The Financial Accounting And Standards Board, Fasb Is An Organization That Sets Down The Accounting Mba Assignment

575 words - 3 pages

     Maria Hernandez
The Financial Accounting and Standards Board, FASB is an organization that sets down the accounting rules and guidelines that makeup Generally Accepted Accounting Principle, GAAP. The FASB developed the Statements of Financial Accounting Concepts, SFAC, to guide the Board in setting up standards in order to better understand accounting issues. SFAC No.1 explains the primary objectives in financial reporting. The primary objectives of financial reporting are to provide useful information to the people reviewing the financial report.  The people reviewing the financial report should get clear understanding of the public company and see whether or not the business is generating profit.  The information given entails future earnings of the public company. It explains that by providing the balance sheet, income statement and statement of cash flow. The people who view the financial statements are investors, market analysis, creditors and auditors. With the information provided in the financial report, they are able to see how the business is being managed and how the management has been useful to the company. It is implicated for the needs of the users, like investors, creditors.  SAFC No. 2 explains the qualitative characteristics that are considered useful and understanding in the report for the users. The Primary decision-making qualities are Relevance and Reliability. The qualities within Relevance are the predictive value, feedback value and materiality. For Reliability the characteristics are Verifiability, neutrality, and representational faithfulness. Comparability including consistency is a secondary quality that relates to Relevance and reliability, finalizing with materiality.
When deciding what to put in the Accounting report one must have relevance. The...

Other Essays On The Financial Accounting and Standards Board, FASB is an organization that sets down the accounting - MBA - assignment

BTA112 Principle Accounting Exercise - LAGCC BTA112 - Assignment

612 words - 3 pages The stockholders' equity accounts of Hashmi Company at January 1, 2010, are as follows. Preferred Stock, 6%, $50 par $600,000 Common Stock, $5 par 800,000 Paid-in Capital in Excess of Par Value—Preferred Stock 200,000 Paid-in Capital in Excess of Par Value—Common Stock 300,000 Retained Earnings 800,000 There were no dividends in arrears on preferred stock. During 2010, the company had the following transactions and events. July 1 Declared a

Chapter 25 homework accounting II - Hunter College - assignment

714 words - 3 pages value of zero. If the internal rate of return is higher than the company’s hurdle rate, it means that the net present value of the project is positive, and the company should make the investment. 10. Accelerated depreciation produces larger tax deductions and lower tax payments in the early years of an asset’s life compared with straight-line depreciation. This is because the larger depreciation expense for accelerated methods in earlier years

The Overview Of Accounting

1137 words - 5 pages categories; Operating information, financial accounting information, and managerial accounting information.Operating information describes what is needed on a daily basis to conduct business in an organization. It encompasses employee payroll, sales, debts, credits, and inventory to name a few functions. Collectively these functions can be identified as financial statements. Operating information is what comprises the maximum amount of

The Purpose Of Accounting

1362 words - 6 pages means for communicating the numbers of an organization (eBook Collection, Accounting in Action, Chapter 1, p 2).Accounting is the system that provides useful financial information for a business (, 2009). It is vital to the success of any business for its employees to understand the numbers and understand what is happening financially within the business. Accounting consists of three basic activities, "it identifies, records, and

it is an assignment that ha to do with the hagia sophia - art 101 - Assignment

515 words - 3 pages haiga sophia. It was essential for him to rebuild this it because that was the time, he was recognizing Christianity. Hagia Sophia was an E. Byzantine patriarchal church; what does that mean? How is the building an expression of the relationship between the empire and the church?  That meant that this place beliefs and followed in the set rules of Christianity religion. In was an expression of both because when the king start to go Christian so did


1326 words - 6 pages development and perhaps with the power of global politics. What happened in the course that environmental economics is being largely ignored by the modern economics? There are two sets of visible reasons (DODO, 2018). The first one is, formalisation of the theory of economic growth; that is, the omission of KN (Environmental Capital) in explaining growth was perhaps premised on the assumption that KN was infinite. The second set of reasons stem

this essay is about the nagasaki and hiroshima bombs that turned japan upside down - Halifax West High School - the Atomic Bombs

537 words - 3 pages ” killed about 40,000 people resulting in Japan's official surrender on August 15th. A question that a lot of people probably asked was “why did he drop those bombs?” In my opinion he did the right thing by dropping the bombs, yes he killed men and women and children but so many more would have died if he hadn’t of dropped the bombs. “For Truman, the choice whether or not to use the atomic bomb was the most difficult decision of his life. First, an

Enron And What Went Wrong,The Accounting, The Ceo's, And The Retirement Plans Of Thousands

957 words - 4 pages given out in equal amounts to the top twothousand executives Kenneth lay the top executive of Enron receives tenmillion in 'bonuses'. It is now believed that all of these fund in which weregiven out were disguised as 'bonuses' and that they are believed to beformer employees (401) k plans. Another scheme of Enron was to havemany partnerships with other companies to pass off their own debt to theother partner of the merger. For example Enron

analysing the marketing strategy about GM educational center - MBA - Assignment

1269 words - 6 pages entails advertising the business, or giving promotion scheme depend on seasonal and festival. For example, you have very good product or service, but if you cannot make let people know, your business cannot become a successful business. 5. New Learning By this assignment, I learnt how to set realistic and efficient vision and mission for an organization to achieve their goals and objective. Another learning is as the saying goes “No one is perfect

Importance of Leadership in Merger and acquisition - MBA - Discussion Board

1161 words - 5 pages importance placed on business acumen, technical expertise and leadership. The most important approaches that respondents believed to be important to the success of a merger or acquisition are: 1. Clarifying Strategy & Direction. Ensuring the business rationale is clear and widely understood, developing and communicating the vision for the new organization, and helping employees see and understand the benefits of the merger or acquisition for

keeping a note its an ap english assignment and book that helps the mind grow - AP English - English

3727 words - 15 pages afflicted apparently at birth with some presentiment of loss. My first notebook was a Big Five tablet, given to me by my mother with the sensible suggestion that I stop whining and learn to amuse my­ self by writing down my thoughts. She returned the tablet to me a few years ago; the first entry is an account of a woman who believed herself to be freezing to death in the Arctic night, only to find, when day broke, that she had stumbled onto the Sahara

Similar Papers

International Accounting Standards University Of Reading Assignment

2315 words - 10 pages Requirement 1 Type of non-current Asset Examples How they are required to be measured once recognised by an entity under IAS Fixed Assets Plant, Property and Equipment Initial: · Under IAS 16 PPE is measured under its present value purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates.[footnoteRef:1] [1: International Accounting Standards Board (2015) IFRS Part A, IAS 16 (Plant

Accounting Financial Statements Sherwood Secondary School Practice Assignment

1864 words - 8 pages means that the company is using its resources more efficiently. Contingencies such as lawsuits and federal, state, and local regulations are reasonably possible because they are not in Dell’s control and can occur at any time; the company believes that they will have a material adverse effect on its financial condition or results of operations if some of them occur. Also, the company received an unqualified opinion by its auditor, PriceWaterhouse

Inflation And Interests Accounting And Finance Berkeley Assignment

3798 words - 16 pages = Cost of Living Adjustments (often based on CPI) e.g., how much wages increase so that our employees are not worse off? Financial Planning People care about purchasing power. You need to take into account inflation in order to achieve desired purchasing power. e.g., How much can you consume more in real terms if you get an MBA? Donatella Taurasi (Fung Institute) Accounting and Finance for Engineers – Lecture Notes Spring 2019 4 / 28 Nominal

Amgen Case Accounting Analysis Of Amgen Case Mba Analysis

1142 words - 5 pages Group C5 (1) Briefly summarize Amgen’s Strategy and financial expectations (See Part B below) as articulated in the CEO’s Letter to Shareholders (maximum 3 paragraphs). Amgen’s business is discovering, developing, and delivering medicines that address significant unmet needs for patients with serious diseases. The company invests in R&D to develop medicine – this is a risky business. The strategy centers on advancing innovative medicines and a