Accounting Principles

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what is the role of the following in the formulation of accounting principles: 1-AICPA 2-FASB 3-SECURITIS and exchnge commission

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You know you will learn a lot more in school if you research your own questions.

What is Generally Accepted Accounting Principles (GAAP)? Respond

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Basically GAAP is the common set of rules used to determine how to do accounting in the USA. There's a board called the Financial Accounting Standards Board (FASB) that sets the accounting policy for the United States. GAAPare principles that are issued by this body, in the form of pronouncements called FASB's (pronounced fasbees). In some rare instances where there are no FASB's to govern an issue, then prior documents - going back as far as 200 years can be used.

How do I record credit card purchases for my small business? The purchases are for material to be sold or to be consumed while conducting the business. The credit card is in the name of the business and is used exclusiverly for the business. As I use the credit card, accounting principles dictate to treat the purchase like a cash purchase. However, I ceated a liability using the credit card. The credit card bill has to be paid with a company check. I imagine the following procedure: Record the cc transaction in an account called "credit card". Should this be an liability account that is later offset by a cash payment from the company's bank account ? The check payment is then broken up over the various corresponding expense accounts. Is this workable? Thank you for any input. Hendrik

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dt purchases or whatever expense it is ct accounts payable when paying your credit card dt accounts payable ct cash

I got a job call for Monday. I have to take a 100 question test, 4 categories. Two of the categories are bookkeeping and accounting. I've looked all over the internet and have come up broke. Any suggestions? Areas: maintain general and subsidiary ledger records; post entries; balance against other records; post charges; principles and practices of bookkeeping. Here's the tough one. The job is with the City. The program used is the Municipal accounting system. I've never used it. I may be tested on that also. I wonder if I will be asked questions like "What is the basic accounting equation?" I have quite a bit of financial experience; experience with budgets, making payments, maintaining records, etc., but nothing like this. The programs I used were dedicated to the company and the work was specialized. Honestly, I'm a little nervous about the test. Thanks!

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Go to your local library or community college and look for the Accounting 101 textbook and read it.

I am struggling, but willing and determain to do better I do not have a study buddy can anyone make a suggeston.Is there a web page where I cna learn a crash course in Accounting Principle.

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I found a pdf from yale university if this will help........http://www.yale.edu/ppdev/policy/ 2100/2100.pdf