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Accounting Policy Essay

  • Submitted by: julaikha
  • on March 18, 2012
  • Category: English
  • Length: 1,115 words

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Below is an essay on "Accounting Policy" from Anti Essays, your source for research papers, essays, and term paper examples.

Report on Accounting Policy

Accounting Policy 3
Intangible Asset 3
Limited Life 3
Unlimited Life 3
Measurement of Intangible Assets 4
Evaluation Criteria 4
Acquisition Cost 4
Current Cost 4
Estimates of Economic Value 4
Exit Price 4
Market Value 4
Opportunity Cost 4
Qualitative Measurement 4
Examples of Intangible Assets 5
Patents 5
Copyrights 5
Trademarks 5
Franchise License 5
Government Licenses 5
Goodwill 5
References 6

Accounting Policy
Rules and principles or policies that are picked up and followed upon by a company or an organization based upon a standard, which are in turn used in the creation of financial statements and other reports required by the state or the company.
There are multiple types of accounting policies which cover one or more areas specific to transactions or other business activities. Accounting policies are more of a guideline and they do not dictate as per say on how to actually perform a business activity. Accounting policies have a play in them which can be used both in positive and a negative manner to bring forth the desired result
Following is the list of a few accounting policies that generally play a role in one organization:
  * Depreciation
  * Materiality
  * Revenue Recognition Principle
  * Matching Principle
  * Going Concern
  * Full Disclosure Principle
  * Cost Principle
  * Time Period Assumption
  * Intangible Asset
Intangible Asset
Intangible asset is an identifiable asset without any physical substance. These generally include anything and everything that falls under Reputation, Know How, Knowledge, Recognition and Intellectual property which are long term in nature. Intangible Assets are further divided into two types based upon the usefulness of their life
Limited Life
These types of assets have an expiration date associated with them, such as goodwill, copyright or patents.
Unlimited Life
These types of assets do not have any...

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