Case 9-4 How should NeedsSpace account for the two obligations noted as provisions in the lease agreement? ● Provision 1: “Lessor may require the lessee to perform general repairs and maintenance on the leased premises.” By entering the lease agreement, NeedsSpace (the lessee) becomes legally and contractually responsible for performing general repair and maintenance on the leased premises. Assuming that the lessee is required to make deposits to financially protect the lessor concerning
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is also known as the statement of financial position. Financial disclosures and the balance sheet are closely related. Common financial disclosures are allowance for uncollectable accounts, information about common stock, summary of significant accounting policies, descriptions of subsequent events and related third-party transactions. The balance sheet includes the entity’s assets, liabilities and shareholders’ equity. The balance sheet has many components and is used to help portray the company’s
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Introduction Unlike conventional economics which focuses on profit maximization, the Islamic economic system aims at the “study of human falah achieved by organising the resources of earth on the basis of cooperation and participation (Akram Khan, p.55).” In other words, the Islamic economic system aims at attaining Allah s.w.t’s pleasure, while pursuing economic activities within the boundaries of the Islamic shariah. The Islamic shariah puts a heavy importance on the well being of the community
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LABUAN FACULTY OF INTERNATIONAL FINANCE UNIVERSITI MALAYSIA SABAH - LABUAN INTERNATIONAL CAMPUS GB30803 CREDIT MANAGEMENT ------------------------------------------------- Semester 2 (Session 2015/2016) ------------------------------------------------- Assignment 1: Case Study 1 – Boat Builders Pty Ltd PREPARED FOR: Sir. Raymond Liew PREPARED BY: No. | Names | Matrix Number | Program Code | 1. | Lim Khai Sing | BG13110219 | HE20 | 2. | Lorraine Wong Syn Yi | BG13110236
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Accounting Final 1. Matching Principle – requires that expenses be matched with revenues. When revenue is recorded you should also record at the same time any expenses that are related to the revenue. Accrual basis of accounting is typically required for the matching principle; it is a type of accounting that records the impact of a business transaction as it occurs. 2. Salvage Value – also known as the estimated residual value or scrap value. It is the expected cash value of an asset at
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business can lease and the benefits that can be derived from leasing. Other “stuff” that a business can lease Lease or license a software Businesses can lease a software license for a given period. The client uses the software product that requires a license. However, the client holds the license for the lease period even after the product has been quit. If the client does not use the software again, the license is automatically revoked at the end of the lease period. Also, lease licenses
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issues ........................... 8 Tax considerations ..........9 Derivative and hedging considerations ..............9 Subsequent events ........ 10 Internal control implications ................ 10 Questions ....................... 11 Accounting and disclosure implications of Hurricane Sandy Overview On October 29, 2012 Hurricane Sandy, one of the largest Atlantic hurricanes on record, came ashore in the U.S. When the storm made landfall it was no longer categorized as a hurricane
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According to the information given, Team Spirit is part of the Vernal Corporation and will be in charge of opening an office over 200 miles away from company headquarters. Team Spirit is composed of the Project Manager as well as representatives from Accounting Systems, Information Systems, Technical Support, and Government Contracts. An Organizational Development manager is also a part of the team in order to ensure a minimal complications during the new office and new team transition. All members of
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up to date for the released results of standard-setting activity. c. What authoritative literature does the codification supersede? The codification in Statement No. 168 supersedes Statement No. 162 - The Hierarchy of Generally Accepted Accounting Principles. d. How is the codification structured? Include as discussion of the topic, subtopics, sections and subsections in your answer. The Codification is organized into Areas, Topics, Subtopics, and Sections. Each Area, Topic, and
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2010 annual report RXU stakeholder philosophy Our “bottom line” ultimately depends on our ability to satisfy all of our stakeholders. Our goal is to balance the needs and desires of our customers, Team Members, shareholders, suppliers, communities and the environment while creating value for all. By growing the collective pie, we create larger slices for all of our stakeholders. Our core values reflect this sense of collective fate and are the soul of our company. RXU core values VHOOLQJ
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