We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Nobody downloaded yet

Financial Accounting principles - Essay Example

Comments (0) Cite this document
Summary to essay on topic "Financial Accounting principles"
The future of any developing country or developed country truly depends upon the ECONOMIC growth of the country. The youth of any country play a very vital role in the growth of any country. So the youth and economic state of any country together determine its future…
Download full paper
Polish This Essay
Financial Accounting principles
Read TextPreview

Extract of essay "Financial Accounting principles"

Download file "Financial Accounting principles" to see previous pages... In actual practice, if a business is to be run at profit, it has to sell goods at such a price as will enable it to meet out not only expenses on account of cost of goods sold but also other numerous expenses like rent, salary, cartage, freight, commission , electricity, etc. Thus for making a profit,
Let us write or edit the essay on your topic "Financial Accounting principles" with a personal 20% discount.. Try it now
sales must be kept sufficiently high to meet all the other expenses. To emphasize the necessity of accounting, it can be said that accounting must provide the following information and we should ensure that we completely understand and analyze them:
Accounting is defined as the 'the art of recording, classifying and summarizing in terms of money transactions and events of a financial character and interpreting the results thereof .' The American Accounting Association Committee defined accounting as - The process of identifying, measuring and communicating economic information to permit informed judgment and decision by the user of the information.
The Accounting Principles Board of the American Institute of Certified Public Accountants (AICPA) stated "the function of accounting is to provide quantitative information, primarily financial in nature about the economic entities that is intended to be useful in making economic decision."
Business Managers and outside interested parties make use of accounting information for decision making that affect the business. The primary purpose of accounting is to provide information about financial transaction, i.e., transaction involving money of a business enterprise. When a person starts a business or even to maintain the accounts of his daily expenditure he must make use of financial accounts.

The two primary objective of any business are

To earn profit.
To have sufficient funds to pay their debts as and when they are required to be paid.

This information makes a firm or an individual person take the right business related decision which helps to take the business further. Thus, accounting information, if properly and systematically recorded and reported, can direct a business enterprise to run on successful and efficient lines.

Before we move on to understand more about Financial accounting we must clearly understand the advantages-disadvantages and limitations of accounting.


Advantages

Maintenance of ...Download file "Financial Accounting principles" to see next pagesRead More
Cite this document "Financial Accounting principles"
  • APA
  • MLA
  • CHICAGO
(“Financial Accounting principles Essay Example | Topics and Well Written Essays - 1750 words”, n.d.)
Retrieved from https://studentshare.org/miscellaneous/1503016-financial-accounting-principles
(Financial Accounting Principles Essay Example | Topics and Well Written Essays - 1750 Words)
https://studentshare.org/miscellaneous/1503016-financial-accounting-principles.
“Financial Accounting Principles Essay Example | Topics and Well Written Essays - 1750 Words”, n.d. https://studentshare.org/miscellaneous/1503016-financial-accounting-principles.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC "Financial Accounting principles"
Generally Accepted Accounting Principles Paper
The research delves on the reasons for the strict implementation of the United States Generally Accepted Accounting Principles. United States Generally Accepted Accounting Principles implementation enhances the financial statement users’ decisions. Generally accepted accounting principles can be applied to the all entities, including the healthcare environment (Black, 2009).
4 Pages(1000 words)Essay
Principles of accounting 1
In this context, all the financial transactions and information of an entity are required to be analyzed and recorded in compliance with GAAP. Another set of principles under ‘International Financial Reporting Standards’ (IFRS) is developed under the principles of accounting by ‘International Accounting Standards Board’ (IASB).
10 Pages(2500 words)Essay
Principles-based accounting standards
In addition, Section 108 of the Sarbanes-Oxley Act of 2002 instructs the Securities and Exchange Commission to conduct a study on the adoption of a principles-based accounting system. The study is to have four elements:Two themes emerge from these discussions.
1 Pages(250 words)Essay
Accounting Principles and Ethics
When it comes to preparing, presenting, and reporting a financial statement, it is necessary for accountants to follow the generally accepted accounting principles in the United States (US
3 Pages(750 words)Essay
Management accounting and financial accounting
hat it serves as a powerful tool for decision making of operational, strategic, performance, forecasting, measurement as well as other factors that together represent the composition of a business. The coaxial relationship of the opposite ends of the accounting practice is
11 Pages(2750 words)Essay
Accounting Principles
Each of the business entities keeps principles of accounting in three ways; accounting, book keeping and auditing and all these are the basic principles lie
4 Pages(1000 words)Essay
Fundamental Principles of Accounting
Assets and liability of a company create the need to consider the break even analysis in order to determine the profits. In the case “Statement of Financial Accounting Concepts No. 2”
1 Pages(250 words)Essay
Generally Accepted Accounting Principles
The conformance to the International Financial Reporting Standards, rules and conventions under GAAP leads to recording, summarization and reporting of financial statements that are comparable in international
2 Pages(500 words)Essay
Summarizing in Accounting
The old paradigm was called as the industrial paradigm which was based on FASB’s and existed during the industrial economy; the new paradigm is called the industrial information paradigm which existed during the age of information technology. The old financial principles
2 Pages(500 words)Essay
Financial statements and accounting
The statements provide all the necessary details regarding the financial structure and position of a given entity. The financial statements of an entity usually include an income statement, balance sheet, cash flow statement and statement of ratio calculations. Firms may also prepare other types of statements such as the statement of retained earning.
6 Pages(1500 words)Essay
Let us find you another Essay on topic Financial Accounting principles for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us