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The Master of Accountancy (MAcc, MAcy, or MAccy), alternatively Master of Science in Accounting (MSA or MSAcy) or Master of Professional Accountancy (MPAcy, MPAcc, MPA or MPAc), is a graduate professional degree designed to prepare students for public accounting; academic-focused variants are also offered.
A chart of accounts (COA) is a list of financial accounts and reference numbers, grouped into categories, such as assets, liabilities, equity, revenue and expenses, and used for recording transactions in the organization's general ledger. Accounts may be associated with an identifier (account number) and a caption or header and are coded by ...
Under Rule 203-1 – Departures from Established Accounting Principles, the departures are rare, and usually take place when there is new legislation, the evolution of new forms of business transactions, an unusual degree of materiality, or the existence of conflicting industry practices. [6]
Systematic recording of transactions: basic objective of accounting is to systematically record the financial aspects of business transactions (i.e. book-keeping). These recorded transactions are later on classified and summarized logically for the preparation of financial statements and for their analysis and interpretation.
This approach is also called the American approach. Under this approach transactions are recorded based on the accounting equation, i.e., Assets = Liabilities + Capital. [12] The accounting equation is a statement of equality between the debits and the credits. The rules of debit and credit depend on the nature of an account.
A characteristic that tends to distinguish the MAM and MBA business degrees from other Master's degrees in business is the absence of in-depth study within one particular area of business. M.S. business degrees typically focus on traditional areas like Finance, Accounting, and Information Systems. [35]
Substance over form is an accounting principle used "to ensure that financial statements give a complete, relevant, and accurate picture of transactions and events". If an entity practices the 'substance over form' concept, then the financial statements will convey the overall financial reality of the entity (economic substance), rather than simply reporting the legal record of transactions ...
Master data represents "data about the business entities that provide context for business transactions". [1] The most commonly found categories of master data are parties (individuals and organisations, and their roles, such as customers, suppliers, employees), products, financial structures (such as ledgers and cost centres) and locational concepts.