CASE 1-4 GENERALLY ACCEPTED ACCOUNTING PRINCIPLESAccountants carry the primary responsibility for bookkeeping services such as payroll, bank reconciliations, general ledger posting, along with ma 500W
CASE 1-4 GENERALLY ACCEPTED ACCOUNTING PRINCIPLESAccountants carry the primary responsibility for bookkeeping services such as payroll, bank reconciliations, general ledger posting, along with ma 500W
CASE 1-4 GENERALLY ACCEPTED ACCOUNTING PRINCIPLES 500W
Accountants carry the primary responsibility for bookkeeping services such as payroll, bank reconciliations, general ledger posting, along with managing financial statement compilations and oversee efficient use of funds and related tasks. Correspondingly, they provide some Human Resource functions such as Employee Handbook compilation, and benefits management. Another responsibility of accountant’s is taxes: personal, corporate, estate, payroll, sales tax, and business property taxes.
Required:
a. Explain the meaning of the term accounting principles as used in the audit report. (Do not in this part discuss the significance of “generally accepted.”)
b. The president wants to know how you determine whether or not an accounting principle is generally accepted. Discuss the sources of evidence for determining whether an accounting principle has substantial authoritative support. Do not merely list the titles of publications. c. The president believes that diversity in accounting practice will always exist among independent entities despite continual improvements in comparability. Discuss the arguments that support his belief. Accounting principles are