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  • Acc 9

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    Maxine Falco
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    The document discusses GAAP and IFRS accounting standards, the three accounting cycles of collection, processing, and reporting, and transaction cycles related to the sale of goods, payments to suppliers, payments to employees, and payments to lenders. GAAP refers to Generally Accepted Accounting Principles set by FASB for US companies, while IFRS refers to International Financial Reporting Standards. The accounting cycle has three stages - collection, processing, and reporting - to go from sales to end-of-month statements. Transaction cycles aggregate common business transactions like sales, supplier payments, employee payments, and lender payments.

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    The document discusses GAAP and IFRS accounting standards, the three accounting cycles of collection, processing, and reporting, and transaction cycles related to the sale of goods, payments to suppliers, payments to employees, and payments to lenders. GAAP refers to Generally Accepted Accounting Principles set by FASB for US companies, while IFRS refers to International Financial Reporting Standards. The accounting cycle has three stages - collection, processing, and reporting - to go from sales to end-of-month statements. Transaction cycles aggregate common business transactions like sales, supplier payments, employee payments, and lender payments.

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    © All Rights Reserved
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    11 views1 page

    Acc 9

    Uploaded by

    Maxine Falco
    The document discusses GAAP and IFRS accounting standards, the three accounting cycles of collection, processing, and reporting, and transaction cycles related to the sale of goods, payments to suppliers, payments to employees, and payments to lenders. GAAP refers to Generally Accepted Accounting Principles set by FASB for US companies, while IFRS refers to International Financial Reporting Standards. The accounting cycle has three stages - collection, processing, and reporting - to go from sales to end-of-month statements. Transaction cycles aggregate common business transactions like sales, supplier payments, employee payments, and lender payments.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    What does GAAP and IFRS stand for?

    GAAP, also referred to as US GAAP, is an acronym for Generally Accepted Accounting

    Principles. This set of guidelines is set by the Financial Accounting Standards Board

    (FASB) and adhered to by most US companies. IFRS stands for International Financial

    Reporting Standards.

    What are the three accounting cycles?

    The process of going from sales to end-of-month statements has several steps, all of

    which must be executed correctly for the entire accounting cycle to function properly.

    Part of this process includes the three stages of accounting: collection, processing and

    reporting.

    What is a main transaction cycle?

    A transaction cycle is an interlocking set of business transactions. Most of these

    transactions can be aggregated into a relatively small number of transaction cycles

    related to the sale of goods, payments to suppliers, payments to employees, and

    payments to lenders

    This study source was downloaded by 100000808774952 from CourseHero.com on 03-23-2023 08:31:58 GMT -05:00

    https://www.coursehero.com/file/161854491/ACC-9docx/
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