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Evaluating an Economic Event

Evaluating an Economic Event

Today's accounting professional must be able to understand and critically evaluate a variety of contexts and situations to develop the best solution to a particular circumstance.

Consider your professional experience and knowledge gained from reading as you answer the following Discussion question:

(1) What does it mean to critically evaluate an economic event or resource in the context of an accounting standard;

(2) what is actually being evaluated and how?

(3) Based upon your professional experience, provide an example of an event that you would have or have critically evaluated.

Please make sure that you enumerate your answers and follow APA guidelines in your citations and references. Be aware that for this discussion forum, should include some level of research.

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Consider your professional experience and knowledge gained from reading as you answer the following Discussion question:

(1) What does it mean to critically evaluate an economic event or resource in the context of an accounting standard?
From the perspective of accounting standards, every economic event that is associated with an entity must be recorded by it. The financial aspect of each economic event should be captured in the accounting period in which it occurs. When the accrual basis of accounting is followed the financial aspect is captured in the relevant period irrespective of the when the cash changes hands (Delaney. P, & ...

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