Accounting concepts are the basic principles and rules which have to be followed for the appropriate organization of the process of accounting. The most important initial accounting concept is to choose the single strategy and norm of work in order to maintain the consistency of the accounting process and its aspects. Then, the accountant should record the income and expenditures of the firm they have formally occurred within the organization, because if one does this process during the payment out or receiving of the cash, the record will not be the objective one, as the money will go through the processes related with the withdrawal of commission. Next, accounting should always reflect the right objective condition of the business, because the primary role of accounting is to demonstrate the progress and regress of the business in order to help the businessman react to the problems rapidly and effectively.
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Before solving this case, you must watch the video Capital Budgeting in-class exercise solution in the Lecture 6 folder, which provides the basis for this case. You need to finish both lectures 6 and 7 to be able to complete the case study. Introduction Canyon Buff Corp. The equipment must be purchased before the chemical production can begin.
Case Study | Part 1-Financial Accounting Principles and Analysis
Introduction: According to American Accounting Association, accounting that helps in choosing effective planning among all the business plan alternative available through methods and concepts that are required for evaluation control and performance interpretation is known as management accounting. In short, accounting that is not regulated by any form of law in comparison to financial accounting, used for internal purposes and helps in internal decision making and strategy formulation is known as management accounting cleartax. Current assessment is the analysis of different concepts associated with managerial accounting such as the cost concept, accounting information practical use with the help of two different scenarios as an accountant.
Accounting case studies must be written according to various standard rules and regulations. These are the same guidelines followed by organizations during their accounting process. An accounting case study should be written following procedures specific to one of the major topics in accounting, such as financial accounting and managerial accounting, which is also referred to as cost accounting.
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