Crafted Cheese Generally Accepted Accounting Principles (GAAP). GAAP is a set of specific common guidelines, provided by the institutions such as the Financial Accounting Standards Board, the American Institute of Certified Public Accountants and the Securities and Exchange Commission, about “acceptable accounting practices.” These acceptable practices should not necessarily be regarded as a set of ground rules. In fact, it is a common denominator, useful […]

FASB and IASB: The Financial Accounting Standards Board is an organization in the private sector that establishes financial accounting and reporting standards in the United States since 1973. The standards established by this organization govern the preparation of financial reports by various companies. The mission of the Financial Accounting Standards Board is to set up and enhance financial accounting and reporting standards to provide information […]

consensus as to whether accounting is more ‘bean counting’ or more shady dealing, most will agree that accounting is extremely important to the operations of an organization.” Address that statement, what is your opinion of accounting with regards to bean counting vs. shady dealing? Also without using a book definition, why do you feel accounting is important to the operations of an organization? In my […]

Absorption costing is a costing method which treats all costs of production as product costs without considering whether these costs are variable or fixed (AccountingforManagement, 2013). Under the absorption costing method the cost of a unit product comprises direct materials, direct labor, and both variable and fixed overhead. This costing method allocates a portion of fixed manufacturing cost to each unit of a product along […]

Profit Analysis and Costing for the 21st Century Value costing is about looking at the different aspects of a business paying particular attention to the opportunity cost they represent, how much they are likely to financially benefit a firm, and how much they are likely to cost it. Through this analysis, it is possible to determine the parts of the business that function the most […]

Dac Easy Accounting Software Features Overview Sage Software is the creator of DacEasy Accounting Systems, 2013, which is the latest release of this application shopping. Sage is known for having deep expertise in accounting and financial management applications for small and medium businesses. This latest version of DacEasy Accounting System is comprised of five modules specifically designed for the small and medium business user. These […]

Translation Adjustment Accounting Statement Translation Adjustments for Foreign Subsidiaries As demonstrated on the attached spreadsheet, when preparing financial statements from a foreign subsidiary of a U.S.-owned company, which will typically conduct business in a foreign currency (the domestic currency of the subsidiary’s country of operation), there is a somewhat complex series of adjustments that must take place to account for currency exchange rates during the […]

Activity-Based Costing and Traditional Systems Activity-based costing (ABC) measures the cost of a product/service based on the activities performed to produce the product/service. Activities are processes, functions, or tasks that occur over time and have recognized results. Activities use up assigned resources to produce products and services. An ABC system first allocates indirect and support expenses to activities and processes and then to products, services […]

GOVERNMENT CONTRACTS 2 Communication of Cost Objectives Communication of cost objectives to both internal and external stakeholders is crucial. A cost objective is a function or organizational subdivision for which cost data is accumulated and measured (Boyd et al., 2014). Communication of direct, indirect costs, as well as overheads could be communicated to internal stakeholders such as managers of the various cost centers through organized […]