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Properly speaking, if the costs in particular information exceed the benefit they can acquire, companies may choose not to disclose this particular information. [11] For example, if there is a $0.1 difference between checkbook register and bank statement , accountant should ignore the $0.1 rather than waste time and money to find the $0.1.
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Generally Accepted Accounting Principles (GAAP) [a] is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC), [1] and is the default accounting standard used by companies based in the United States.
Also acid ionization constant or acidity constant. A quantitative measure of the strength of an acid in solution expressed as an equilibrium constant for a chemical dissociation reaction in the context of acid-base reactions. It is often given as its base-10 cologarithm, p K a. acid–base extraction A chemical reaction in which chemical species are separated from other acids and bases. acid ...
Financial accounting aims at presenting 'true and fair' view of transactions, profit and loss for a period and Statement of financial position (Balance Sheet) on a given date. It aims at computing 'true and fair' view of the cost of production/services offered by the firm. [11]
In solution chemistry and biochemistry, the Gibbs free energy decrease (∂G/∂ξ, in molar units, denoted cryptically by ΔG) is commonly used as a surrogate for (−T times) the global entropy produced by spontaneous chemical reactions in situations where no work is being done; or at least no "useful" work; i.e., other than perhaps ± P dV.
The accounting equation relates assets, liabilities, and owner's equity: Assets = Liabilities + Owner's Equity. The accounting equation is the mathematical structure of the balance sheet. Probably the most accepted accounting definition of liability is the one used by the International Accounting Standards Board (IASB). The following is a ...
Cost accounting is defined by the Institute of Management Accountants as "a systematic set of procedures for recording and reporting measurements of the cost of manufacturing goods and performing services in the aggregate and in detail.