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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.
The Council for the Indian School Certificate Examinations (CISCE) [1] is a non-governmental privately held national-level [2] [3] board of school education in India that conducts the Indian Certificate of Secondary Education (ICSE) Examination for Class X and the Indian School Certificate (ISC) for Class XII.
Accounting standards prescribe in considerable detail what accruals must be made, how the financial statements are to be presented, and what additional disclosures are required. Some important elements that accounting standards cover include identifying the exact entity which is reporting, discussing any "going concern" questions, specifying ...
Accounting, also known as accountancy, is the process of recording and processing information about economic entities, such as businesses and corporations. [1] [2] Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. [3]
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]
Given the above, one view of the progression of the accounting and finance career path is that financial accounting is a stepping stone to management accounting. [16] Consistent with the notion of value creation, management accountants help drive the success of the business while strict financial accounting is more of a compliance and ...
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.
The conceptual framework provides two functions: to state the objectives of financial reporting and provide definitions of financial statement elements. The conceptual framework creates a foundation for financial accounting and establishes consistent standards that highlight the nature, function, and limitations of financial reporting. [18] [19]