–Organization report 1.1 Background of ULC 1.2 Corporate Objective 1.3 Capital, Sponsors and Share Structure 1.4 Board of Directors 1.4.1 Executive Committee 1.5 Organizational Structure 1.5.1 Management 2.1 Lease Portfolio and Sector wise Exposure 2.2 Performance of ULC at a Glance 2.3 SWOT Analyses of ULC 3.0 Credit offers by ULC 4.1 Credit Approval Process of ULC 5.1 Conclusion Section 2 - Internship Project 1
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belief, were necessary for the purposes of our audit. It is the responsibility of the company»s management to establish and maintain a system of internal control, and prepare and present the above said statements in conformity with the approved accounting standards and the requirements of the Companies Ordinance, 1984. Our responsibility is to express an opinion on these statements based on our audit. We conducted our audit in accordance with auditing standards as applicable in Pakistan. These
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Accountants: current standing and immediate past performance of a firm. Financial analyst: more forward looking Principles: accrual accounting: realized when the good sold or service performed. Expense side made to match revenues Categorization of expense Operating: expenses that provide benefits only for the current period Financing: arsing from the non-equity financing used to raise capital for the business—interest expense Capital: generate benefits over multiple periods
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also have helped in detecting the errors in the leased assets. Reasonableness testing is the analysis of account balances or changes in account balances within an accounting period in terms of their “reasonableness” in light of expected relationships between accounts. For example, Ernst & Whinney could have used the number of lease contracts in effect to form expectations about the amount of rent income, the amount of depreciation expenses on leased asset, and the balances of the leased assets
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CHAPTER 21 ACCOUNTING FOR LEASES CONTENT ANALYSIS OF EXERCISES AND PROBLEMS Time Range (minutes) 5-10 Number E21-1 Content Operating Lease. (Easy) Annual rental payments, no renewable option clause, executory costs. Lessee's journal entries to record agreement, payments, expenses. Capital Lease. (Moderate) Calculation of rental payments made at end of year. Table summarizing lease payments, interest expense. Journal entries. IFRS differences. Capital Lease. (Moderate) Payments made at beginning
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Intermediate Accounting 2 Week 2 - Answer Marks will be awarded with logical argumentation and appropriate presentation of the answers. Answer to question 1 1 Definition of liability: A present obligation arising from a past event, the settlement of which is expected to result in an outflow of resources embodying benefits (i.e. usually a cash payment) There are two types of event creating obligation a) Legal – arises from the conclusion of legal contract, legislation or other operation of law
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2011 AICPA Newly Released Questions – Financial Following are multiple choice questions and simulations recently released by the AICPA. These questions were released by the AICPA with letter answers only. Our editorial board has provided the accompanying explanation. Please note that the AICPA generally releases questions that it does NOT intend to use again. These questions and content may or may not be representative of questions you may see on any upcoming exams. 1 2011 AICPA Newly Released
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Pharma Co. Date: October 8, 2012 Prepared by: Lily Xu Reviewed by: Professor Dennis Goodman ISSUE: Accounting for Pharma Co.’s restructuring program of relocating a manufacturing operation including terminating certain employees under IFRSs and GAAP. BRIEF BACKGROUND Pharma Co. is a U.S. subsidiary of a U.K. entity that prepares its financial statements in accordance with (1) U. S GAAP for reporting to its U. S.-based lender and (2) IFRSs in reporting to its parent. Pharma. Co is in the
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7–32 Control Design. Luxury Auto leases, Inc. of new Mexico, USA, has offices in Tucumcari, Santa Fe and Albuquerque. Lisa Dockery, the company president, has an office in Santa Fe and visits the other offices periodically for internal audits. Ms. Dockery is concerned about the honesty of her employees. She contacted Back & Front, CPAs, and informed them that she wanted them to recommend a computer system that would prohibit employees from embezzling cash. She also told Back & Front that
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Caltron Electronics, Inc. Reporting ACC 541 – Accounting Theory and Research April 22, 2013 MEMORANDUM To: Scott Calvin, Chief Financial Officer From: Chief Financial Analyst Subject: Peale, Gower & Quill Audit Report Date: April 22, 2012 Issue Results of the audit report prepared by Peale, Gower & Quill raised concern’s regarding four transactions and revenue recognition. Transactions in question involve Unix-based, high power minicomputers causing a total market capitalization
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