by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is Other Comprehensive Basis of Accounting?OCBOA (Other Comprehensive Basis of Accounting) contains financial statements made pursuant to an accounting system that is different from GAAP. Normally, big companies use Generally Accepted Accounting Principles to...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is an Independence Standard Board?The Independence Standards Board (ISB) creates standards for public company auditors. The underlying objective is to maintain independence and avoid conflicts of interest in reporting services. What does the Independence...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is Life Cycle Costing?This is a method of determining the total cost of ownership (TCO) of equipment. Restated, it involves the identification and documentation of the total costs incurred during an asset’s lifetime. For example, one could estimate the...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is the International Accounting Standards Board (IASB)?The International Accounting Standards Board is the regulatory body of the IFRS Foundation.What Does the IASB Do? The IASB established on the 1st of April 2001, develops and promotes the use of the...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is a General Ledger?A company keeps a detailed record of its financial transactions in a specific format. This format is called General Ledger in the language of accounting. It consists of all types of accounting data a company may have, including assets,...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is a Journal Entry?Journal entries are used to record every transaction and event of a business in the accounting system since they are the beginning point in the accounting cycle. These entries are recorded in the general journal as business events continue...
