Tag: GAAP
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How do the events reported in this podcast relate to the topics covered thus far in this course? Use at least two of the things we have talked abocgout in class in your response.
Podcast Reflection Podcast Link: https://wondery.com/shows/business-wars-daily/episode/5680-things-are-getting-ugly-for-ugly-food-sellers/ (Links to an external site.) See the rubric for this assignment before you start writing your responses. Responses should be no longer than one page and no shorter than 2 paragraphs (double spaced). After listening to the assigned podcast, please consider the following reflection questions. So far in the class,…
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Explain why generally accepted accounting principles (GAAP) require the accrual basis of accounting.
BASIC ACCOUNTING SYSTEMS: CASH AND ACCRUAL BASIS Overview Discussion 2 Learning Outcomes This week students will 1. Describe the basic elements of a financial accounting system. 2. Prepare financial statements using the accrual basis of accounting. 3. Explain why generally accepted accounting principles (GAAP) require the accrual basis of accounting.
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Explain the qualitative characteristics of financial information in investing and lending decision making.
COURSE LEARNING OUTCOMES Upon successful completion of this course, students will be able to 1. Determine the objective(s) of financial reporting. 2. Explain the qualitative characteristics of financial information in investing and lending decision making. 3. Compile financial statements from a given set of economic events under GAAP that take into account the effect of…