17 Oct accounting principle
Chapter 1 discusses ethics in business and accounting. The notes to the financial statements describe the accounting principles used by a company to record its transactions. Accountants apply the convention of conservatism when analyzing economic events and recording them. The following is a definition of conservatism:
In the application of accounting principles and the development of estimates, accountants should be conservative. Given choices between various methods of recording economic events, accountants should apply principles that result in revenues being stated at lower amounts versus higher amounts and expenses being stated at higher amounts rather than lower amounts. In general, accountants should apply accounting principles that would tend to understate revenues, net income and assets versus overstating them.
Respond to the following in a minimum of 300 words (in total):
· What are some of the ethical issues of selecting accounting principles for a company?
· Do you believe accountants have been properly conservative in recent years with financial statement presentation?
· Discuss one underlying accounting principle or concept (i.e. going concern) and why it is important for financial statement users.
1 response- 300 words
2 replies- 200 words EACH
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.
About Writedemy
We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.
How It Works
To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Are there Discounts?
All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.