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In accounting, a basis of accounting is a method used to define, recognise, and report financial transactions. [1] The two primary bases of accounting are the cash basis of accounting, or cash accounting, method and the accrual accounting method. A third method, the modified cash basis, combines elements of both accrual and cash accounting.
Charles Mien Chun Lee (born 12 October 1957) is a behavioral economist, accounting academic, and asset manager. He is the Moghadam Family Professor Emeritus at Stanford University's Graduate School of Business and the Kermit O. Hanson Professor of Accounting at the University of Washington's Foster School of Business.
The Equity Method of Accounting for Investments in Common Stock full-text: Mar. 1971 Heavily amended; Parts deleted or replaced; 19. Reporting Changes in Financial Position full-text: Mar. 1971 Amended; Superseded by FASB Statement 95, para. 150; 20. Accounting Changes full-text: July. 1971 Heavily amended; Parts deleted or replaced
The following outline is provided as an overview of and topical guide to accounting: . Accounting – measurement, statement or provision of assurance about financial information primarily used by managers, investors, tax authorities and other decision makers to make resource allocation decisions within companies, organizations, and public agencies.
Accounting Standards Codification, the only source of authoritative nongovernmental U.S. GAAP. In 2009, the Codification superseded the FASB's Statements of Financial Accounting Standards. 168 standards had been issued before the Codification. Concepts Statements, first issued in 1978. They are part of the FASB's conceptual framework project ...
For example, when accounting periods are monthly, an 11/12 portion of an annually paid insurance cost is recorded as prepaid expenses. Each subsequent month, 1/12 of this cost is recognized as an expense , rather than recording the entire amount in the month it was billed.
The IAS 11 standard of International Accounting Standards set out requirements for the accounting treatment of the revenue and costs associated with long-term construction contracts. By their nature, construction activities and contracts are long-term projects, often beginning and ending in different accounting periods .
An asset's initial book value is its actual cash value or its acquisition cost. Cash assets are recorded or "booked" at actual cash value. Assets such as buildings, land and equipment are valued based on their acquisition cost, which includes the actual cash cost of the asset plus certain costs tied to the purchase of the asset, such as broker fees.