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  • , gaap is generally accepted accounting principles or generally accepted accounting procedures (less common).
  • , general accounting involves the basic principles, concepts and accounting practice, recording, financial statement preparation, and the use of accounting information in management.
  • , continental model is an accounting model. there are other accounting systems which differ from the u.s. accounting model. u.s. gaap and fasb standards are not the only accounting principles used internationally; for example, many countries reverse the...
  • , accounting diversity is the recognition that many diverse national and international accounting standards exist in the world.
  • , accounting package/software, usually, is a commercially available software program or suite that, with little customization, will satisfy the accounting system needs of the purchasing entity.
  • , golden rules of accounting are: 1. debits always equal credits; 2. increases do not necessarily equal decreases; and, 3. assets - liabilities = owners equity (the accounting equation).
  • , generally accepted accounting principles (gaap) is a recognized common set of accounting principles, standards, and procedures. gaap is a combination of accepted methods of doing accounting and policy board set authoritative standards.
  • , inductive accounting theory (scientific method) assumes accounting standards are somewhat like evolution of a species in nature --- survival of the fittest. it relies heavily upon controlled experimentation (e.g., behavioral accounting research) and...
  • , basic accounting normally includes the areas of debits and credits; accounts; assets, liabilities, equity, revenue and expenses; and, an accounting system that offers a method for checking, balancing, and reconciling all accounting related transactions...
  • , comprehensive basis of accounting is a complete set of rules other than u.s. gaap applied to all items in a set of financial statements. examples include a basis of accounting required by a regulatory agency, a basis of accounting the entity uses for...
  • , accounting treatement is the methods, processes and decisions as to any given accounting decision as to how a transaction is to be or is handled in compliance to gaap and all applicable statutes.
  • , fund accounting is a method of accounting and presentation whereby assets and liabilities are grouped according to the purpose for which they are to be used. generally used by government entities and not-for-profits.
  • , normative accounting theory is where theorists tend to advocate their opinions on accounting based upon subjective opinion, deductive logic, and inductive methods. in the final analysis, nearly all standards are based upon normative theory. generally...
  • , completed contract method of accounting is a method of revenue recognition for long-term contracts (i.e., contract which span more than one accounting period) whereby the total contract revenue and related cost of performance are recognized in the period...
  • , audit trail is a step-by-step record by which financial, business, and quality assurance data can be traced to its source. for example: checking the validity of an accounting entry through the step-by-step record by which accounting data can be traced...
  • , journal entry is the beginning of the accounting cycle. journal entries are the logging of business transactions and their monetary value into the t-accounts of the accounting journal as either debits or credits. journal entries are usually backed up...
  • , economic income is the maximum amount that can be distributed to owners during the accounting period and leave the business as well off at the end of the accounting period as it was at the beginning of the period; i.e. cash flow based.
  • , branch accounting is accounting for geographically separated sections of enterprises. the accounting system adopted depends upon the degree to which the branch is controlled from its head office.
  • , advanced accounting covers accounting operations, patterns, merger of public holding companies, foreign currency operations, changing financial statement prepared in foreign and local currencies. advanced accounting also includes a variety of advanced...
  • , interperiod tax allocation is the process of apportioning income taxes among accounting periods.
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