...Answer: 1. In writing Philippine history the vital components of historical was the bibliography because it is guide to do so our topic and also it is the basis that the importation that you looking for was true and the bibliography was very necessary to have because this is the way that you can prove the topic it shall also be the components that very importance when you writing historical research because this will be your evidence that they have a vital information that happen. Answer: 1. In writing Philippine history the vital components of bibliography guides on the various collections because this is the way of our topic and also for looking what it information like the library, museum researcher. It shall also the components that so very important for your writing historical research of the Filipina materials in the memorial museum and the most extensive collection of documents and manuscripts in the Philippines. This writing of the Philippines of history these tools are necessary implements for historians to facilitate the already historical research in the writing in the Philippines. Answer: 2. The sum of factors in the presentation of national history among renowned Filipino historians in the rewriting of the history that presents. Philippine history of periods wrote about those come the archipelago in various bases from my research for the identify and direction...
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...Chapter 01 Environment and Theoretical Structure of Financial Accounting True / False Questions 1. | The primary function of financial accounting is to provide relevant financial information to parties external to business enterprises. True False | 2. | Accrual accounting attempts to measure revenues and expenses that occurred during accounting periods so they equal net operating cash flow. True False | 3. | The FASB is currently the public-sector organization responsible for setting accounting standards in the United States. True False | 4. | The FASB's due process invites various interested parties to indicate their opinions about whether financial accounting standards should be changed. True False | 5. | Accounting for stock-based compensation is an area in which the FASB has received little political interference. True False | 6. | The Public Reform and Investor Protection Act of 2002 (Sarbanes-Oxley) changed the entity responsible for setting auditing standards in the United States. True False | 7. | A rules-based approach to standard setting stresses professional judgment as opposed to following a list of rules. True False | 8. | Under federal securities laws, the SEC has the authority to set accounting standards in the United States. True False | 9. | The primary responsibility for properly applying GAAP when communicating with investors and creditors through...
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...SEC Staff Accounting Bulletin: No. 101 – Revenue Recognition in Financial Statements Securities and Exchange Commission 17 CFR Part 211 [Release No. SAB 101] Staff Accounting Bulletin No. 101 Agency: Securities and Exchange Commission Action: Publication of Staff Accounting Bulletin Summary: This staff accounting bulletin summarizes certain of the staff's views in applying generally accepted accounting principles to revenue recognition in financial statements. The staff is providing this guidance due, in part, to the large number of revenue recognition issues that registrants encounter. For example, a March 1999 report entitled Fraudulent Financial Reporting: 1987-1997 An Analysis of U. S. Public Companies, sponsored by the Committee of Sponsoring Organizations (COSO) of the Treadway Commission, indicated that over half of financial reporting frauds in the study involved overstating revenue. Date: December 3, 1999 For Further Information Contact: Richard Rodgers, Scott Taub, or Eric Jacobsen, Professional Accounting Fellows (202/942-4400) or Robert Bayless, Division of Corporation Finance (202/942-2960), Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549; electronic addresses: RodgersR@sec.gov; TaubS@sec.gov; JacobsenE@sec.gov; BaylessR@sec.gov. Supplementary Information: The statements in the staff accounting bulletins are not rules or interpretations of the Commission, nor are they published as bearing the Commission's official...
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...Financial Accounting Standards Board ORIGINAL PRONOUNCEMENTS AS AMENDED Statement of Financial Accounting Concepts No. 5 Recognition and Measurement in Financial Statements of Business Enterprises Copyright © 2008 by Financial Accounting Standards Board. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the Financial Accounting Standards Board. CON5 Statement of Financial Accounting Concepts No. 5 Recognition and Measurement in Financial Statements of Business Enterprises STATUS Issued: December 1984 Affects: No other pronouncements Affected by: No other pronouncements HIGHLIGHTS [Best understood in context of full Statement] • This Statement sets forth recognition criteria and guidance on what information should be incorporated into financial statements and when. The Statement provides a basis for consideration of criteria and guidance by first addressing financial statements that should be presented and their contribution to financial reporting. It gives particular attention to statements of earnings and comprehensive income. The Statement also addresses certain measurement issues that are closely related to recognition. • Financial statements are a central feature of financial reporting—a principal means of communicating financial information to those outside an...
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...standards in US GAAP. One of the many issues that contributed to the recession was accounting policies for the recognition of credit losses. Banks and large financial institutions usually recognized credit losses through an “expected credit losses” approach that included an initial recognition threshold. Credit losses would be recognized on financial statements once they were “probable to occur”. The recognition of a loss was based on a multitude of information. The difficulty with the existing method is that market events and many other variables make it very difficult to predict when credit losses are probable. This accounting policy lead to gross understatements of expected credit losses in the recent crisis and contributed to crashes in the stock market. The exposure draft for Financial Instruments - Credit Losses (Subtopic 825-15) aims to broaden the amount of information when calculating an allowance for expected credit losses. The financial instruments that are in question are loans, debt securities, trade receivables, lease receivables, loan commitments and any other receivables that represent contractual rights to receive cash. These changes with will apply to any entity that holds a financial asset and is not measured at current value. The amendment seeks to include past information when calculating the figure. Past information may include historical losses with similar assets, current conditions, and reasonable and supportable forecasts that the...
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...rebates allowed by the entity. An entity usually determines the amount of revenue arising on a transaction by referring to the agreement between the entity and the buyer or user of the asset (Lam & Lau 2009). There have few types of revenue recognition such as from sale of goods, the rendering of services and interest, royalties and dividends. Whereas, some of factors need to be considered when determining when revenue should be recognized in measuring the income of a business enterprise (Lam & Lau 2009). First, the selling price to buyer is fixed or determinable when customer does not have the unilateral right to terminate or cancel the contract and received a cash refund. From the theory, revenue should not be recognized until the refund rights have expired or the specified future events have occurred. However, revenues can be recognized on a pro rata basis if assuming that the amount of refunds can be reliably estimated based on past experience and industry data (Bragg 2010). But, revenue recognition is deferred when the company has lack of ability to estimate reliably. As an example, if a company sells a membership fee that can be cancelled by customer for a full refund at any time during the membership period, the revenue recognition cannot occur until the end of the contractual period (Bragg 2010). The reason for this position is that there is uncertainty as to whether...
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...International law.Sovereignty, with its retinue of legal rights and duties, is founded upon the fact of territory. Without territory a legal person cannot be a state. It is undoubtedly the basic characteristic of a state and the one most widely accepted and understood. A number of legal interests are capable of existing over land and the possibility exists of dividing ownership into different segments. Disputes as to territory in international law may be divided into different categories. Therefore, claims to territory may be based on a number of different grounds, ranging from the traditional method of occupation or prescription to the newer concepts such as self-determination, with various political and legal factors, for example, geographical contiguity, historical demands and economic elements, possibly being relevant. The continuing border-dispute between China and India is a puzzle for many. Arunachal Pradesh, in the Northeast area of India, is territory that is disputed by the two countries. The area around this state is extremely diverse, with many different ethnic groups and identities. It is an extremely strategic area for India. Despite six decades of attempts at resolution, the dispute persists in the face of official booming trade relations between the two rising giants. The paper tries to find out different grounds on which the respective states claim the territory and the relevance of such grounds in the International community. The author also discusses the scope...
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...judgement and complexity, which in turn could materially affect the net income if various assumptions were changed significantly. Critical judgements in applying accounting policies The following are the critical judgements, apart from those involving estimations (see below), that the Group has made in the process of applying the accounting policies and that have the most significant effect on the amounts recognised in the financial statements: Revenue recognition - gross versus net presentation of traded SDFI volumes of oil and gas production As described under Transactions with the Norwegian State (see note 2 - Significant accounting policies to our Consolidated Financial Statements included in this report), the Group markets and sells the Norwegian State's share of oil and gas production from the NCS. The Group includes the costs of purchase and proceeds from the sale of the SDFI oil production in its Cost of goods sold and Revenue, respectively. In making the judgement the Group considered the detailed criteria for the recognition of revenue from the sale of goods set out in...
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...Page 1 – Textbook Problem Page 2 – Supporting References Page 3 – Financial Statement Notes Page 4 – Related Article Summary Page 1 – Textbook Problem Page 2 – Supporting References Page 3 – Financial Statement Notes Page 4 – Related Article Summary Revenue Recognition Target & Walmart Revenue Recognition Target & Walmart 1. Textbook Problem (a) – What is the authoritative literature addressing revenue recognition when right of return exists? (b) – What is meant by “right of return”? Per FASB Accounting Standards Codification (ASC) topic 605-15-05-2 (right of return): ”It is the practice in some industries for customers to be given the right to return a product to the seller under certain circumstances. In the case of sales to the ultimate customer, the most usual circumstance is customer dissatisfaction with the product. For sales to customers engaged in the business of reselling the product, the most usual circumstance is that the customer has not been able to resell the product to another party. (Arrangements in which customers buy products for resale with the right to return products often are referred to as guaranteed sales.)” (c) – When there is a right of return, what conditions must the company meet to recognize the revenue at the time of sale? If a transaction is made that includes a right to return, for the selling company to recognize the revenue at the time of the sale the following six conditions must be met: 1. The seller’s price...
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...recording experience. One decision made by the management was to raise the candy price by 10% in order to cover up the losses from returns. They decided not to record the expected/estimated amount of losses or returns, since it was already been covered by the raised price of candies. The main issue now is whether the management’s decision of not recording the estimated returns of merchandize violates the GAAP regulation? We have considered three alternatives. (1) Record the estimated return amount even if it is hard to estimate, (2) Raise the prices and do not record the estimated returns considering it would be immaterial, and (3) Revenue recognition should be deferred until the payment is made. We have searched FASB codification by using the key work “right of return”. In addition, we have researched Codification topics 605 Revenue Recognition. Four relevant hits have been found. FASB ASC 605-15-15-2 states that sales in which a product may be returned, whether as a matter of contract or as a matter of existing practice, either by the ultimate customer or by a party who resells the product to others. The product may be returned for a refund of the purchase price, for a credit applied to amounts owed or to be owed for other purchases, or in exchange for other products. GAAP allows the right of return and provides various options to buyer and seller. FASB ASC 605-15-25-1 states that if an entity sells its product but gives the buyer the right to return the product, revenue from...
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...A Historical Perspective Abstract Since nursing has become an occupation, there have been many factors leading to the nursing shortages that have happened in the past and that are still occurring in the present. There hasn’t been a single deciding factor on why people are refusing to come into the field of nursing or leaving sooner than expected. But, what is known by all healthcare providers is that the shortage has a negative effect on many of the aspects of the healthcare setting and recruitment processes. To be able to fix this problem, education, healthcare system, policies, and image must change. The Historical Perspective Many external problems are helping cause the nursing shortages now, and have influenced past shortages as well. Since the 1800’s, many specialized practices have come into play (West,Griffith,Iphofen, 2007, p.124). For example, therapists, X-ray and lab technician, were all newly evolving, and were seen as skilled practitioners. Nursing was never seen as a highly proclaimed occupation, just another labored job. This was because it was viewed as a “women’s job”, and that most, if not all, of the nurses were female. During the nineteenth century, Florence Nightingale strongly proposed that education for nurses meant employing hospitals with a labor force that practiced under physicians. She believed this was the right thing, because it was based off of the preexisting relationships already in the institutional settings. But this created...
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...CONCEPTUAL FRAMEWORK * The overall objectives of financial statements of The Framework Provide information about the financial position, performance and changes in financial position of an enterprise that is useful to a wide range of users in making economic decisions. Financial statements prepared for this purpose meet the common needs of most users. The economic decisions that are taken by users of financial statements require an evaluation of the ability of an enterprise to generate cash and cash equivalents and of the timing and certainty of their generation. Users are better able to evaluate this ability to generate cash and cash equivalents if they are provided with information that focuses on the financial position (provided in a balance sheet), performance (provided in an income statement) and changes in financial position of an enterprise. * The Framework first of all outlines the users of accounting information in a manner broadly * Investors The providers of risk capital and their advisers are concerned with the risk inherent in and return provided by, their investments. They need information to help them determine whether they should buy, hold or sell. Shareholders are also interested in information which enables them to assess the ability of the enterprise to pay dividends. * Employees Employees and their representative groups are interested in information about the stability and profitability of their employers. They are also interested in information...
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...Explain how revenues are different from "gains." b. Describe what it means for a business to "recognize" revenues. What specific accounts and financial statements are affected by the process of revenue recognition? Describe the revenue recognition criteria outline in the FASB's Statement of Concepts No. 5. c. Refer to the Revenue Recognition discussion in Note 1. In general, when does Apple recognize revenue? Explain Apple's four revenue recognition criteria. Do they appear to be aligned with the revenue recognition criteria you described in part b, above? d. What are multiple-element contracts and why do they pose revenue recognition problems for companies? e. In general, what incentives do managers have to make self-serving revenue recognition choices? Refer to the financial reports of Apple, Inc. for the year ended September 25, 2010 +Process+ .f. Refer to Apple's revenue recognition footnote. In particular, when does the company recognize revenue for the following types of sales? I. iTunes songs sold online. ii. Mac-branded accessories such as headphones, power adaptors, and backpacks sold in the Apple stores. What if the accessories are sold online? iii. iPods sold to a third-party reseller in India. g. Refer to Apple's revenue recognition footnote. Consider...
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...Explain how revenues are different from "gains." b. Describe what it means for a business to "recognize" revenues. What specific accounts and financial statements are affected by the process of revenue recognition? Describe the revenue recognition criteria outline in the FASB's Statement of Concepts No. 5. c. Refer to the Revenue Recognition discussion in Note 1. In general, when does Apple recognize revenue? Explain Apple's four revenue recognition criteria. Do they appear to be aligned with the revenue recognition criteria you described in part b, above? d. What are multiple-element contracts and why do they pose revenue recognition problems for companies? e. In general, what incentives do managers have to make self-serving revenue recognition choices? Refer to the financial reports of Apple, Inc. for the year ended September 25, 2010 +Process+ .f. Refer to Apple's revenue recognition footnote. In particular, when does the company recognize revenue for the following types of sales? I. iTunes songs sold online. ii. Mac-branded accessories such as headphones, power adaptors, and backpacks sold in the Apple stores. What if the accessories are sold online? iii. iPods sold to a third-party reseller in India. g. Refer to Apple's revenue recognition footnote. Consider...
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...Fixed asset Property, plant, and equipment typically consist of long-lived tangible assets used to create and distribute an entity's products and services and include: • a. Land and land improvements • b. Buildings • c. Machinery and equipment • d. Furniture and fixtures. Initial measurement Historical Cost Including Interest 30-1 Paragraph 835-20-05-1 states that the historical cost of acquiring an asset includes the costs necessarily incurred to bring it to the condition and location necessary for its intended use. As indicated in that paragraph, if an asset requires a period of time in which to carry out the activities necessary to bring it to that condition and location, the interest cost incurred during that period as a result of expenditures for the asset is a part of the historical cost of acquiring the asset. 30-2 See the glossary for a definition of activities necessary to bring an asset to the condition and location necessary for its intended use. Subsequent measurement Depreciation 35-2 This guidance addresses the concept of depreciation accounting and the various factors to consider in selecting the related periods and methods to be used in such accounting. 35-3 Depreciation expense in financial statements for an asset shall be determined based on the asset's useful life. 35-4 The cost of a productive facility is one of the costs of the services it renders during its useful economic life. Generally accepted accounting principles...
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