Regulation environment:1. accounting is regulated by private-sector body(FASB), but government underpins the authority of its standards. 2. no legal requirement for the publication of FS3. each state has its own corporate statutes and not rigorously enforced. Reports rendered to local agencies are often unavailable to the public4. only listed companies have compulsory requrirements for FR at the federal level as specified by the SEC. | | | | Regulation environment:1. Dutch accounting presents several interesting
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Prepaid Insurance 1,200 Cash 1,200 6) $35,450 deductions from deposit Oil and grease inventory 6,320 Operating supplies and uniforms 4,130 Equipment 25,000 Deposit 35,450 7) $1500 Lease payment Lease expense 1,500 Cash 1,500 8) $49,800 Equipment payable Equipment 49,800 Equipment payable 49,800 9) $108,600 Bank deposits Cash 108,600 Parking revenue 3,300 Services revenue 105
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ACCT 551 Course Project Professor Shinedling Note 1: Summary of Significant Accounting Policies Oreo Corp. provides a wide range of telecommunications services, including voice and data transmission, internet access, various value added services through wireless and fixed lines as well as selling equipment and accessories. OREO Corp. prepares its financial statements in accordance with generally accepted accounting principles in the United States (GAAP). It represents the financial statements
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GSM 5301 Accounting for Decision Making ACCOUNTING AT MACCLOUD WINERY Syed Mohd Muhsin Sy Mohamad Mohd Khalis Mohd Asrar Norhelena Mansor Mohd Hezreey Onn Keywords to be used: A=Asset L=Liability OE=Owners’ Equity R=Revenue E=Expenses SOCI=Statement of Comprehensive Income SOFP=Statement of Financial Position PPE= Property, Plant & Equipment NBV = Net Book Value Should the leased building be accounted for as an asset? No, leased building should be accounted for as an expenses (cost
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Analyzing Financial Indicators Financial indicators for health care organizations completely assess the strengths of some of the most significant parts of the organization. Establishing dimensions of financial performance provides a primary structure for recognition of important financial indicators. Diverse financial indicators assess different factors of financial performance, for example cost-effectiveness and liquid assets, and all of this figures is necessary to make a knowledgeable
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CHAPTER 21 For a capital lease, the FASB has identified four criteria. 1. Lease transfers ownership of the property to the lessee. 2. Lease contains a bargain-purchase option. 3. Lease term is equal to 75 percent or more of the estimated economic life of the leased property. 4. The present value of the minimum lease payments (excluding executory costs) equals or exceeds 90 percent of the fair value of the leased property. **** Leases that DO NOT meet any of the four criteria are accounted
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growth was occurring through their other interests. Fortune Magazine selected Enron as "America's most innovative company" for six straight years from 1996 to 2001. Then came the investigations into their complex network of off-shore partnerships and accounting practices. What Happened? On April 17, 2001, Enron announced a 281% in revenues and a 20% increase in net income. Its stock was trading near $60. Things began to fall apart in October, however, when Enron reported an adjustment in earnings of
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Accounting Standards Codification® Notice to Constituents (v 4.6) About the Codification FASB Accounting Standards Codification® Notice to Constituents (v 4.6) About the Codification Notice to Constituent version numbers - The Notice to Constituents contains a version number indicating the degree of change within a particular version. Versions ending with ".0" represent substantive changes to the text, whereas versions ending with a number other than zero represent editorial or clerical corrections
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Schulich School of Business York University Winter 2014 Course Outline ACTG 3120.3.0 : Intermediate Financial Accounting II Section: T Class: Tuesdays, 11:30am – 2:30pm Lab: Wednesdays, 5:30pm - 7:00pm Instructor Liz Farrell (416)736-5063 or (416)736-2100, ext. 66522 S345 Seymour Schulich Building efarrell@schulich.yorku.ca Office hours: Mondays, 8:00 - 8:30 am Tuesdays, 10:30 - 11:30 am Wednesdays, 8:00 - 8:30 am Secretary Filomena Petrilli 416-736-5063 S344K Seymour Schulich Building fpetrill@schulich
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Finance Lease If the resulting lease is a finance lease, then in fact, the transaction is a loan securitized by the leased asset and seller / lessee keeps recognizing the asset. Any excess of proceeds over the carrying amount of the leased asset is deferred and amortized over the lease term. Sale and Leaseback with Operating Lease If the resulting lease is an operating lease, then a seller/lessee derecognizes the asset and a buyer/lessor recognizes the asset. Further accounting treatment
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