Ampersand LLP Beaumont, TX TO: Partner FROM: Staff Accountant DATE: March 24, 2016 ------------------------------------------------- SUBJECT: Memorandum Privileged and Confidential Relevant Facts In 2013, Mr. Hobby suffered serious bodily injury while working at a local refinery in Beaumont. On his 2013 tax return, he deducted medical expenses of $25,000. On his 2014 tax return, he deducted medical expenses of $15,000. In 2015, Hobby won a civil lawsuit connected to his injury in 2013
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This agreement is BETWEEN _______________(bodyguard’s name) hereinafter referred to as Bodyguard and Individual and/or Company:________________________________________Client’s name on above line. Represented by: _____________________________________ Address:_________________________________________City:_________________________State:________Zip:_______ Hereinafter referred to as Client. A usable copy of this contract follows this explanation. All the first part, above, is doing is
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1. Concerning Joe Accountant, he should be found violating article of AICPA’s Code of Professional Conduct by the Joint Trial Board and should receive a revoking of his CPA credentials by the Board as punishment. At the issue Joe Accountant is whether or not violated article of AICPA’s Code of Professional Conduct, Joe found out the unethical and illegal actions taken by his superior, John Boss, and his client, Barbara Doctor, during his attest performance; However, He did take the proper action
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64,950,102,718 Fixed assets including land, building, furniture and fixtures Other assets Non-banking assets TOTAL ASSETS LIABILITIES AND CAPITAL Liabilities Borrowings from other banks, financial institutions Deposits and other accounts Current deposits and other accounts Bills payable Savings bank deposits Term deposits Other liabilities Subordinated debt TOTAL LIABILITIES 1,940,530,900 2,511,486,589 656,557,191 12,234,570,407 982,629,706 24,625,099,865 32,286,541,418 70,128,841,396 5,630,947
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Types of Liabilities Liabilities are classified in different types. The two main categories of these are current liabilities and long-term liabilities. Current Liabilities Current liabilities are often loosely defined as liabilities that must be paid within a single calender year. For firms with operating cycles that last longer than one year, current liabilities are defined as those liabilities which must be paid during that longer operating cycle. A better definition, however, is that current
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CHAPTER 11 LIABILITIES 1. INTRODUCTION. a. Applicability. The applicability of this chapter is specified in Chapter 1, “Accounting Overview.” Background/Authorities. This chapter prescribes the policies and general procedures for recording and reporting liabilities consistent with the Statement of Federal Financial Accounting Standards (SFFAS) or Government Accountability Office (GAO) Title 2 standards in the absence of SFFAS. Liabilities include accounts payable; accrued expenses; interest payable;
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11 Current Liabilities, Contingencies & Provisions Required Reading: Alfredson – Chap 5, Keiso – Chaps 13, IAS 37 Learning Objectives 1. CURRENT LIABILITIES: – Define and explain types of current liabilities. – Account for the major types 2. IAS 37 PROVISIONS & CONTINGENCIES – Define Provisions and answer the following questions: • • • Why do them When to provide How much to provide – Calculate and account for Restructuring Provisions – Define Contingent Assets & Liabilities and apply
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account and cash flow statement. BALANCE SHEET Balance sheet is the most significant financial statement. It indicates financial condition or the state of affairs of a business at a particular time. Balance sheet gives information about assets, liabilities and owners equity. The balance sheet let us say prepared on 31.03.11, reveals the firm’s financial position on a particular date. It provides snapshot of the financial position of the firm at the close of accounting period. Assets - Assets are
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Rules of Preparation of Balance Sheet A balance sheet allows you to see at a glance what your company’s assets and liabilities are. The balance sheet is basically a summary of what you own and what you owe. Assets, liabilities and owner’s capital are listed as of a certain date, usually at the end of a month, quarter or fiscal year. Your balance sheet gives you a way to determine the value of your business at any particular time. 1. * Preparation of balance sheet of company is very necessary
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Passenger tickets net of discounts are recorded as current liabilities in the ‘sales in advance of carriage’ account until recognized as revenue. Yes, this would be handled similarly under U.S. GAAP. Amount 2013: 853 million euros 2012: 750 million euros Yes, transactions would be similar under U.S. GAAP. C2. Read the note for “provisions for liabilities and charges.” a. Do the beginning and ending balances of total liabilities and charges shown in the note for the fiscal year tie
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