ACC 302 Study Guide - Midterm Guide: Deferred Compensation, Prime Rate, Discount Window
Document Summary
Gaap comes from two main sources: accounting practices that have evolved over time, written pronouncement by designated organizations like the fasb or. Roles of pcaob: set standards for auditing and ethics, investigate auditing practices of auditing firms. Possibility theorem of arrow- no set of regulations are going to apply to everyone so lets not have any. The leviathan- everyone cooperate and be honest as well as a set of rules. Monetary liabilities: payable in fixed amount of future cash. Non-monetary liabilities: satisfied by delivering goods or services. Accounts payable: balances owed to others for goods, supplies, or services purchased on open account. Interest expense ($ x % x months/12: interest payable, payment of note and accrued interest, notes payable ($) Interest expense (%xmonth/12: cash: plug, zero- bearing note, cash received, cash (present value, discount on notes payable: plug (contra liab, notes payable (issued) Interest expense (total discount from above/total months: discount on notes payable, maturity.
