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Explaining Basic Accounting Concepts and Business Structures Essay

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Explaining Basic Accounting Concepts and Business Structures
January 16, 2012
Karen Block

Financial accounting is the process of preparing financial information by internal and external users for decision makers. This week topic will identify the basic accounting concepts, business structures, source of generally accepted accounting principles and   the importance of the source hierarchy.   I will explained the difference in accrual based and cash basis accounting and types of business structures.
The   sources of   general   accepted accounting principles   (GAAP) is the common set of procedures and standards designed by the American Institute of Certified Public Accountants (AICPA).   An authoritative accounting that consist   rules of accounting that are used in preparation and standardize reporting of financial statements in accordance with GAAP   by the   AICPA’s Code of Professional Conduct.   To help reflect an economic position of the company and without GAAP company would be free to decide for themselves what financial information to report or how to report it.   Investors and creditors will be able to make financial decisions when the company’s financials are comparable and understandable.
The Hierarchy of Generally Accepted Accounting Principles   is   to identify   accounting principles   sources and   structure for choosing   the   financial statements principles that should be utilize when their preparations developed by the FASB (Kiesco, Weygandt, & Warfield, 2007). Its governs what constitutes   the major sources of   which   are   GAAP:   FASB Standards, Interpretations, and Staff Positions; APB Opinions; and AICPA Accounting Research Bulletins   that falls under four categories A or D in descending order of authority: Statements and Interpretations, Technical Bulletins, Practice Bulletins and Implementation. Category A being the highest and Category D the   FASB Implementation Guides   (Questions   and   Answers),   and commonly recognized and...

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Explaining Basic Accounting Concepts and Business Structures. Anti Essays. Retrieved December 10, 2018, from the World Wide Web: http://parimatch-stavka7.com/free-essays/Explaining-Basic-Accounting-Concepts-And-Business-311441.html

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