Choose a Broad Topic and Then Create Your Own Concept

question 22

Essay

Choose a broad topic and then create your own concept map to narrow that topic.

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Definitions:

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board that are becoming the global standard for the preparation of public company financial statements.

GAAP

Generally Accepted Accounting Principles; a collection of commonly-followed accounting rules and standards for financial reporting.

Accounting For Inventories

The process of tracking and managing the goods a company holds for the purpose of sale or production, including valuation and cost determination.

Perpetual Inventory System

An accounting method that records inventory purchases and sales in real time through continuous updates to inventory accounts.