Fill In the Blank: are the "legal records maintained by the FASB" which can be researched for authoritative guidance on how to record transactions and for footnote disclosure requirements. Accounting Standards Updates Financial Accounting Concepts O FASB Codification Q Search O JA NEW
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- Which area of accounting needs a computerized accounting information system the most—payroll, tax, or preparing financial statements?What FASB Codification guidance would be used in writing a Accounting issue memo and an email to the client, answering the questions in the paragraph?CHARACTERISTICS OF USEFUL INFORMATION All records in a file must be uniquely identifiable in at least one attribute, which is its primary key.Drawing on your general knowledge of accounting,identify the primary key for the following types ofaccounting records. To illustrate, the first record isdone for you.
- Review the new revenue recognition guidance issued by the Financial Accounting Standards Board http://www.fasb.org/jsp/FASB/Page/ImageBridgePagecid=1176169257359 and answer the following questions. What is the new standard as of ASC 606? What does that mean to you? What are the recommended steps companies should follow to achieve the core principle? How does this change current GAAP standards? Who is required to adhere to this new standard?Case Study: Navigating the FASB Accounting Standards Codification (ASC)** *Introduction:* The FASB Accounting Standards Codification (ASC) serves as the authoritative source for U.S. generally accepted accounting principles (GAAP). It is a comprehensive system designed to organize and present accounting standards in a logical and accessible manner. In this case study, we explore the components included and excluded from the FASB ASC. *Components of FASB ASC:* 1. **AICPA Statements of Position (SOP):** - SOPs issued by the American Institute of Certified Public Accountants (AICPA) were included in the FASB ASC during its initial implementation. However, updates to the ASC may have modified this inclusion. 2. **FASB Statements:** - FASB Statements are a core part of the FASB ASC. These statements represent authoritative guidance on various accounting topics, ensuring consistency in financial reporting. 3. **Accounting Research Bulletins (ARB):** - ARBs were issued by…Which of the following accounting connotes posting to the ledger? * O Recording O Ledgering Journaling O Classifying
- how you will use accounting information both as an internal and an external user?two methods of acquiring accounting information sysytem, and list there disdvantages and advantagesAll records in a file must have a unique way of identifying a particular record within that file, normally referred to as a primary key. Based on your general knowledge of accounting, for each of the following types of accounting records, indicate what the most likely primary key would be to access records within that file. REQUIRED: Using the attached answer sheet, indicate the primary key that would be used to access the file for the list of files provided below. Explain your answer where appropriate. LIST OF ACCOUNTING FILES NEEDED TO BE ACCESSED WITH PRIMARY KEY Accounting File Accounts Receivable (a) (b) Accounts Payable (c) Inventory (d) Customer Sales Order (e) Purchase Orders (f) Cash Receipts From Customers (g) Payroll Earnings For Employee (h) General Ledger Primary Key