School of Accounting Electronic Research System Tutorial Fall 2011 SCHOOL OF ACCOUNTING ELECTRONIC RESEARCH SYSTEM (SAERS) Welcome to the world of electronic accounting and auditing research. The use of electronic media to research an accounting and/or auditing issue can reduce the research time significantly and thus can make the accountant/auditor more efficient in today's business environment. Efficient and effective accounting or auditing
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Property, Plant and Equipment Property, Plant and Equipment I- Nature of Accounting Issues Businesses purchase and use a variety of fixed assets, such as equipment, furniture, tools, machinery, buildings, and land. These fixed assets are long-term or relatively permanent assets. Also, they are tangible assets because they exist physically. They are owned and used by the business and are not offered for sale as part of normal operations. Perhaps the most descriptive titles these assets are
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Accounting Standards Board Paper Accounting Standards Board Paper Accounting is defined as the practice of recording, analyzing, and reporting the financial transactions of an organization (Schroeder, Clark, & Cathey, 2011). Since 1973, there has been a governing body that has determined what is considered acceptable business practices in regard to the relationship between these functions. In the United States, that governing body is known as the Financial Accounting Standards Board or FASB
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the subsequent depression of the 1930’s created the desire an need for the formation of a set of standards for financial reporting and began the evolution toward present day FASB rulings. From the first set of standards it became obvious that this would not be able to be handled informally and by 1972 the FASB was formed so as to be the go to, non-governmental source for all regulations in the accounting industry. However, the formation of this body did not end the evolution or creation of regulations
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Response to Client Request II ACT/541 March17, 2014 Response to Client Request II To: Client From: Consulting Group Subject: Financial Implications of Pending Litigation Financial Repercussions The Generally Accepted Accounting Principles (GAAP) created financial reporting that will have some consequences from the client’s impending litigation. The first impact is with the obligation for contingencies in the financial statements to explain the probable account for the conclusion of
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Accounting Standards Board Renee’ Livious ACC/541 March 11, 2012 Thomas Gruber Accounting Standards Boards For a business to be successful, anything for that matter, guidelines and policies have to be put in place. This also involves internationally run businesses as well. The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB)
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RESEARCH: Accounting Standard Codification (ASC) 1. FASB had four primary goals in developing the codification. List these four goals: 1. Reduce the amount of time and effort required to solve an accounting research issue 2. Mitigate the risk of noncompliance through improved usability of the literature 3. Provide accurate information with real-time updates as Accounting Standards Updates are released 4. Assist the FASB with the research and convergence
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CHAPTER 1 Financial Accounting and Accounting Standards ASSIGNMENT CLASSIFICATION TABLE | | | | |Topics |Questions |Cases | |1. |Subject matter of accounting. |1, 2 |4
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Matt Preston 09/10/2013 Section 1: Wall Street Journal Counter Argument Counter Argument to “I’m Homeschooled-Hold the Pity, Please” “I’m Homeschooled-Hold the Pity, Please” is an article that was published in the Wall Street Journal September 9, 2013. What is interesting about this article (besides its content) is the author, who is a high school sophomore, by the name of Veronica Andreades. She explains in her writing that teenagers have asked her why her parents homeschooled her. They
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FASB Codification System Orientation ACC/497 The Financial Accounting Standards Board (FASB) became necessary to accounting standards in order to ensure certain methods and structures are followed. The FASB is not the primary group to hold this responsibility, and because of this confusion can arise from complying with Generally Accepted Accounting Principles (GAAP). In order for the FASB to simplify standards, the Accounting Standards Codifications was established. The FASB ASC is designed
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