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Article review 2 - Essay Example

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Accountancy is the act of recording, classifying, and summarizing transactions and events in monetary terms to show the true financial position of an entity. Accountants communicate financial information to the shareholders and company directors at end of a financial year in…
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Article review 2
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Khalid AL-Hammadi 3 April Accounting Principles I   OF ARTICLE: Accounting Principles   MAGAZINE USED AND Accounting Coach, 3 April 2012
PAGE NUMBERS: 1
Accountancy is the act of recording, classifying, and summarizing transactions and events in monetary terms to show the true financial position of an entity. Accountants communicate financial information to the shareholders and company directors at end of a financial year in form of financial statements. Accountancy follows set standards and principles that apply in accounting, auditing, and bookkeeping. This paper will summarize, critique, and draw a tie-in on an Accounting Principles article by the Accounting Coach.
Summary
The article refers to the general rules and concepts that govern the field of accounting as the basic accounting principles and guidelines that form the basis for Financial Accounting Standards Board (FASB) and the Generally Accepted Accounting Principles (GAAP). The article notes the requirement and importance of using the generally accepted accounting principles in the preparation of financial statements. The GAAP ensures professionalism, consistency, and uniformity in accounting. However, the article notes that GAAP have become more complex over the years because financial transactions have become more complex. The article recognizes ten basic accounting principles and guidelines that form the basis of the Generally Accepted Accounting Principles. They include the economic entity assumption, monetary unit assumption, time period assumption, cost principle, full disclosure principle, going concern principle, matching principle, revenue recognition principle, materiality, and conservatism principle (Accounting Coach 1).
Critique
I agree with the article’s position and insight on the basic accounting principles and guidelines for various informed reasons. Indeed, all financial statements must comply with the set rules and standards to reflect professionalism, consistency, and uniformity in accounting. Public organizations must present financial statements to the shareholders and directors quoting the Generally Accepted Accounting Principles used to reach at such financial positions. The use of such principles is significant in accounting since the operations, shareholders, and directors of public companies emanate from all over the world hence the need for a standardized code of accounting to represent the diverse backgrounds of the concerned parties. This is also significant in comparing different public companies. The ten basic accounting principles and guidelines relevantly encompass all the financial aspects and needs of any business entity, big or small.
Tie-in
The points discussed in the article, accounting principles by Accounting Coach relate with the ideas and concepts in the textbook, Accounting, ninth Edition by Horngren, Harrison, and Oliver. The article and the book agree on the importance and the requirement on the use of the basic accounting principles and guidelines in recording, classifying, and reporting financial statements. Indeed, the article and the book concur that all companies must use the basic accounting principles and guidelines for purposes of ensuring consistency, uniformity, and professionalism in presenting the financial statements. They equally agree on the contents of the basic accounting principles and guidelines that include economic entity assumption, monetary unit assumption, time period assumption, cost principle, full disclosure principle, going concern principle, matching principle, revenue recognition principle, materiality, and conservatism principle. Both relate the independent public accountants to auditing the financial statements for compliance where the Financial Accounting Standards Board (FASB) sets the accounting rules and standards governing the financial accounting sector. They equally relate the companys management and the independent public accountants to certifying compliance to GAAP in preparing financial statements.
Works Cited
Accounting Coach Accounting Principles Accounting Coach, 2012 Web 3, April 2012 < http://www.accountingcoach.com/online-accounting-course/09Xpg01.html>Read More
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