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Generally Accepted Accounting Principles (GAAP):
They are commonly known as GAAP. It is a collection of generally practiced and followed rules and standards of accounting. GAAP provides global guidelines for preparation and disclosure of financial statements of public companies. It is created and developed by International Accounting Standards Board (IASB).
International Financial Reporting Standards (IFRS):
It is a collection of generally practiced and followed rules and standards of accounting. GAAP provides global guidelines for preparation and disclosure of financial statements of public companies. It is created and developed by International Accounting Standards Board (IASB).
To compare: The use of term ‘reserve’ used in GAAP and in IFRS.
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Chapter 13MJ Solutions
Financial & Managerial Accounting
- NPK'S operating profits will increasearrow_forwardTinsdale Corporation has the following budgeted sales: May $110,000, June $160,000, and July $140,000. 35% of the sales are for cash, and 65% are on credit. For the credit sales, 55% are collected in the month of sale, and 45% in the next month. What is the total expected cash receipts during July? Answerarrow_forwardGeneral accountingarrow_forward
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