Topic 1: Introduction to financial accounting Accounting: process of identifying, measuring and communicating economic information to allow informed decisions by the users of that information. Management accounting: focuses on provision of info to users within the enterprise. ------------------------------------------------- Financial performance – generating new resources from day-to-day operations over a period of time ------------------------------------------------- Financial position –
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The following balance sheet was adapted from the financial statements of the Williamsburg Regional Sewage Treatment Authority (dates have been changed). Fund Types The transactions of the authority are accounted for in the following governmental fund types: • General fund—To account for all revenues and expenditures not required to be accounted for in other funds. • Capital projects fund—To account for and report financial resources that are restricted, committed, or assigned to expenditure for capital
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Extra Credit Assignment In the news recently, there has been a lot of discussion between the Financial Accounting Standards Board(FASB) and the International Accounting Standards Board(IASB) on finding an agreement to bring together US GAAP and IFRS on the topic of lease accounting. As we learned in class, one of the main differences between US GAAP and IFRS is the recognition of the expense pertaining to the lease. This is still one of the major sticking points in the discussions because it can
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Alcoa, which produces both aluminum and parts that go into Ford pickup trucks, has planned to divide these two businesses. For Klaus Kleinfeld, the chief executive of Alcoa, the split culminates a seven-year strategy. Through almost $5 billion worth of acquisitions and several divestitures, Mr. Kleinfeld built a new, yet-to-be-named business, providing metal products for transportation, industrial gas turbines and construction. The company is betting this side will see a boost: Its products will
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ACCT 212 Course Project (Devry) For more course tutorials visit www.acct212.com (TCO 1) The Accounting Equation is used to develop the organizations financial reports. (1) Describe what owners' equity values would be if Assets are $100,000 and Liabilities are $27,000 by showing the Accounting Equation (10 points) and (2) provide an explanation of what accounts could be found in owners' equity. (10 points) (TCO 1) The financial statements present a company to the public in financial terms.
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1. Leonard lamberts commercial building which had an adjusted basis of $500,000, was partially destroyed by fire. the fair market value was $800,000 just before the fire and $600,000 immeditately after Leonard received $150,000 insurance proceeds and deducted a $50,000 casualty loss. what is leonard's basis in the building before nay repairs are made? a.300,000 b.350,000 c.450,000 d.500,000 e.600,000 2.lenn sells 100 shares (basis of $5,000) of x corporation common stock on March 8 2010,
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Read the Arthur Andersen’s Troubles Ethics Case on pp. 107–113 (Ch. 2) of the text. Answer questions 1, 3, and 4 on p. 113 in 200 to 300 words. When responding to question 3, focus solely on the Enron case. 1. What did Arthur Andersen contribute to the Enron disaster? Arthur Andersen (AA) did not advise the Enron Audit Committee that Enron’s policies and internal control were not adequate to protect the shareholders’ interests even though AA had assumed Enron’s internal audit function (Brooks
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1.) Although one of the main purposes of an auditor is to keep a client’s financial statements fairly stated, I do not believe that it is solely the auditors’ responsibility to discover fraud. The auditors in this case varied distinctively in performing their required duties. The fact that the original auditors, Friehling & Horowitz, failed to even view ZZZZ Best perform any revenue generating activities shows a serious lack of responsibility and professionalism by the auditors. The larger CPA
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Cost-Volume-Profit (CVP) Analysis considers the impact that changes in output have on revenue, costs, and net income. In applying CVP Analysis, costs are separated into variable and fixed costs. This distinction is important because, as mentioned previously, variable costs change with changes in output, whereas fixed costs remain constant throughout what is referred to as a relevant range. CVP analysis is based on the following equation: Profit = Total Revenues - Total variable costs - Total fixed
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Internal Controls Latosha Bonita James American InterContinental University Abstract This paper will explain the accounting department and limitations of the internal control system. The internal control system and adjusting entry for 3 months at $500 per month. After reading this essay one will learn 3 limitation and 2 examples of internal control procedures. Along with the symptoms of lack of internal control and the impact of a missing journal on the financial statements
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