The Department of Accounting is committed to providing students the education and technical knowledge necessary to enter the accounting profession and to pursue a successful professional career. Noe, a senior lecturer in accounting, uses the bill to illustrate the concept of fair-value accounting. Described as an amount at which an asset could be exchanged between knowledgeable and willing parties in an arm’s length transaction” by the International Accounting Standards Board, fair-value accounting is often contrasted with historical-cost accounting, and the two approaches are often debated in academic and business circles. There’s not one final answer, and therein lies the illustration of the distinction between historical-cost and fair-value accounting.
During his December 2011 financial accounting class, Noe waved the 1976 $2 bill that that he purchased with change saved up as an 8-year-old, and asked what its worth would be on a current balance sheet. Where specialized accounting rules govern, it is essential that those responsible for the company’s accounting and financial reporting be familiar with and properly apply them.
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The store has been generally flat since the fall of 2008, and I have returned to work so my wife and I both have jobs and personal income. Understandability: The accounting information must possess the quality of economic significance to the user, i.e. to understand the content and significance of financial statements and reports. Relevance is a key characteristic of information in many spheres; accounting is no exception.
The process of auditing helps to inspire confidence in the reliability of accounting information. Management Accounting is the study of the quantitative and qualitative tools in decision making. Luca Pacioli, a portrait by an unknown Renaissance artist, wrote the accounting ethics in 1494 which served as a guide for the practice of Manement Accounting, among others. Example: rent or lease decisions, manual or computerized accounting operations, preventive maintenance or general overhaul of equipment. One cannot leave the final outcome to chances alone as management accounting tools can be used to pursue opportunities with more accuracy.