what are some gaap rules?
607713
['Economic entity assumption. Financial records must be separately maintained for each economic entity. ... ', 'Monetary unit assumption. ... ', 'Full disclosure principle. ... ', 'Time period assumption. ... ', 'Accrual basis accounting. ... ', 'Revenue recognition principle. ... ', 'Matching principle. ... ', 'Cost principle.']
993896
['Registered office.', 'Principal business activities and particulars of its holding.', 'Subsidiary and associated companies.', 'The pattern of Shares, debentures and other securities and shareholding.']
222411
['Any expense incurred in the purchase or sale of a security, such a commission or a sales load on a mutual fund. ... ', 'Expenses incurred in the production of income are tax deductible on line 23 of your Schedule A above the 2 percent of AGI threshold (investment expense deductions cannot be taken on the 1040 short form).']
1222043
['Compensation. ... ', 'Equity Grants. ... ', 'Scope of Employment. ... ', 'Benefits. ... ', 'Term and Termination. ... ', 'Reimbursement of Expenses. ... ', 'Liability Protection for the Employee. ... ', 'Confidentiality Restrictions.']
1164768
The Generally Accepted Accounting Principles (GAAP) system is the rules-based accounting method used in the United States. Companies and their accountants must adhere to the rules when they compile their financial statements. These allow investors an easy way to compare the financial information of different companies.
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The Financial Accounting Standards Board (FASB) is the primary body in the United States that sets accounting standards. The FASB publishes and maintains the Generally Accepted Accounting Principles (GAAP), which guide publicly traded companies in documenting financial transactions and creating standardized reports.
143463
['Assets: Cash, marketable securities, prepaid expenses, accounts receivable, inventory, and fixed assets.', 'Liabilities: Accounts payable, accrued liabilities, customer prepayments, taxes payable, short-term debt, and long-term debt.']
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2. What is the difference between generally accepted accounting principles (GAAP) and AICPA generally accepted auditing standards (GAAS)? The difference between GAAP and GAAS is that GAAP tries to have some standards while GAAS is more of the framework. You just studied 25 terms!
462754
To be classified as a capital lease under U.S. GAAP, any one of four conditions must be met: A transfer of ownership of the asset at the end of the term. An option to purchase the asset at a discounted price at the end of the term. The term of the lease is greater than or equal to 75% of the useful life of the asset.
1207954
['Category one rules. ... ', 'Category two rules. ... ', 'Introduction. ... ', 'Attendance and timekeeping. ... ', 'Absence and time off. ... ', 'Health and safety. ... ', 'Company property. ... ', 'Company business.']
1369028
['turnover is no more than £10.2m.', 'balance sheet total is no more than £5.1m.', 'average number of employees is nor more than 50.']
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['Bookkeeping transactions.', 'Bookkeeping controls.', 'Elements of costing.', 'Foundation level synoptic.', 'Using accounting software.']
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Who has to comply with GAAP? Only publicly traded companies are required to comply with GAAP. Private companies are not required to comply with GAAP, and this will not change once the new guidance is issued.
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['A statement of financial position (balance sheet);', 'A statement of comprehensive income;', 'A statement of changes in equity;', 'A statement of cash flows; and.']
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['No bonus shares shall dilute other issues: ... ', 'Bonus issue from free reserves: ... ', 'Revaluation reserve not eligible: ... ', 'Issue in lieu of dividend: ... ', 'Partly paid shares not eligible: ... ', 'No default of payment of interest, etc.: ... ', 'Time within which bonus issue shall be made:']
181133
['EBITDA = Operating Profit + Amortization Expense + Depreciation Expense.', 'EBITDA = Revenue – Expenses (excluding taxes, interest, depreciation, and amortization)', 'Gross Margin = Revenue – COGS.', 'Gross Margin % = Gross Margin / Revenue.']
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What are the main differences between UK GAAP and US GAAP? ... In UK they use IFRS's (International Financial Reporting Standards) not US GAAP. In USA they use GAAP (Generally Accepted Accounting Principles). By the spirit of these accounting standards both are almost the same.