... Which of the following bodies has the ultimate authority to issue accounting pronouncements in the United States? a. Securities and Exchange Commission b. Financial Accounting Standards Board c. International Accounting Standards Committee d. Internal Revenue Service Answer 2. What historical evidence of the business operations of the private estate of Apollonius was discovered early inthe20th century? a. The Iliad b. Plato's Republic c. The Zenon papyri d. Pacioli’s work, Summa de Arithmetica Geometria Proportioni et Proportionalita, Answer 3. Who has been given credit or developing the double-entry system of bookkeeping? a. Francis Wheat b. Fra Luca Pacioli c. A. C. Littleton d. William Paton Answer 4. Which of the following was not a criticism of the development of accounting standards by the Accounting Principles Board? a. The independence of the members of the APB. The individuals serving on the board had full-time responsibilities elsewhere that might influence their views of certain issues. b. The structure of the board. The largest eight public accounting firms (at that time) were automatically awarded one member, and there were usually five or six other public accountants on the APB. c. Harmonization. The accounting standards developed were dissimilar to those developed by the International Accounting Standards Committee. d. Response time. The emerging accounting problems were not being investigated and solved quickly enough by the...
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...NOT FOR DISTRIBUTION TO STUDENTS Contains Assignment Questions and Suggested Solutions AT1 Accounting Theory & Contemporary Issues 2012 Printing Session 2 Suggested Solutions Level 4 Certified General Accountants Association of Canada 100 — 4200 North Fraser Way Burnaby, British Columbia Canada V5J 5K7 www.cga-canada.org © CGA-Canada, 2012 All rights reserved. These materials or parts thereof may not be reproduced or used in any manner without the prior written permission of the Certified General Accountants Association of Canada. Printed in Canada Every reasonable effort has been made to obtain permissions for all articles and data used in this edition. If errors or omissions have occurred, they will be corrected in future editions, provided written notification has been received by the publisher. Assignment 1 — Session 2 (Winter) This assignment is based on Modules 1 through 5 and is due at the end of Module 5. It is worth 5% of your final course grade. General instructions A. If this is your first time using the Online Learning Environment, check out the Course Orientation and the quick tutorials in the Support Centre. You will find general assignment FAQs in your Assignment Submission/Group Work area. B. Prepare your answers to these assignment questions in Word and save them as one Word document on your hard drive. For the recommended format and filename, see the Assignment Submission/Group Work/FAQ area. If this...
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...Kapitel 1 Normative (prescriptive) accounting theory Inte baserad på empiriska tester (som positive teorier är) utan de är baserade på vad researcher tror ska eller borde inträffa vid särskilda omständigheter. Teorier som föreskriver (prescribe) istället för förklarar (describe) särskilda handlingar kallas för normativa teorier eftersom att dom baseras på normer som researchern som lägger fram teorierna har. T.ex. säger hur vi ska ta till oss och använda redovisningsmetoder. Kapitel 2 Theories of regulation Public interest theory There is the public interest theory of regulation which propose that regulation be introduces to protect the public. It assumes that the regulatory body (usually government) is a neutral arbiter of the public interest and does not let its own self-interest impact on its rule-making processes. “The regulator does its best to regulate so as to maximize social welfare. Consequently, regulation is thought of as a trade-off between the costs of regulation and its social benefits in the form of improved operations of markets”. Regulation put in place to benefit society as a whole rather than vested interests. Regulatory body considered to represent interests of the society in which it operates, rather than private interests of the regulators. Assumes that government is a neutral arbiter. Criticisms of public interest theory Critics question assumptions that economic markets operate inefficiently if unregulated. Question the assumption...
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...Accounting theory without a doubt, has transformed rapidly throughout the years due to changes in society, environment, globalization, and the expansion of various industries, which ties in with the needs for new accounting standards. However, some basic aspects remain the same, for example, the double entry system. These drastic changes throughout the years call for a change in the accounting standards and in order for accounting standards to be fair, efficient, reliable and reflect modern practices researchers require several methods to gain more perspective and a better vantage point on the situation to ensure the best possible accounting standards are created to suit each particular accounting phenomenon. These include the descriptive and prescriptive methods, which are almost exact opposites in theory. Theorists seek to explain phenomena such as asset valuation, the demand and supply of accounting information, and what sort of accounting information should be provided to particular users through these two methods. The aforementioned theories can never be proven so researchers aim to create the best possible standards and answer to these phenomena by shuffling back and forth between methods and provide different perspectives on one subject. Other researchers including Grady, Watts and Zimmerman, Paton, etc. have laid the necessary groundwork and this allows modern researchers to theorize and apply past theories to modern accounting phenomena. Descriptive methods of...
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...http://edugen.wiley.com/edugen/art2/common/pixel.gif The comparative balance sheets of Constantine Cavamanlis Inc. at the beginning and the end of the year 2014 are as follows. Exercise 5-16 (Part Level Submission) A comparative balance sheet for Shabbona Corporation is presented below. Exercise 5-18 (Part Level Submission) The comparative balance sheets of Madrasah Corporation at the beginning and end of the year 2014 appear below. IFRS Practice Question 3 Companies that use IFRS: Entry field with correct answer A company has purchased a tract of land and expects to build a production plant on the land in approximately 5 years. During the 5 years before construction, the land will be idle. Under IFRS, the land should be reported as: -------------------------------------------------------------------------------------- ACC 421 Chapter 23 wileyplus FOR MORE CLASSES VISIT www.acc421mart.com Exercise 23-11 Condensed financial data of Pat Metheny Company for 2014 and 2013 are presented below Problem 23-6 Comparative balance sheet accounts of Marcus Inc. are presented below. IFRS Multiple Choice Question 06...
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...CGA-CANADA ACCOUNTING THEORY & CONTEMPORARY ISSUES [AT1] EXAMINATION March 2009 Time: 3 Hours Note: All references to the Handbook refer to the CICA Handbook. Marks 28 Question 1 Select the best answer for each of the following unrelated items. Answer each of these items in your examination booklet by giving the number of your choice. For example, if the best answer for item (a) is (1), write (a)(1) in your examination booklet. If more than one answer is given for an item, that item will not be marked. Incorrect answers will be marked as zero. Marks will not be awarded for explanations. Note: 2 marks each a. Which of the following statements applies to the efficient contracting version of positive accounting theory? 1) Earnings management is not necessarily unethical. 2) Firms should design managerial compensation contracts with a high proportion of compensation based on net income. 3) Debt contracts typically contain covenants based on accounting variables. 4) Financial reporting should not be conservative. b. Which of the following statements best captures the meaning of the decision usefulness approach to financial reporting? 1) 2) 3) 4) c. The decision usefulness approach helps standard setters design successful accounting standards. The decision usefulness approach ensures that accountants and auditors behave ethically. The decision usefulness approach encourages the supply of useful information to investors. The decision usefulness approach supports...
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...University of Aberdeen Examination for the Degree of MA AC1009: Accounting and Accountability Wednesday 26 January 2011, 15.00 – 17.00, Games Hall, Butchart Centre Session 2010-2011 Rubric: Answer all questions from SECTION A, and two from the SECTION B. SECTION A (Answer all questions from this section) Question 1 (20 sub questions 2 marks each, total 40 marks) Select the correct answer (only one choice is correct) 1.1 The main purpose of a _______________ is to generate surpluses and use the wealth for social and community objectives. a. partnership b. sole proprietorship c. not-for-profit organisation d. private limited liability company 1.2 According to the Companies Act 2006, the _____________ are required to prepare a _____________ report. a. shareholders, business prospect b. auditors, business review c. stakeholders, business prospect d. directors, business review 1.3 In a partnership, the partners make decisions collectively and are accountable to one another. This is a form of ________________ accountability. a. hierarchical b. market c. legal d. participatory 1.4 The directors are responsible for filing the company’s accounts and reports with the International Accounting Standards Board (IASB). a. True b. False 1.5 ___________________ is a network-based organisation which develops the framework for voluntary sustainability reporting. a. Global Reporting Initiative b. Global Sustainability Reporting c. Global Environmental Reporting d. Global Voluntary...
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...LUBS 5016M Financial Reporting and Regulation 2011/12 Module Handbook Module Leader: John Smith SECTION A: basic information ❑ Introduction Welcome to LUBS 5016 Financial Reporting and Regulation. This course is compulsory for MSc Accounting and Finance students. It is taught in the second semester, is worth 15 credits if successfully completed and comprises 10 lectures supported by a series of workshops or tutorials. The course is assessed by means of an examination in May/June 2012 (100 per cent). ❑ Prerequisites There are no prerequisites for this module nor is the passing of this module a prerequisite for any other module. Aims This module is designed to provide students with an understanding of the main economic and political issues that underpin academic and policy-oriented debates about the regulation, purpose and value of financial reporting. Objectives On completion of this module, students will be able to demonstrate knowledge and understanding of: • The international nature of accounting; • Financial statements produced under various systems of income measurement; • The major elements in a conceptual framework for financial accounting and its usefulness to policy makers; • The theories of accounting standard setting and the debates between different schools of theory; • The economic...
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...Analysis of a Research Paper Towards an integrated contingency framework for MAS sophistication Case studies on the scope of accounting instruments in Dutch power and gas companies By Sandra Tillema Title The title suggests that the article will give guidance towards a contingency framework for MAS sophistication. The Contingency framework states that there is no one right way to manage an organisation, so the part “towards integrated [...] framework” with the word “contingency” seems like a paradox. We feel that we might not have chosen this article if we were looking at the title only because it seemingly contradicts itself. The group agreed that the title is quite long. We have analysed it by defining the main words of which we used the Macmillan Dictionary (2002) (See appendix B). After understanding the words and theory explanation, the title became quite easy to understand. Abstract and Introduction We feel that the abstract provides concise and simple information. It is a good explanation and expansion of the title. We have chosen this article because it can be easily understood. The abstract states that many companies are being convinced to implement newly developed management accounting systems and also comments on its inappropriateness. The author states the reason for this is due to the contingency theory perspective. She also highlights that this article is based on the cases of two power and gas companies. The introduction is interesting...
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...Accounting regulation The Learning Objectives for this lecture: Regulatory framework Role of a conceptual framework Current state of play of conceptual framework for international standards Different approaches to accounting regulation •Free-market approach EMH Agency theory •Regulatory approach market mechanisms will not be able to achieve a socially optimal equilibrium price for accounting information Theory of efficient markets • The forces of supply and demand influence market behaviour and help keep markets efficient This applies to the market for accounting information and should determine what accounting data should be supplied and what accounting practices should be used to prepare it • Theory of efficient markets Cont • • • • • • The market for accounting data is not efficient The „free-rider‟ problem distorts the market Users cannot agree on what they want Accountants cannot agree on procedures Firms must produce comparable data The government must therefore intervene Theories Of Regulation • • • Accounting information is a „public good‟ Therefore some argue it is likely to be underproduced without regulation Others suggest supply would exist without regulation • There are competing theories regarding the need for and intention of regulation Defining Regulation “[R]egulation is the policing, according to a rule, of a subject‟s choice of activity, by an entity not directly party to or involved in the activity.” • Elements of...
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...process of ___. A. Financial statements, bookkeeping  B. Financial statements, accounting C. Journal entries, bookkeeping D. Journal entries, accounting Answer Key: B Feedback: What you chose is correct. Question 8 of 30 5.0/ 5.0 Points Human judgment is important in which of the following AIS tasks: (i) designing source documents, (ii) recognizing recordable transactions. A. I only B. II only  C. Both I and II D. Neither I nor II Answer Key: C Feedback: What you chose is correct. Question 9 of 30 0.0/ 5.0 Points Courses intended for freshmen at a local university are numbered from 100 to 199, while courses intended for seniors at the same university are numbered from 400 to 499. Which coding system is the university using? A. Sequential B. Block  C. Hierarchical D. Mnemonic Answer Key: B Feedback: What you chose was incorrect. Question 10 of 30 5.0/ 5.0 Points As an internal control measure in the accounting cycle, physical security most clearly applies to:  A. Source documents B. The balance sheet C. The income statement D. The statement of cash flows Answer Key: A Feedback: What you chose is correct. Question 11 of 30 5.0/ 5.0 Points Which of the following most clearly differentiates accounting and bookkeeping? A. Bookkeeping always involves information technology; accounting does not. B. Accounting always involves information...
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...Ebook Financial Theory Copeland Weston Solutions from our online library FINANCIAL THEORY COPELAND WESTON SOLUTIONS PDF Download: FINANCIAL THEORY COPELAND WESTON SOLUTIONS PDF FINANCIAL THEORY COPELAND WESTON SOLUTIONS PDF - Are you looking for PDF/Ebooks Financial Theory Copeland Weston Solutions?. You will be glad to know that right now Financial Theory Copeland Weston Solutions is available on our online library. With our online resources, you can find Financial Theory Copeland Weston Solutions or just about any type of manual, for any type of product. Best of all, they are entirely free to find, use and download, so there is no cost or stress at all. Financial Theory Copeland Weston Solutions may not make exciting reading, but Financial Theory Copeland Weston Solutions is packed with valuable instructions, information and warnings. We also have many ebooks and user guide is also related with Financial Theory Copeland Weston Solutions, include : Copeland Weston Shastri Financial Theory, financial theory and corporate policy copeland pdf, Financial Theory And Corporate Policy Copeland, Financial Theory And Corporate Policy Copeland Pearson, Thomas Copeland Financial Theory And Corporate Policy, Copeland Weston Shastri, Weston And Copeland Managerial Finance, Copeland Weston Shastri Chapter 5, Financial Accounting Theory Deegan Solutions, financial accounting theory 5th edition solutions, Financial Accounting Theory Deegan 4e Solutions, scott financial accounting...
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...Curtin Business School School of Accounting Unit Outline 309875 Accounting Theory and Analysis 308 Semester 1, 2014 Unit study package number: Mode of study: Tuition pattern summary: 309875 Internal Lecture: 1 x 1.5 Hours Weekly Workshop: 1 x 1.5 Hours Weekly This unit does not have a fieldwork component. Credit Value: Pre-requisite units: Co-requisite units: Anti-requisite units: Result type: Approved incidental fees: Unit coordinator: 25.0 305229 (v.0) Advanced Financial Accounting 260 or any previous version Nil Nil Grade/Mark Information about approved incidental fees can be obtained from our website. Visit fees.curtin.edu.au/incidental_fees.cfm for details. Lisa Cullen Name: +618 9266 7567 Phone: Lisa.Cullen@curtin.edu.au Email: 407 Building: 406A - Level 4 Room: Consultation times: Tuesday 2-4pm and Thursday 12.30-2.30pm Name: Phone: Email: Building: Room: Name: Phone: Email: Building: Room: Name: Phone: Email: Building: Room: Administrative contact: Name: Phone: Email: Building: Room: Andrew Reynolds +61 8 9266 3602 A.Reynolds@curtin.edu.au 407 426 John Evans +618 9266 3156 John.Evans@curtin.edu.au 407 407 Clive Oliver +618 92667295 Clive.Oliver@curtin.edu.au 407 412 Lesley Hill +618 9266 7295 Lesley.Hill@cbs.curtin.edu.au 407 412 Teaching Staff: Learning Management System: Blackboard (lms.curtin.edu.au) 309875 Accounting Theory and Analysis 308 Bentley Campus 19 Feb 2014 School of Accounting, Curtin Business School Page: 1 of 9 CRICOS Provider...
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...COURSE CODE : BKAF3083 COURSE : ACCOUNTING THEORY AND PRACTICE PRE-REQUISITE : BKAF3073 FINANCIAL ACCOUNTING AND REPORTING IV |Lecturer |Group |Room |Ext. |e-mail | |DR. DHIAA SHAMKI |C & F |3.07 |3740 |dhiaashamki@uum.edu.my | 1.0 SYNOPSIS This course is an advanced level course focusing on financial accounting theory; and as such, it differs from other accounting courses learnt previously. It is designed to further enhance students’ understanding of the concepts and issues in accounting theory and practices. This course involves the study of the practical and theoretical issues involved in the development, implementation and changes in accounting theories and regulatory framework. As this course will be seminal-like, this course will provide students with some generic skills required in the accounting profession such as team working, interaction, leadership, follower-ship, critical and creative thinking skills, decision making skills, analytical skills, communication skills as well as professional demeanor. 2.0 OBJECTIVES Upon completion of this course, students are expected: 2.1 to understand the principles, concepts and issues in accounting theory, financial accounting theory and reporting practices, 2...
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...UNIVERSITY, POMONA ACC 311 Intermediate Accounting I SPRING 2016 PROFESSOR: Dr. Hassan Hefzi OFFICE: 164-2085 OFFICE HOURS: 12:30 - 2:00 MW PHONE: (909) 869-2385 And by appointment E-mail: hhefzi@cpp.edu (I do not respond to e-mails on weekends) Text and other Materials: 1. Intermediate Accounting, Spiceland, Sepe and Nelson, 8th Ed., McGraw-Hill, 2016. 2. The Wall Street Journal, or the Journal of Accountancy. 3. FASB, Concept Statements No5, 6, 7 & 8). At http://www.fasb.org. Course Description: Analytical study and application of accounting theories and techniques including current literature of authoritative accounting organizations. 4 lecture/problem solving. Prerequisite: A minimum grade of “C” (2.0) in ACC 304 and a passing grade on the Graduation Writing Test. Non-accounting majors should refer to the current Cal Poly Pomona Catalog. Course Objectives: This course is aimed primarily towards those who will be providers of financial information for external use—those who will be primarily responsible for observing, selecting, measuring, and reporting financial information for external decision making. The main objective is to develop skills of APPLICATION AND ANALYSIS, i.e., to demonstrate the use of appropriate concepts, standards, and techniques after having considered the needs of financial statement users and how the behavior of the users may be influenced by financial accounting information. Achieving this objective requires...
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