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Generally Accepted Accounting Principles

     Generally Accepted Accounting Principles The accounting profession has developed standards that are generally accepted and universally practiced. This common set of standards is called Generally Accepted Accounting Principles ( GAAP ). this standards indicate how to report economic events.     The primary accounting standard setting body in the united states is Financial Accounting Standard Board (FASB). The Securities and Exchange Commission (SEC) is the agency of the U.S.government that oversees U.S. financial markets and accounting standard - setting bodies. The sec relies on the FASB to develop accounting standards. which public companies must follow. many countries outside united states have adopted the accounting standards issued by the International Accounting Standard Board (IASB). in recent years the FASB and IASB have worked closely to try to minimize the differences in their standards and principles.     One important the accounting principles is cost principles.
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Users Of Accounting Data

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Who Uses Accounting Data ??!!     The information that a user of financial information needs depends upon the kinds of decisions the user makes. There are two broad groups of users of financial information: * Internal users * External users internal users:     internal users of accounting information are those individuals inside a company who plan, organize, and run the business. These include marketing managers, production supervisors, finance directors and company officers. In running a business, internal users must answer many important questions. to answer these and other questions, internal users need detailed information on a timely basis. Managerial accounting provides internal reports to help users make decisions about their companies. Examples are financial comparisons of operating alternatives, Projections of income from new sales campaigns, and forecasts of cash needs for the next year. external users:     External users are individuals and organizations out
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Location: Al Haram, Giza Governorate, Egypt
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WHAT IS ACCOUNTING???

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what is accounting?     why is accounting so popular? what consistently ranks as one of the top career opportunities in business? what frequently rates among the most popular majors on campus? what was the undergraduate degree chosen by Nike founder Phil knight, Home depot co-founder Arthur Blank, former acting director of the Federal Bureau of Investigation (FBI) Thomas Pickard, and numerous numbers of congress? Accounting why did this people choose accounting? they wanted to understand what was happening financially to their organization. Accounting is the financial information system that provide these insights. In short to understand your organization , you have to know the numbers.     Accounting consists of three main activities ــــ it identifies, record, and communicates the economic events of an organization to interested users. Let's take a closer look at these three activities. Three Activities     To identify economic events, a company select economic events rel
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Location: Al Haram, Giza Governorate, Egypt
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