accounting SOLUTIONS TO EXERCISES EXERCISE 18-1 (15-20 minutes) (a) Huish could recognize revenue at the point of sale based upon the time of shipment because the books are sold f.o.b. shipping point. Because of the return policy one might argue in favor of the cash collection basis. Because the returns can be estimated, one could argue for shipping point less estimated returns. (b) Based on the available information and lack of any information indicating that any of the criteria in FASB
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ISSUES IN ACCOUNTING EDUCATION Vol. 26, No. 3 2011 pp. 593–608 American Accounting Association DOI: 10.2308/iace-50038 Wiki Art Gallery, Inc.: A Case for Critical Thinking Fred Phillips and Brandy Mackintosh ABSTRACT: This instructional case requires students to provide advice to a client who is currently a co-owner of a for-profit art gallery. The client is planning to purchase his coowner’s shares at a price to be determined based on their company’s recent financial performance.
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Cassandra Lang BA510-1A-78 Financial Accounting Theory & Analysis Week 6 Case 9-6 a. Capital expenditure can be defined as expenditure incurred on the purchase, alteration or improvement of fixed assets. These expenditures last for a long period of time and permanently increase the profit making capacity of the business. Capital expenditures appear in the balance sheet as an increase to the value of assets. For example, the purchase of a car to be used to deliver goods is capital expenditure
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Jack in the Box Unethical Accounting Business The article I have chosen to summarize highlights the accounting practices of a San Diego--based company, Jack in the Box, Inc. (NYSE: JBX). In addition to summarizing the article, I will discuss how the concepts of the article relate to my organization The Platinum Company Inc., including, making recommendations for improvement for my organization based on the article. Lastly, explain the importance of ethics in accounting and financial decision
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The BIGGER Picture (Ch. 1) Why do we need financial reporting? What is its purpose? Who are some of the key players in financial reporting? PROVIDER EXTERNAL USERS REGULATORS Your textbook (as most out there) evaluates accounting issues from a FASB perspective. We will discuss issues from the FASB’s conceptual framework, but also will try to think about others’ perspectives as well. Before we talk about the conceptual framework, we will discuss the structure of the ultimate product of the
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Question and Answer: 16. List the amount of cash flows from each of the 3 activities: Operating, Investing, and Financing for the 2 most recent years. What was the increase or decrease in cash for each of these years? Answer: $ Million | 2012 | 2011 | Operating | 50,856 | 37,529 | Investing | (48,227) | (40,419) | Financing | (1,698) | 1,444 | Change in cash | 931 | (1,446) | 17.Were there any Non-Cash Investing/Financing Transactions? Describe the type and amount
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Accounting Presentation Group members The Accounting Information of System The Personnel, procedures, devices, and records used by an organization to develop accounting information and communicate that information to decision makers The accounting process Economic activities Accounting “links” decision makers with economic activities and with the results of their decisions. Decision makers Accounting information Actions (decisions) Types of Accounting Information
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Chapter 1 Introducing Financial Accounting QUESTIONS 1. The purpose of accounting is to provide decision makers with relevant and reliable information to help them make better decisions. Examples include information for people making investments, loans, and business plans. 2. Technology reduces the time, effort, and cost of recordkeeping. There is still a demand for people who can design accounting systems, supervise their operation, analyze complex transactions, and interpret reports
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Conceptual framework includes objectives, qualitative characteristics, elements, measurement, and recognition concepts. The FASB Concepts Statements guide the board in developing accounting principles and provide understanding. These concept statements are non-authoritative and do not establish generally accepted accounting principles. Entities do not use the FASB Concept Statements in routine preparation of financial statements. (8,2) The IASB and the Interpretations Committee use conceptual framework
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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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