Generally Approved Accounting Principles
Drive 25, 2013
Dr . Tricia Jenkins
Generally Accepted Accounting Principles
Companies and companies are guided simply by rules and regulations that they must follow relating to financial data reporting. Generally accepted accounting principles (GAAP) assist accountancy firm to work with the Securities and Exchange Percentage (SEC) and are also guidelines that apply to many financial statements. The GAAP are a set of principles used by accountants and so they influence many financial information. These guidelines of accounting are в–Є Accounting Entity
в–Є Funds Measurement
в–Є Cost Value
в–Є Secure Monetary Product
The Accounting Entity is the business that is the focus of the information and details. These entities include businesses, churches, institution districts, governments, and many other social organizations. For the purpose of this paper health care businesses will be the focus. Hospitals, treatment centers, physician office buildings, and other medical care entities are required to file economic reports exhibiting monetary value from the organization. Money Measurement is actually a concept that relates to orders that can only be recorded in the event they can be documented in monetary terms. There are particular aspects of an organization that may not be counted on the financial affirmation. The expertise of personnel, reliability of services, and employee functioning conditions will be aspects of the organization that cannot be added to a financial statement. Duality is the resources which are equal to the debts and the net assets. The assets, liabilities, and the net asset accounts should always produce a balance closing in the duality. This means that the cash used to buy an asset is positioned on the liability side of a financial statement and the bought item is put on the advantage side of this statement. Cost Valuation is usually known as traditional or acquisition costs will be...
References: Intelligently, W. U., Song, L. H., & Cleverly, T. O. (2011). Essentials of health care financing (7th ed. ). Sudbury, MA: Smith and Bartlett Learning.
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