...M E M O R A N D U M To: Michael Jones, CEO, XYZ Company From: Sonja Bauer, QRS Accounting Date: September 3rd, 2012 Re: Acquisition of ABC Company: Pension Plan and Segment Reporting The acquisition of ABC Company resulted in the acquisition of its two pension plans, to include a defined contribution plan, and a defined benefit plan. The transaction also resulted in XYZ Company gaining control of two segments that offer no real value to its current business, as they are redundant, and therefore will be eliminated. What follows is an overview of the reporting requirements for the pensions, and what must take place for the two segments to be disposed of. Under the defined contribution plan, ABC Company contributed 6% of their employees’ salary, per pay period, to a pension fund. The eventual retirement benefit is determined by the rate of return on the invested pension funds (Schroeder, 2011). In other words, ABC Company makes no guarantee of a specified amount that would be paid to an employee upon retirement. ABC Company’s only expense for the defined contribution plan is the cash that they contributed to the pension plan fund. Accordingly, the amount of the promised annual contribution would equal the periodic pension expense (Schroeder, 2011). XYZ Company will be required to disclose the plan on financial statements, as well as describe the employee groups covered and the basis for determining contributions, as well as any significant changes from one period to...
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...Fiscal Year 2011 Annual Financial Report And Shareholder Letter January 2012 Dear Shareholders, Fiscal 2011 was a year of great accomplishment for The Walt Disney Company, marked by creativity and innovation across our businesses globally, record financial results and numerous important steps to position the Company for the future. While 2011 brought us so much to cheer about, it was also marked by profound loss, with the passing of Steve Jobs. Steve’s incredible stewardship of Pixar, and his decision to sell Pixar to Disney in 2006, brought Steve into the Disney family, as a board member, a shareholder, a mentor, and a friend, and we were so lucky for all that he represented and all that he contributed. Disney, ESPN, ABC, Pixar, and Marvel are an amazing collection of brands that grow stronger every day as new platforms and new markets provide enormous new opportunities for high quality content and experiences. To that end, we are fortunate to have a talented group of employees who are committed day in and day out to building our brands around the world. Since becoming President and CEO in 2005, I have focused on three strategic priorities: creating high-quality family content, making experiences more memorable and accessible through innovative technology, and growing internationally. In fiscal 2011, net income attributable to Disney was a record $4.8 billion, an increase of 21% over last year, and revenue was a record $40.9 billion, up 7% from last year. Diluted earnings...
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...ACC 563 Quizzes and Exams – Perfect Score Guaranteed Follow the link below to purchase Solutions http://www.hwmojo.com/products/acc563-quizzes-and-exams We have all assignments, Cases and Exams for ACC 563 and many other classes. Email us support@hwmojo.com All Quizzes, Midterm Exam, Final Exam Solution Instant Download Chapter 1 Multiple Choice: 1. 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...
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...Case Study about Sun Life Financial Services Manalaysay, Levi Jhanine P. MG11A Prof. Rosalinda Lacerona Title of the case: Sun Life Financial Services Time Context: Summary/ Abstract Sun Life Insurance is an international insurance company, providing individual and corporate life insurance, group retirement services and benefit management services. The Canadian operations have offices located throughout Canada, with the head office in Toronto. The Group Claims division provides drug and dental claim management and claim adjudication to companies in Canada through its 4 main centres in Toronto, Ottawa, Edmonton and Montreal. Clients include the Federal Government, City of Toronto, Royal Bank of Canada and Magna International. Sun Life Canada alone had a customer base of 7 million. It had its stock listed on the stock exchanges of Toronto, New York, London and Manila. Sun Life’s presence in Hong Kong has been growing stronger and stronger over the past 100 years. Clear and sound policy formulation requires any company to have well defined business objectives, vision and mission. Sun Life Hong Kong aims to be one of the top five players in the Hong Kong market for both wealth management and insurance. In the present time, Sun Life manages assets in excess of $425 billion and has an employee base of more than 14,700 and few thousands of independent agents worldwide. By 2001, with revenues of C$ 16.7 billion, Sun Life Financial Services (Sun Life) had emerged...
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...Annual report 2013 Looking forward to the future Dear Fellow Stockholder, move ahead of our peers. This unique culture allows us to attract and keep the best leaders and talent because it provides opportunities to grow and take on new challenges. That spirit will remain a cornerstone for us, to the benefit of our viewers, colleagues and investors. Shareholders of 21st Century Fox will see value driven by a commitment to bring consumers across the globe the very best stories in film and television, the greatest moments in sports, unrivaled TV news coverage, and an array of satellite products and services that deliver Rupert Murdoch, Chairman & Chief Executive Officer, 21st Century Fox the world like never before. Our potential to expand our franchises outside the U.S. is limitless, and, with many international markets still in their infancy, largely untapped. It is through this lens – dynamic content, global reach and entrepreneurial culture – that we view both the foundation and future of 21st Century Fox. While I’m not one to look back, the past 12 months have made me especially proud. At the same time, our prospects for the next 12 months and beyond are as bright as ever. The following review of our cable business, sports programming, broadcast network, film and television assets and satellite services is a snapshot of the strong foundation we have built over the years, which will serve us well as we focus on the opportunities that lie ahead. Business Segment Overview...
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...Canadian Taxation System Work? • The Income Tax System in Canada • Types of Income • Calculating Income Tax Payable • Taxation of Investment Income • Tax-Deductible Items Related to Investment Income How are Investment Gains and Losses Calculated? • Disposition of Shares • Disposition of Debt Securities • Capital Losses • Tax Loss Selling What are Tax Deferral Plans? • Registered Pension Plans (RPPs) • Registered Retirement Savings Plans (RRSPs) • Registered Retirement Income Funds (RRIFs) • Deferred Annuities • Tax-Free Savings Accounts (TFSA) • Registered Education Savings Plans (RESPs) • Pooled Registered Pension Plans (PRPPs) What are Tax Planning Strategies? Summary 25•2 © CSI GLOBAL EDUCATION INC. (2013) LEARNING OBJECTIVES By the end of this chapter, you should be able to: 1. Describe the features of the Canadian income tax system, calculate income tax payable, and differentiate the tax treatment of interest, dividends and capital gains (and losses). 2. Calculate capital gains and capital losses and assess strategies for minimizing tax liability. 3. Describe and differentiate the different tax deferral plans and their uses. 4. Identify basic tax planning strategies and discuss their advantages. TAXES AND INVESTMENTS It is often said that there are only two certainties in life: death and taxes. Taxes are a reality of life for Canadians and they affect many personal and investment decisions. Complicating matters is the differential tax rates for income, dividends...
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...The Framework of FRS F.R.A SS7 Two systems worldwide R22: Financial Statement Analysis: An Introduction R23: Financial Reporting Mechanics R24: Financial Reporting Standards The Financial Accounting Standards Board (FASB) The Statement of Financial Accounting Standards (SFAS) R25: Understanding the I/S R26:Understanding the B/S R27: Understanding the C/F R28: Financial Analysis Techniques R29: Inventories R30: Long-Lived Assets R31: Income Taxes R32: Long-Term Liabilities and Leases U.S. GAAP SS9 SS8 Generally Accepted Accounting Principle The International Accounting Standards Board (IASB) The International Accounting Standards (IAS) The International Financial Reporting Standards (IFRS) SS10 Recognition R33: Financial Reporting Quality R34: Financial Statement Analysis: Applications Measurement IFRS Disclosure Financial analysis 3-375 4-375 Framework Financial reporting & analysis 1. The role of financial reporting and financial statement analysis The role of financial reporting The International Accounting Standards Board (IASB) definition: 2. The resources used for financial statement analysis Financial reporting refers to the way companies show their financial performance to investors, creditors, and other interested parties by preparing and presenting financial statements. Key financial statements Other relevant information The objective of financial statements is to...
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...“links” decision makers with economic activities and with the results of their decisions * Information Users * Investors * Creditors * Managers * Owners * Customers * Employees * Regulatory agencies * SEC * IRS * EPA * Cost & Revenue Determination * Job costing * Process costing * ABC * Sales * Assets & Liabilities * Plant and equipment * Loans & equity * Receivables, payables & cash * Cash Flows * From operations * From financing * From investing * Decision Support * CVP analysis * Performance evaluation * Incremental analysis * Budgeting * Capital allocation * Earnings per share * Ratio analysis * Basic Functions of an Accounting System * Interpret and record business transactions * Classify similar transactions into useful reports. * Summarize and communicate information to decision makers. * Objectives of Financial Reporting (general to specific) * Information useful in making investment and credit decisions * Information useful in assessing amount, timing and uncertainty of future cash flows. * Information about economic resources, claims to resources, and changes in resources and claims. * The primary financial statements * Balance Sheet * Income Statement * Statement...
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...CIMA Professional Gateway Assessment (CPGA) 25 May 2010 – Tuesday Afternoon Session Instructions to candidates You are allowed three hours to answer this question paper. You are allowed 20 minutes reading time before the examination begins during which you should read the question paper and, if you wish, highlight and/or make notes on the question paper. However, you are not allowed, under any circumstances, to open the answer book and start writing or use your calculator during this reading time. You are strongly advised to carefully read ALL the question requirements before attempting the question concerned (that is, all parts and/or subquestions). The question requirements for Section A are highlighted in a dotted box. ALL answers must be written in the answer book. Answers or notes written on the question paper will not be submitted for marking. You should show all workings as marks are available for the method you use. ALL QUESTIONS ARE COMPULSORY. Section A comprises three questions on pages 2 to 7. Section B comprises one question containing 12 objective test sub-questions on pages 8 to 12. Maths tables are provided on pages 13 to 15. These are detachable for ease of reference. The list of verbs as published in the syllabus is given for reference on page 19. Write your candidate number, the paper number and the examination subject title in the spaces provided on the front of the examination answer book. Also write your contact ID and name in the space provided in the...
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...limited to, in any network or other electronic storage or transmission, or broadcast for distance learning. STUDENT EDITION ISBN: 978-1-61853-151-3 Bookstores & Faculty: to order this book, call 800-619-6473 or email customerservice@cambridgepub.com. Students: to order this book, please visit the book’s Website and order directly online. Printed in Canada. 10 9 8 7 6 5 4 3 2 1 PREFACE W elcome to Advanced Accounting. We wrote this book with two major objectives in mind. First, we seek to reflect the changing topical emphases and content in the advanced accounting course; coverage is completely updated for new developments concerning applicable reporting issues and requirements, including the newest FASB and GASB pronouncements and proposals. We extensively discuss International Financial Reporting Standards where appropriate throughout the book. Second, we write from the perspective of enhancing teachability; many of the topics in this course are complex and require careful explanation. We highlight the major issues in...
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...CASE STUDIES IN PERFORMANCE MANAGEMENT A Guide from the Experts TONY ADKINS John Wiley & Sons, Inc. CASE STUDIES IN PERFORMANCE MANAGEMENT CASE STUDIES IN PERFORMANCE MANAGEMENT A Guide from the Experts TONY ADKINS John Wiley & Sons, Inc. This book is printed on acid-free paper. Copyright © 2006 by SAS Institute. All rights reserved. SAS and all other SAS Institute Inc. product or service names are registered trademarks or trademarks of SAS Institute Inc. in the USA and other countries. ® indicates USA registration. Other brand and product names are trademarks of their respective companies. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. 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, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, 978-750-8400, fax 978-646-8600, or on the web at www.copyright.com. Requests to the publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, 201-748-6011, fax 201-748-6008, or online at http://www.wiley.com/go/permissions...
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...international financial reporting standards CERTIFICATE Learning materiaLs Contents FINANCIAL REPORTING CONTEXT..............................................................3 THE IFRS FRAMEWORK ..............................................................................17 PRESENTATION OF FINANCIAL STATEMENTS ........................................35 ACCOUNTING POLICIES .............................................................................49 REVENUE......................................................................................................61 INVENTORIES...............................................................................................75 PROPERTY, PLANT, AND EQUIPMENT......................................................87 BORROWING COSTS.................................................................................105 GOVERNMENT GRANTS ...........................................................................113 NON-CURRENT ASSETS HELD FOR SALE ..............................................123 INVESTMENT PROPERTY .........................................................................133 INTANGIBLES .............................................................................................145 IMPAIRMENT ..............................................................................................159 PROVISIONS AND CONTINGENCIES .......................................................171 TAXATION...........................................
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...international financial reporting standards CERTIFICATE Learning materiaLs Contents FINANCIAL REPORTING CONTEXT..............................................................3 THE IFRS FRAMEWORK ..............................................................................17 PRESENTATION OF FINANCIAL STATEMENTS ........................................35 ACCOUNTING POLICIES .............................................................................49 REVENUE......................................................................................................61 INVENTORIES...............................................................................................75 PROPERTY, PLANT, AND EQUIPMENT......................................................87 BORROWING COSTS.................................................................................105 GOVERNMENT GRANTS ...........................................................................113 NON-CURRENT ASSETS HELD FOR SALE ..............................................123 INVESTMENT PROPERTY .........................................................................133 INTANGIBLES .............................................................................................145 IMPAIRMENT ..............................................................................................159 PROVISIONS AND CONTINGENCIES .......................................................171 TAXATION...........................................
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... | |b. |funds from operations | |c. |cash surrender value of life insurance | |d. |appropriation for contingencies (restriction of retained earnings) | |e. |patents | ANS: B PTS: 1 3. At the beginning of the year, Execon Company had total assets of $200,000, total liabilities of $110,000, and shareholders' equity of $90,000. For the year, Execon Company earned net income of $75,000 and declared cash dividends of $30,000. At the end of the year, the company had total assets of $300,000 and its shareholders' equity was at $135,000. At the end of the year, Execon Corporation had total liabilities of: |a. |$0...
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...cover next page > title author publisher isbn10 | asin print isbn13 ebook isbn13 language subject publication date lcc ddc subject : : : : : : : : : : : cover next page > < previous page page_i next page > Page i Dictionary of Accounting Terms Third Edition Joel G. Siegel, PhD, CPA Professor of Accounting Queens College of the City University of New York Jae K. Shim, PhD Professor of Accounting College of Business Administration California State University, Long Beach < previous page page_i next page > < previous page ACKNOWLEDGMENTS page_ii next page > Page ii The authors would like to acknowledge the contributions made by reviewers John Downes, formerly of the New York City Office of Economic Development, and Dr. G. Thomas Friedlob, Professor of Accounting at Clemson University. Their in-depth evaluations have been of great importance to the technical accuracy of the manuscript. Gerald J. Barry suggested many meaningful insertions and deletions that greatly enhanced the authors' prose. Thanks also go to Roberta Siegel and Cher Ragge for their assistance with the computer terms, graphics, and word processing. Anna Damaskos, Don Reis, Sally Strauss, and Eileen Prigge of Barron's have been invaluable during the many stages of editing the manuscript into its bound book form. © Copyright 2000 by Barron's Educational Series, Inc. Prior editions © 1995, 1987 by Barron's Educational Series, Inc. All rights reserved. No part of this...
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