...Former IASB member Warren McGregor has coauthored a paper on the conceptual framework arguing that the conceptual framework is the cornerstone of high quality financial reporting and claiming that the new framework should be 'aspirational'. The paper offers an overview of the history of frameworks from standard-setting before the advent of frameworks to the present state of play in the IASB's project on the conceptual framework, lists the areas where the current framework is incomplete or needs revisions and contains an urgent call for the new framework to be aspirational and not just a confirmation of the status quo of standard-setting and of the current application of the standards. We are grateful to Mr McGregor and his co-author Ms Jan McCahey for allowing us to host this paper on IAS Plus. Former IASB member Warren McGregor has coauthored a paper on the conceptual framework arguing that the conceptual framework is the cornerstone of high quality financial reporting and claiming that the new framework should be 'aspirational'. The paper offers an overview of the history of frameworks from standard-setting before the advent of frameworks to the present state of play in the IASB's project on the conceptual framework, lists the areas where the current framework is incomplete or needs revisions and contains an urgent call for the new framework to be aspirational and not just a confirmation of the status quo of standard-setting and of the current application of the standards...
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...chapter 2 Property Acquisition and Cost Recovery Learning Objectives Upon completing this chapter, you should be able to: LO 2-1 Explain the concept of basis and adjusted basis and describe the cost recovery methods used under the tax law to recover the cost of personal property, real property, intangible assets, and natural resources. Determine the applicable cost recovery (depreciation) life, method, and convention for tangible personal and real property and calculate the deduction allowable under basic MACRS. Explain the additional special cost recovery rules (§179, bonus, listed property) and calculate the deduction allowable under these rules. Explain the rationale behind amortization, describe the four categories of amortizable intangible assets, and calculate amortization expense. Explain cost recovery of natural resources and the allowable depletion methods. LO 2-2 LO 2-3 LO 2-4 LO 2-5 Storyline Summary Taxpayer: Teton Mountaineering Technology, LLC (Teton)—a calendar-year single-member LLC (treated as a sole proprietorship for tax purposes) Cody, Wyoming Steve Dallimore Teton must acquire property to start manufacturing operations and wants to understand the tax consequences of property acquisitions. Location: President/ Founder: Current situation: cave waiting for the tempest to pass, Steve had an epiphany—a design for a better ice-climbing tool. Since that moment, Steve has been quietly consumed with making his dream—designing and...
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...Check Figures to accompany INTEMEDIATE ACCOUNTING Fifth Edition Spiceland, Sepe, Nelson, and Tomassini Chapter 1 BE 1-1 Net income, $208,000 BE 1-2 b. AICPA BE 1-3 2. Assets BE 1-4 4. Matching principle BE 1-5 3. Economic entity assumption BE 1-6 3. Disagree, Matching principle E1-1 Req. 1, Net operating cash flow, Yr. 2, $50,000 Req. 2, Net income, Year 1, $25,000 E1-2 Req. 1, Net income, Year 2, $190,000 E1-3 2. a, d, and g E1-4 3.f E1-5 3. Auditors E1-6 5. Comprehensive income E1-7 8. f E1-8 4. Timeliness E1-9 7. b E1-10 6. The going concern assumption E1-11 2. The periodicity assumption E1-12 1. Disagree, Monetary unit assumption E1-13 4. Agree, Matching principle E1-14 3. g. Matching principle Chapter 2 BE 2-1 4. –180,000, accounts receivable BE 2-2 2. Dr. Salaries expense, $40,000 BE 2-3 Accounts payable balance, $42,000 BE 2-4 2. Dr. Note receivable, $10,000 BE 2-5 1. Dr. Insurance expense, $3,000 BE 2-7 2. Cr. Prepaid advertising, $1,000 BE 2-9 Total operating expenses, $107,000 BE 2-10 Total assets, $91,000 BE 2-11 Cr. Retained earnings, $35,000 BE 2-12 Net income, $143,000 E2-1 6. + $6,000, Prepaid insurance E2-2 3. Dr. Inventory, $90,000 E2-3 Total debits, $471,000 E2-4 2. Cr. Cash, $40,000 E2-5 6. b E2-6 9. I E2-8 5. Dr. Interest expense, $4,000 E2-9 6. Cr. Supplies, $5,250 E2-11 Net income, $101,000; Total liabilities and shareholders’ equity, $711,000 E2-12 Cr. Retained...
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...[pic] [pic] Income Statement/Profit and Loss Account- PART 1 – Based on a case study relating to book 3 Session 3 & 5 1 (a) Shows the overall actual income, verses costs of a business for a given period of time-: 1. The breakdown of expenses -indirect and direct. 2. Increases/decreases in specific areas. 3. Increases/decreases in income for a period of time. 4. The net profit of a business (N.B, this does not include the value of assets/chattels, just profitability). 5. Enables managers and shareholders to view the company’s performance during a set period of time. The cost/income ratio of business shows it’s profitability and efficiency. 6. Enables managers to determine possible cost savings/ income streams that could be exploited further. 7. Investors can determine if there is a viable investment opportunity or disclose a risk assessment. 8. Can be used in regulatory financial reporting such as, Inland Revenue for Tax purposes. 1 (b) Concerns relating to City Florists – loan application for £120.000 identified in Income Statement. There is already a loan outstanding but this is a minor issue. The marketing expenses have increased by 9.7% in 2011 but with limited results in the increase of sales- 0.88% The cost income ratio is high in 2010 but even higher in 2011- Which could highlight a potential problem with the efficiency/profitability of the business- The Net profit is down by 15% year on...
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...Name: Score: Part I (Identification) STRICTLY NO ERASURE ____________________________1. A prenumbered document prepared at the time the tangible goods are received that indicates the description of goods, the quantity received, the date received, and other relevant data. ____________________________2. A prenumbered document to establish a formal means of recording and controlling acquisitions prepared by a payables clerk for each payment. A vendor’s invoice, receiving report, and purchase order attached to it. ____________________________3. A prenumbered document that originates in the inventory stockroom or an operating department and indicates to the purchasing department that goods should be ordered. ____________________________4. A document that indicates the description and quantity of goods and services received, price, including freight, cash discount terms, and date of billing. ____________________________ 5. A prenumbered document recording the description, quantity, and related information for goods and services the company intends to purchase. This document is frequently used to indicate authorization to procure goods and services. Part II Instruction: Write PABEBE if the misstatement in the Expenditure Cycle: Acquisition, PABIBI if the misstatement in the Expenditure Cycle: Cash Disbursement and PABEBI if it is Both ____________1...
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...When someone says accounting the thought of the definition seems to be universal. What many don’t realize is that there are different kinds of accounting and different uses with those types. One major and different type of accounting other than the well-known financial accounting is managerial accounting. In the following paper I will discuss what managerial accounting is and how it’s used, the difference between managerial and financial accounting, the users of this accounting, ethics in accounting, and careers in managerial accounting. Managerial accounting is “the process of identifying, measuring, analyzing, interpreting, and communicating information for the pursuit of an organization's goals” (Managerial Accounting Definition, 2003). Managerial accounting is also known as cost accounting (2003). Managerial accounting provides an organization with the financial data to perform descriptive analytics. The numbers don’t tell anything about the future, but they can be used to make decisions about the future. Without the numbers that managerial accounting provides no appropriate and good decision making would be being made. Managerial accounting is not like other accounting and major differences exist between managerial accounting and financial accounting. Although they work side by side, managerial accounting concentrates on helping people inside the organization, such as managers, make decisions while financial accounting focuses on providing information to people outside...
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...INTRODUCTION TO BUSINESS [FINAL PROJECT] 2015 CLASSIC CONTINENTAL FOODS Presented to: Prof. UMER ZAKA Submitted by: MUHAMMAD SAJID BBA- 1st Classic Continental Foods Nature of business: Classic Continental Foods is basically a restaurant having specialty in fast foods according to the taste of the city and the restaurant is determined to become a daily necessity for fast food addicts, a place to dream of as you try to escape the daily stresses of life and assumes as the most comfortable place to enjoy your time alone, with your family or friends. Classic Continental Foods will offer its customers the best prepared quality menu in the area as well as there is a piano player which makes environment more enchanting with music that the customers enjoy their visit. Objectives: Classic Continental Foods objectives for the operations of starting year are:- * Be elected as Unrivalled New fast food restaurant in the area. * Turn in profits from the very first month of the starting the setup. * Sustain maximum profits without compromising on quality. Mission: Classic Continental Foods will make its first priority to satisfy their customers’ needs at their best. Providing the friendly environment between the management and the customers and also make them comfortable...
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...1.0 Business Description 1.1. General Description of the Service Kids’ Planet will provide the service of only two types – kids may read books of their choices there; on the other hand, they can play several computer games to pass their leisure. The company relies on its trained employees who work to arrange and take care of books, maintain the computers, look after the kids who are their temporary guests and on. The shop will be given a smart and lovely outlook all along with a lavish interior. Walls are pre-planned to be covered with multi-colored wall-papers and other pictures, decorative stuffs along with an outstanding lighting arrangement so that it gets a real kiddy look. This shop will open at 10:00am and close at 8:00pm. The time has been selected concerning the school hours and time for studies for the kids. The second shift (3:00pm – 8:00pm) turns out to be the pick hour. There will be a day off on Tuesday at Kids’ Planet. The services provided by Kids’ Planet: A Well-furnished Library: In the more traditional sense, a library is a collection of books. It can mean the building or room that houses such a collection, literally a collection of useful material for common use. Libraries most often provide a place of silence for studying. Same thing goes for Kids’ Planet. The library will be well furnished with pretty and colorful furniture like book-shelves, small chairs for kids, big square tables, round tables, low tables for keeping books in different manners...
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...KENYATTA UNIVERSITY SCHOOL OF BUSINESS DEPARTMENT: MANAGEMENT SCIENCE DEPARTMENT UNIT CODE & NAME: BMS 840 –QUANTITATIVE TECHNIQUES WRITTEN BY: Ms. Gladys Kimutai and Mr. Paul Sang Copyright © Kenyatta University, 2014 All Rights Reserved Published By: KENYATTA UNIVERSITY PRESS i ii MODULE SUMMARY During the last two decades, there has been a dramatic change in the business environment. The trend towards complexity has increased the risk associated with business decisions, making it more important to have a sound information base. To do well in such an environment, one will need to understand how to identify quality information and recognize the solid, reliable research on which one‟s high-risk decisions as a manager can be based. One also needs to know how to analyze the research findings. The study of quantitative techniques provides one with the knowledge and skills needed to solve the problems and the challenges of a fast-paced decisionmaking environment. Managers make decisions on a day to day basis and it is necessary for them to be able to analyze the data so as to be able to make optimal decisions. This module has ten lesson which cover matrix algebra, markov analysis, Linear programming, differentiation, applications of differentiation to cost, revenue and profit functions, integral calculus, inventory models, sampling and estimation theory, hypothesis testing and chi-square tests. iii MODULE OBJECTIVES By the end of...
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...MEANING OF ACCOUNTING: Accounting is famously known as the "language of business". Through the financial statements, the end-product reports in accounting, it delivers information to different users. Accounting is a means through which information about a business entity is communicated. Accounting Definition: Technical definitions of accounting have been published by different accounting bodies. The American Institute of Certified Public Accountants (AICPA) defines accounting as: "the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least of financial character, and interpreting the results thereof." To further understand what accounting is, we must take a look at the different definitions. Accounting as a Science: Accounting is the process of identifying, measuring, and communicating economic information to permit informed judgment and decisions by users of information. Accounting as an Art: Accounting is the art of recording (journalizing), classifying (posting to the ledger), summarizing in a significant manner and in terms of money, transactions and events which are, in part, at least of a financial character, and interpreting the results thereof to interested users. Accounting as an Information System: Accounting is a service activity, which functions to provide quantitative information, primarily financial in nature, about economic entities that is intended to be useful...
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...INTRODUCTION Accountants measure a business entity's income, expenses and changes resources. Back in the day, prior to the widespread use of spread sheet and computer applications, Accountants used journals and ledgers in which they recorded business transactions. Hence the term keeping the books. As computer applications became main stream, this keeping of the books Accountants do, has gradually migrated into computerized spreadsheets. Gradually, Accounting systems dedicated to this function were developed and the term Computerized Accounting was born ADVANTAGES * Faster and efficient in processing of information; * Automatic generation of accounting documents like invoices, cheques and statement of account; * With the larger reductions in the cost of hardware and software and availability of user-friendly accounting software package, it is relatively cheaper like maintaining a manual accounting system; * More timely information can be produced; * No more manual processing of the data- all automatically been posted to the various ledgers/accounts and * Many types of useful reports can be generated for management to make decisions 12.3 NEED AND REQUIREMENTS OF COMPUTERSIED ACCOUNTING The need for computerised accounting arises from advantages of speed, accuracy and lower cost of handling the business transactions. l Numerous Transactions The computerised accounting system is capable of handling...
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...Accounting Standards Board ACC/541 Accounting Standards Board Currently the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are working on a joint venture known as the Norwalk Agreement that will most likely affect current and future individuals within the accounting field. Discussed within is the relationship between the IASB and FASB, the IASB equivalents of the original FASB pronouncements, and how a Master’s of Science in Accountancy program can prepare a student for a professional life within the field that will likely be affected by both boards. The History and Relationship of the IASB and FASB In 1973 both the FASB and International Accounting Standards Committee (IASC) were formed. FASB was created with the mission to establish and improve standards of financial accounting and reporting that foster financial reporting by nongovernmental entities providing decision-useful information to investors and other users of financial reports (Financial Accounting Standards Board, n.d.). The IASC began as the first body to set international standards and in 2001 the IASC became independent and further known as the IASB. Since 2001 the IASB has issued multiple International Financial Reporting Standards (IFRSs) that are currently permitted or required for more than 100 countries. In 2002 FASB and IASB began working with each other to improve and converge U.S. generally accepted accounting principles (GAAP) and IFRS (Financial...
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...1/ L’activité historique de l’entreprise est de fabriquer du matériel de camping. Puis la société s’est développée à travers la création, production et vente de véhicules de loisirs (notamment les camping-cars, caravanes et résidences mobiles), ainsi que les équipements de jardin. 2/ Différentes sociétés composant le groupe TRIGANO : |Sociétés consolidées françaises |Sociétés consolidées étrangères | |Trigano (Mère) |Arca Camper | |Arts et Bois |Auto Trail VR Ltd | |Atelier Trigano |Benimar Ocarsa SA | |Autostar |Camping-Profit GmbH | |C.MC Distribution France |Delwyn Entreprise Ltd | |C.M.C France SCP |E.T Riddiough | |Camping-Car Chausson |Eura Mobil Service GmbH | |Caravane La Mancelle ...
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...About 50,300,000 results (0.22 seconds) Sponsored Shop for accounting calculator on Google Texas Instruments B... $34.99 Staples HP 10bII+ Financial Cal... $29.99 HP Direct Texas Instruments B... $39.99 toysrus.com Texas Instruments B... $42.14 Walmart Hewlett‑Pack... 12C Financia... $85.99 Overstock.... Shop by brand:HP Texas Instruments Search Results Online Accounting Calculator - Equations, Formulas, and Ratios www.a-systems.net/calculator/10+ items – Accounting Calculator. Calculate accounting ratios and ... Name Equation Asset Turnover Net Sales / Total Assets Average Collection Period Accounts Receivable / (Annual Credit Sales / 365) Net Profit, Net Income, Income - Gross Profit Margin - Receivables Turnover Ratio Accounting Calculator - Android Apps on Google Play https://play.google.com/store/apps/details?id=jp.gr...hl... 69 votes - Free - Android Aug 27, 2012 – This application is an accounting calculator with many functions. *Calculating due to 12 figures *Digit grouping separators *Four arithmetic ... Images for accounting calculator - Report images Accounting - TCalc online financial calculators - TimeValue Software tcalc.timevalue.com/accounting.aspxSuite of financial calculators for the CPA industry. Add these calculators to your existing cpa accounting website. Free accounting online line calculator calculator.utilstudio.com/Free accounting online line calculator. ... Free accounting online line calculator...
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...DIFFERENT DIFFICULTIES ENCOUNTERED BY ACCOUNTING STUDENTS SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIERMENTS OF THE SUBJECT COMMUNICATION SKILLS BY APRIL JOY ALIMAN REBECCA P. ADAPTANTE KURT JENNELE SANTOS SHENNA MAE GUZMAN MA. FRANCE MAE SANTOS MARJORIE BALINGIT MARK ALGIE BANDOJO CLAIDE JOHN ONG RAMON TAYO LA VERDAD CHRISTIAN COLLEGE BS ACOUNTING TECHNOLOGY MARCH 2015 TABLE OF CONTENTS Chapter I. INTRODUCTION A. Statement of the Problem B. Significance of the Study C. Definition of the Terms II. RELATED STUDIES III. FINDINGS IV. CONCLUSION V. RECOMMENDATION I. INTRODUCTION Accounting is concerned with collecting, analyzing, recording, and summarizing financial information. The purpose is to help people who used this information to make more informed and good decisions. One of the mistakes that many people have thought about accounting is that you have to be very strong in math. We tend to think that it is more about logic and analytical reasoning. You need to learn a lot of rules and make something fits the rules. It is considered a difficult major. Everyone has heard that accounting is all about numbers or being good in math to take accounting. Unfortunately, for many people, just mentioning the word "math" can turned off their interest in accounting and can bring back childhood memories of them having difficulties with long division and fractions or geometry homework, and later avoiding math...
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