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devry acc304 week 1 and week 2 discussions




Question;Development of Accounting Standards (graded)Generally Accepted Accounting Principles (GAAP) are guidelines for companies to follow as they prepare and issue financial statements. Let?s start by getting an understanding of why the guidelines were developed in the first place? Who relies on the financial statements (external users)? What happens if an External User relies on financial statements that are inaccurate? What negative consequences can arise from relying on inaccurate financial statements?This section lists options that can be used to view responses.Accounting Conceptual Framework (graded)A sound foundation is necessary for success in any task from building a house to putting on make-up. In terms of U.S. Accounting Standards, it is also necessary to have a sound foundation, referred to as the conceptual framework. Let?s discuss it step by step starting with the objective. What is the objective of accounting standards?week 2Balance Sheet: Purpose and Uses (graded)The balance sheet is one of the first financial statements I turn to when reviewing a company. You can learn a lot about a company by looking at its balance sheet. The balance sheet is also called the statement of financial position. Why is this? What is the purpose of the balance sheet?Disclosure Notes (graded)Disclosures are required to elaborate on certain items that are presented in summarized form in the financial statements. There are specific disclosure notes that are required to be present in all financial statements, while others may be unique to the disclosure needs of a particular company. Let's start by discussing the three required disclosures. Please pick one and explain what information is to be included in the note:Summary of Significant Accounting PoliciesSubsequent EventsThird Party Transactions


Paper#40375 | Written in 18-Jul-2015

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