The two main methods of recording accounting transactions are cash basis accounting and accrual basis accounting. Each method has both advantages and disadvantages. However, only one method is approved by GAAP. Cash Basis Accounting Cash basis accounting is the method in which cash receipts and cash payments are recorded during the period in which they ...
The term ‘Conceptual Framework’ can be defined as a set of fundamental principles which support financial accounting in order to establish a basis upon which new financial reporting practices can be developed and in the same sense, used to review existing ones (Collins, 2011)1. The framework is not an accounting standard and this is ...
The purpose of this article is to discuss the AICPA professional standards that provide uniform wording for the standard unqualified audit report. Included will be a list of the seven parts of a standard unqualified audit report along with a description of the contents. In addition, there will be discussion regarding the circumstances that prevent ...
Activity-Based Costing Introduction As the financial analyst for Eddison Electronics Company (EEC) it is my responsibility to have knowledge of the various types of costing methods the business can use to plan and control costs related to the products we manufacture. Costing systems are notification systems that necessitate precise types of information to be ...
If you find this article helpful, you may wish to read the article titled Accounting, Auditing and Assurance Services. Attestation Services Attestation services provide “a report on subject matter, or an assertion about subject matter, that is the responsibility of another party Statements on Standards for Attestation Engagements (SSAE) The Auditing Standards Board (ASB), which ...
Every business in today’s world has one goal in mind; to maximize their overall profits and drive their business into the future. So to accomplish this goal, you will want to keep in mind as to what types of costs affect your business the most and how to effectively control those costs for reporting purposes. ...
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