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C1: Accounting In Action - Coggle Diagram
C1: Accounting In Action
3 Basic Activities
Identifies
Records
Communicates
Ethics in Financial Reporting
Recognize an ethical situation and the ethical issues involved.
Identify and analyze the principal elements in the situation.
Identify the alternatives, and weigh the impact of each alternative on various stakeholders.
Generally Accepted Accounting Principles (GAAP)
Financial Statements
Balance sheet
Income statement
Statement of owner's equity
Statement of cash flows
Note disclosure
Standard-setting Bodies
Financial Accounting Standards Board (FASB)
Securities and Exchange Commission (SEC)
International Accounting Standards Board (IASB)
International Financial Reporting Standards (IFRS)
Measurement Principles
Historical Cost Principles
Fair Value Principle
Assumptions
Monetary Unit Assumption
Economy Entity Assumption
Proprietorships
Partnerships
Corporation
Basic Accounting Equation
ASSETS = LIABILITIES + OWNER'S EQUITY