GAAP VS IFRS
In 1- 2 page provide detail for comparing/contrasting differences within two companies in the same industry – one from the US and other an international company. IFRS for the non-US Based company and the potential impacts for stakeholders in utilizing this information and US GAAP standards for the US based company. 1) Provide at least […]
Recording Business Transactions according to US GAAP. Consider a hypothetical firm with unadjusted trial balance at December 31as shown below:
Unadjusted trial balance Feb 28 Cash= 20700 Accounts receivable =3000 Land =20000 Building= 40000 Furniture= 6000 Computer = 2400 Note payable = 55000 Accounts payable = 5000 Cap stock = 30000 Revenue = 4600 Electricity expense= 500 Salary expense= 2000 TOTAL 94600 94600 At December 31, the company has to record the following transactions […]
