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Essay

Ethical and Legal Obligations in Accounting

Essay specific features

 

Issue:

Business

 

Written by:

Joseph W

 

Date added:

September 10, 2013

 

Level:

University

 

Grade:

A

 

No of pages / words:

5 / 1128

 

Was viewed:

4774 times

 

Rating of current essay:

 
Essay content:

The SEC has statutory authority over setting standards in the public sector; however, according to the FASB website, the SEC relies on the private sector for this function "to the extent that the private sector demonstrates ability to fulfill the responsibility in the public interest" (FACTSaboutFASB, 2005, 2)...
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A central concept is the accounting equation, in which assets equals liabilities plus owners' equity, which is presented on the balance sheet. Basic principles in recording transactions (which provide the basis for preparing the income statement) are revenue recognition, which occurs at the time of a sale, and the matching principle, whereby the revenue is matched to any corresponding expense that was incurred to produce the revenue...
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General issues of this essay:
Accounting Ethical and Legal Obligations Pape An Interface Between Financial Accounting And Cost & Management Accounting And Some Concepts Of Strategic Cost Management Ethical And Legal Obligations Ethical and Legal Obligations in Accounting Ethical and Legal Obligations Ethical and Legal Obligations Ethical and Legal Obligations Ethical and Legal Obligations Ethical and Legal Obligations Ethical and legal Obligations The ISAB argues that the accruals and going concern concepts are key underlying assumption in the preparation of financial statements. Discuss the problems for companies in applying these accounting concepts and explain why other concepts might al... Ethical and Legal Obligations Paper Ethical and Legal Obligations Financial Accounting Concepts The statement of financial performance is based on data relating to past transactions and events. Hence the statement of financial performance is of no use to an investor’s decision making process.
 

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