The company uses its assets to produce goods and services. Its success depends on whether it is wise or lucky in the assets it chooses to hold and in the ways it uses these assets to produce goods and services. The company’s success is measured by the amount of profit it earns—that ...
Accountants are expected to apply accounting principles, procedures, and practicesconsistentlyfrom period to period. If a change is justified, the change must be disclosed on the financial statements. Comparabilitymeans that the user is able to compare the financial statements of one company to those...
10 Core GAAP Principles The following are ten principles used to keep a company’s financial reporting consistent, clear, and standardized. These principles must be followed, otherwise, the company will face serious consequences like a loss of market credibility, and steep fines. 1. Principle of ...
the value they offer rests on the service quality, effectiveness and outcomes they achieve. Not only is this business model unique compared with, say, manufacturing and retail, but within each professional services company, almost every service rendered is also unique. In the accounting...
Accrual accounting is a financial accounting method that allows a company to record revenue before receiving payment for goods or services sold and record expenses as they are incurred.权责发生制是一种会计核算方法，即公司在实际收到所售货物或服务相关款项之前记录收入，在费用发生当期记录费用。In other ...
1、剑桥金融财务英语part2 accountingAccounting、bookkeeping、auditing(4学时) Company law(2学时)Assumptions and principles(3学时) Depreciation and amortization(1学时) Financial statements(8学时) Financial ratios(2学时) Debit n. 借,借方,借记 Debit card 借记卡 v. 计入借方,借计 Debit an account 计入...
Revenue is the amount a company receives from selling goods and/or providing services to its customers and clients. A company’s revenue, which is reported on the first line of its income statement, is often described as sales or service revenues. Hence, revenue is the amount earned from cus...
Financial accounting is concerned specifically with the generation of these reports, that they are based on accurate information and follow Generally Accepted Accounting Principles (otherwise known as GAAP). What Are Generally Accepted Accounting Principles (GAAP)?
Theaccounting principlesof GAAP are merely a set of standards. Although its principles work to improve the transparency in financial statements, they do not provide any guarantee that a company'sfinancial statementsare free from errors or omissions that are intended to mislead investors. ...
An easier method of accounting that simplifies a company down to what has already actually occurred Primarily used by smaller, private companies with low to no reporting requirements Principles of Financial Accounting Financial accounting is dictated by five general, overarching principles that guide compa...