SMG AC 221 Chapter Notes - Chapter 1: Stock Certificate, Kpmg, Deloitte
23 Dec 2017
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Accounting differences between proprietorships, partnerships, and corporations: owners" equity tallied differently, proprietorships, partnerships = capital, corporations = stockholders" equity (shareholders" equity) owners" equity of a corporation. Stockholders and the board of directors: corporations hire professional managers, overseen by board of directors a body elected by the shareholders to represent them. Regulation of financial reporting: generally accepted accounting principles, generally accepted accounting principles (gaap) the term that applies to all the broad concepts and detailed practices to be followed in preparing and distributing financial statements. It includes all the conventions, rules, and procedures that together comprise acceptable accounting practice: two types, international financial reporting standards (ifrs) the set of. Gaaps that applies to companies reporting in more than 100 countries around the world: financial accounting standards (u. s. gaap) the set of. Companies include the opinion with the financial statements in their annual reports.
