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![]() Principles of Accounting: Example QuestionsĮxplain the impact of the missing journal entry on the financial statements of the company Hello, ![]() Describe the four types of financial statements.Ģ20368 What are the elements (characteristics, principles, constraints, and assumptions) of the accounting environment? What are the elements (characteristics, principles, constraints, and assumptions) of the accounting environment? ![]() Generally accepted accounting principles (GAAP) include assumptions and principles designed to explain the basic tenets of accounting.Īccounting Environment: the accounting cycle and the 4 types of financial statementsĢ8749 Accounting Environment: the accounting cycle and the 4 types of financial statements Objectives: define basic accounting concepts, terminology and transactions. How does full disclosure affect financial reporting? To achieve basic objectives and implement fundamental qualities Generally Accepted Accounting Principles (GAAP) has: The four basic assumptions are economic entity, going concern, monetary unit and periodicity. GAAP consists of 4 basic assumptions and four basic principles. ![]() Not everyone will have an accounting background therefore, you have been asked to prepare a presentation to provide an overview of the concepts underlying accounting and financial reporting along with the four basic assumptions and four basic principlesĪssumptions, Principles, and Constraints of Accountingĥ47367 Assumptions, Principles, and Constraints of Accounting Please help me explain the following concepts: Application of Auditing Assumptions and Principles ![]()
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