare information of different companies because they use the same accounting principles Consistency - use of same accounting principles and methods from year to year within the same company Characteristics of Useful Information Accounting Assumptions Accounting Principles Constraints In Accounting Illustration 23 Review What is the primary criterion by which accounting information can be judged? a. Consistency b. Predictive Value c. Usefulness for decision making d. Comparabil ...

Royal Holloway, MN 1041

Excerpt: ... olders In respect of accounting, directors must: keep adequate accounting records prepare accounts each year, which must be filed with the Registrar of Companies ensure that the company does not trade while insolvent The Role of Audit there is a statutory requirement for the audit of the accounts of limited companies, except for smaller limited companies it is the responsibility of the shareholders to elect suitably qualified, independent auditors, to whom they are responsible Auditor examines the books and records and compares them to the financial statements Auditors prepare an Audit Report addressed to the shareholders to certify whether the accounts present a true and fair view of financial position and profit Annual Reports Contents are an amalgam from Company's Act 1985 and 1989 Accounting Standards Board UK Financial Reporting Standards (FRS) International Accounting standards board IFRS for listed companies since Jan 2005 Listing ...

Texas A&M, ACCT 315

Excerpt: ... Accounting 315 Addition to Class Notes Accounting Changes and Error Corrections A. On June 1, 2005, the FASB (Financial Accounting Standards Board ) issued FAS (Financial Accounting Standard) 154. This standard replaces APB (Accounting Principles Board) Opinion No. 20 and FASB Statement No. 3. The Statement is effective for accounting changes and corrections of errors made in fiscal years beginning after December 15, 2005. It is part of the effort by the FASB and the International Accounting Standards Board convergence project. Essentially the new requirement says that a "A reporting entity should change an accounting principle only if (1) the change is required by a newly issued accounting pronouncement or (2) the entity can justify the use of an allowable alternative accounting principle on the basis that it is preferable." In the case of most newly issued pronouncements the FASB provides specific transition requirements. These requirements should be followed. If specific transition requirements are not prov ...

Iowa State, ACCT 284

Excerpt: ... Chapter 1 Glossary Accounting A system that collects and processes (analyzes, measures, and records) financial information about an organization and reports that information to decision makers. Accounting Entity The organization for which financial data are to be collected. Accounting Period The time period covered by the financial statements. Audit An examination of the financial reports to ensure that they represent what they claim and conform with generally accepted accounting principles. Balance Sheet (Statement of Financial Position) Reports the amount of assets, liabilities, and stockholders' equity of an accounting entity at a point in time. Basic Accounting Equation (Balance Sheet Equation) Assets = Liabilities + Stockholders' Equity. Financial Accounting Standards Board (FASB) The private sector body given the primary responsibility to work out the detailed rules that become generally accepted accounting principles. Generally Accepted Accounting Principles (GAAP) The measurement rules used to develo ...