CA BUSINESS SCHOOLEXECUTIVE DIPLOMA IN BUSINESS AND ACCOUNTING STRATEGYSEMESTER 1 : Financial Accounting and ReportingKeyAccounting Principles Policies PracticesM B G WIMALARATHNA[FCA, FCMA, MCIM, CPFA , FMAAT, MCPM] [FINALIST – ICAEW] [MBA–PIM/USJ]
IntroductionFinancial accounting function is mostly surrounds by rules/regulationsand customs which provide standard framework to compile financialstatements. Key accounting concepts/principles and policies aredepend on the respective country’s jurisdiction but mostly in line withthe IFRS/accounting standards requirements.Accounting ConceptsRules and regulations of accounting that should be ments.Accrual/Consistency/Going Concern and Prudent concepts are beingtreated as fundamental accounting concepts while below are alsoused in preparation of financial ostBasis/AccountingPeriod/Full Disclosure/Money Measurement/Objectivity/AccountingEquation
Accounting PrinciplesGenerally Accepted Accounting Principles (GAAP) are the standardframework of guidelines for financial accounting/preparation offinancial statements which has strong tight with the commonaccounting practices along with the accounting standards.Accounting principles are same as accounting concepts whichdiscussed earlier.Accounting PoliciesAccounting polices are based on the GAAP and in line with theaccounting standards which are tailor-made to the particularorganization’s requirement.Accounting policies are required to practice in consistent mannerbetween the financial period except the change/amend is moreprudent to provide true and fair view.
Fair presentationFaithful presentation of the effects of transactions, other events andconditions in accordance with the determinants and recognitioncriteria for assets, liabilities, income & expenses set out inframework/LKASs. Going concernFinancial statements should prepare on a going concern basis unlessmanagement either intends liquidate the entity or to cease tradingor has no realistic alternative but to do so. Accrual basisIncome and expenses should recorded in the particular financialperiod irrespective whether they paid/received by cash providedthose are relevant to such financial period. OffsettingAn entity shall not offset assets and liabilities and/or income andexpenses unless required or permitted by the accounting standard.
Frequency of reportingAn entity shall prepare/present a complete set of financialstatements (including comparatives) at least annually. Comparative informationAn entity shall disclose comparative information with respect to theprevious period for all amounts reported in the current period’sfinancial statements. Consistency of presentationAn entity shall retain the consistency of presentation andclassification of items in the financial statements from one period tothe next. Identification of financial statementsAn entity shall clearly identify the financial statements anddistinguish them from other information in the same publisheddocument.
liciesAccountingStandardsPreparation of Financial Statements
Accounting Principles Generally Accepted Accounting Principles (GAAP) are the standard framework of guidelines for financial accounting/preparation of financial statements which has strong tight with the common accounting practices along with the accounting standards. Accounting principles are same as accounting concepts which discussed earlier.
FINANCIAL ACCOUNTING : MEANING, NATURE AND ROLE OF ACCOUNTING STRUCTURE 1.0 Objective 1.1 Introduction 1.2 Origin and Growth of Accounting 1.3 Meaning of Accounting 1.4 Distinction between Book-Keeping and Accounting 1.5 Distinction between Accounting and Accountancy 1.6 Nature of Accounting 1.7 Objectives of Accounting 1.8 Users of Accounting Information 1.9 Branches of Accounting 1.10 Role .
Accounting Policies, Changes in Accounting Estimates and Errors Objective 1 The objective of this Standard is to prescribe the criteria for selecting and changing accounting policies, together with the accounting treatment and disclosure of changes in accounting policies, changes in accounting estimates and
Textbook Equity Paperback, Principles of Accounting, Volume 1 , Financial Accounting (Chapters 9 – 18), List Price 14.95 PDF Version, Accounting Principles: Managerial Accounting, Free Download Textbook Equity Paperback, Accounting Principles: Managerial Accounting, 316 pages, (chapters 19 – 26 of the original volume).
Textbook Equity Paperback, Principles of Accounting, Volume 1 , Financial Accounting (Chapters 9 - 18), List Price 14.95 PDF Version, Accounting Principles: Managerial Accounting, Free Download Textbook Equity Paperback, Accounting Principles: Managerial Accounting, 316 pages, (chapters 19 - 26 of the original volume).
accounting policies. Merger cont å . accounting policies, a uniform set of accounting policies is adopted following the amalgamation. The effects on the financial statements of any changes in accounting policies are reported in accordance with Accounting Standard (AS) 5, Net Profit or Loss for the Period, Prior .
ACCT 2100 Principles of Accounting 3 Ph.D. Accounting Virginia Tech Yes ACCT 3131 Cost Accounting I 3 Yes Berrigan, Isabel M ACCT 3124 Governmental Accounting 3 M.S. Accounting - Auditing University of New Orleans No ACCT 2100 Principles of Accounting 3 M.S. Accounting University of New Orleans No ACCT 3
ACCT&201 Principles of Accounting I; 5 ACCT&202; Principles of Accounting II 5; ACCT&203 Principles of Accounting III; 5 ACCT205; Excel for Accounting 5; ACCT207 QuickBooks; 5 ACCT220; Payroll Accounting 5; ACCT225 Federal Income Tax; 5 ACCT230; Governmental Accounting 5; ACCT235 Intermediate Accou
Quantum Field Theories: An introduction The string theory is a special case of a quantum ﬁeld theory (QFT). Any QFT deals with smooth maps of Riemannian manifolds, the dimension of is the dimension of the theory. We also have an action function deﬁned on the set Map of smooth maps. A QFT studies integrals Map ! #" % '&)( * &-, (1.1) Here ( * &-, stands for some measure on the space of .