Explore BrainMass
Share

US GAAP "Financial reporting "

This content was STOLEN from BrainMass.com - View the original, and get the already-completed solution here!

You have been running a sole-proprietorship business dealing in cosmetic products. You have been accurately recording all your sale and purchase transactions in journals and using the journals in the general ledger accounts. Lately, you have observed that the entire exercise is taking a lot of time. You, therefore, are considering recording the transactions directly into the general ledger accounts. Is this ethical, and will you be following the accounting norms if you undertake such a step? Why or why not? Discuss.

© BrainMass Inc. brainmass.com October 25, 2018, 5:15 am ad1c9bdddf
https://brainmass.com/business/business-math/us-gaap-financial-reporting-412533

Solution Preview

You have been running a sole-proprietorship business dealing in cosmetic products. You have been accurately recording all your sale and purchase transactions in journals and using the journals in the general ledger accounts. Lately, you have observed that the entire exercise is taking a lot of time. You, therefore, are considering recording the transactions directly into the general ledger ...

Solution Summary

Solution explains US GAAP "Financial reporting

$2.19
See Also This Related BrainMass Solution

Should Fair Value Accounting be required in the preparation of US GAAP financial statement?

Should Fair Value Accounting be required in the preparation of US GAAP financial statement? Included in your response should be a discussion of the definition of fair value accounting and the benefits and the disadvantages of the use of fair value accounting. Finally, you are required to draw a conclusion by answering the stated question. The conclusion will be based on the discussion contained in the memo.

response is 1,334 words, 3 references

View Full Posting Details