Unformatted text preview: g a business
Not directly dependent on volume of sales Accounting Procedures - Examples
Inventories FIFO: First In, First Out
LIFO: Last In, First Out Depreciation Systematic write-off of the cost of a tangible asset
over its estimated useful life
Accelerated Accounting is not an exact science
Accounting not an Accounting Standards
GAAP: Generally Accepted Accounting Principles
GAAP: Generally FASB: Financial Accounting Standards Board
SEC: Securities and Exchange Commission
CPA: Certified Public Accountant IAS: International Accounting Standards
IAS: International IASB: International Accounting Standards Board (London) “Pro-forma” accounting A statement of the company's financial activities while excluding
unusual and nonrecurring expenses when stating how much money the
company actually made.
company restructuring costs,
decline in the value of the company's investments,
adjusting the current balance sheet to fix faulty accounting practices in
previous years. The results for Dell in the year January 1995 – Jan...
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This document was uploaded on 03/18/2014 for the course AEM 1200 at Cornell.
- Spring '06