Golden Bear Golf, Inc. The assertions that were relevant to Paragon’s construction projects are: existence and occurrence, completeness, valuation or allocation, and presentation and disclosure. Existence and occurrence: should have been used to test the revenue and gross profit on its construction projects. By testing to see if the assertion is appropriate to make sure that all revenue and gross profit exist would have brought the attention to the $4 million of un-invoiced construction costs
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VILLANOVA UNIVERSITY School of Business VSB2010-4 Accounting Exam (Chapters 1-4) NAME______________________ Row ____ As a community committed to the Augustinian ideals of truth, unity and love, Villanova University prides itself on maintaining the highest standards of academic integrity and does not tolerate any forms of academic dishonesty or misconduct. Accordingly, each student who takes an examination is expected to sign the following statement: I _______________________(sign your
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Comparing IFRS to GAAP Essay In the Accounting industry, there are various principles and guidelines by which financial accountants, analysts, and organizations need to abide by. The International Accounting Standards Board (IASB) issues standards (IFRS) that have been adopted by the United States and several countries outside of the U.S. (University of Phoenix, 2013). The IFRS along with Generally Accepted Accounting Principles (GAAP), professionals in the accounting industry use these guidelines as
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regarding several key financial and accounting principles. There will be all hands training meeting on May 25 @ 1100 local time, expected to last until 1300 and will be held at the Denver Embassy Suites conference room. The hotel will provide the video conference need for the offsite employees who will not be able to attend in person. This training meeting will provide the employees the necessary knowledge and understanding of these key financial and accounting principles. That is associated with the financial
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consider that very significant. But suppose you discovered the next day that the car could have been sold for $9,500. You probably would consider the opportunity cost of $2,300 on an asset worth $9,500 significant. An important application of the Principle of Self-Interested Behavior is called agency theory. Agency theory analyzes conflicts of interest and behavior in a principal–agent relationship. Broadly speaking, a principal–agent relationship is a relationship in which one entity, an agent,
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a result of the issuance of SAB 101, the company changed its method of accounting for SAM’S CLUBS and for Layaway transaction policy both of those are the most representative and the most affected by SAB101. During the fourth quarter of fiscal 2000, the Company adopted changes in its method of accounting for membership revenue recognition. The implementation of this change was accounted for as a change in accounting principle and applied cumulatively as if the change occurred at the beginning of
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FASB Codification System Orientation Paper The Financial Accounting Standard Board (FASB) Codification System would be a system that has been put into place that holds all resources together from the GAAP standards. The standards includes FASB, the Accounting Principle Board, the Securities and Exchange. The information within the FASB has all of the information located within one central location. The purpose of having the FASB Codification System in place would be for all of the information
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financial position, results of operations, and cash flows and are “prepared in accordance with generally accepted accounting principles.” 2. Qualified opinion – This contains an exception to the standard unqualified opinion, but not of sufficient seriousness to invalidate the financial statements as a whole. Examples of exceptions are (a) unconformity with generally accepted accounting principles, (b) inadequate disclosures, and (c) a limitation or restriction of the scope of the examination. 3. Adverse
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less than if you´re an investor * Managers Financial accounting – provides info for managers and people outside the firm. Managerial accounting – provides confidential info for internal decision-makers (“private” or internal accounting). GAAP – Generally Accepted Accounting Principles. Most countries are converging to US GAAP or IFRS as a generally accepted standards. Private companies do not file IFRS. Qualities of accounting * Relevant * Reliable * Consistent (over time)
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Course Syllabus School of Business XACC/290 Version 1 Principles of Accounting I Copyright © 2013 by University of Phoenix. All rights reserved. Course Description This course covers the fundamentals of financial accounting as well as the identification, measurement, and reporting of the financial effects of economic events on an enterprise. Students will learn to examine financial information from the perspective of management. Other topics include decision-making, planning, and controlling
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