Subject: PP&E - Measurement Subsequent to Initial Recognition Introduction The reasons why we choose to analyze the revaluation of PP&E are: 1. They are often involved in large amount of transactions and initially recognized at cost, and depreciated subsequently, as a result, it takes a lot of work to keep record of its carrying value; 2. PP&E makes up a large percentage of the total assets, especially for manufacturing companies, and is expected to be long-term assets held for
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C H A P T E R 8 VALUATION OF I NVE NTOR I E S : A COST-BASIS APPROAC H LEARNING OBJECTIVES After studying this chapter, you should be able to: •1 •2 •3 •4 •5 •6 •7 •8 •9 •10 Identify major classifications of inventory. Distinguish between perpetual and periodic inventory systems. Identify the effects of inventory errors on the financial statements. Understand the items to include as inventory cost. Describe and compare the cost flow assumptions used to account for inventories. Explain
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Accounting Regulation and Treatment of Patents XYZ Research Company Case Study You have been hired as a consultant for XYZ Research Co. XYZ Research Co. incorporated in 2010. XYZ ‘s business centers on developing new technology for interplanetary exploration. The company has many patents and has historically expensed all of the costs associated with obtaining their patents. The owners of XYZ Labs are unsure whether or not if any or all of its patent costs can be capitalized. They also are unsure
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Solutions to Problems and Exercises Table of Contents Chapter 1 5 CA 1-4 5 CA 1-6 5 CA 1-8 6 CA 1-10 7 CA 1-12 8 CA 1-17 9 Chapter 2 10 CE2-2 10 CE2-3 10 EXERCISE 2-2 11 EXERCISE 2-3 12 EXERCISE 2-4 13 CA 2-4 13 Chapter 3 15 EXERCISE 3-6 15 EXERCISE 3-10 16 EXERCISE 3-13 19 EXERCISE 3-15 19 EXERCISE 3-20 20 Chapter 4 22 PROBLEM 4-1 22 PROBLEM 4-3 25 PROBLEM 4-5 27 PROBLEM 4-7 29 Chapter 5 31 PROBLEM 5-2 31 PROBLEM 5-4 34 Chapter 6 37 EXERCISE 6-3 37 EXERCISE
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Growing Pains at Groupon As an undergraduate music major at Northwestern University, Andrew Mason eagerly sought a version of rock music that would fuse punk with the Beatles and Cat Stevens. Little did he imagine that within ten years he would be the CEO of one of history’s fastest growing businesses. After Northwestern and faded dreams of rock stardom, Mason, a self-taught computer programmer, was hired to write code by the Chicago firm InnerWorkings. InnerWorkings was founded in 2001 by Eric
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of the Operating Lease and its Impact on Leading U.S. Companies Mark S. Lynn Mount St. Mary’s University Copyright 2010, Mark S. Lynn Death of the Operating Lease Abstract The proposed elimination of operating lease treatment by the IASB and FASB, as outlined in 2 their discussion paper, Leases – Preliminary Views, will have a varying degree of impact on U.S firms. After a review of the evolution of lease accounting and a discussion of financial ratio analysis, this paper examines the
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Solutions to Problems and Exercises Table of Contents Chapter 1 5 CA 1-4 5 CA 1-6 5 CA 1-8 6 CA 1-10 7 CA 1-12 8 CA 1-17 9 Chapter 2 10 CE2-2 10 CE2-3 10 EXERCISE 2-2 11 EXERCISE 2-3 12 EXERCISE 2-4 13 CA 2-4 13 Chapter 3 15 EXERCISE 3-6 15 EXERCISE 3-10 16 EXERCISE 3-13 19 EXERCISE 3-15 19 EXERCISE 3-20 20 Chapter 4 22 PROBLEM 4-1 22 PROBLEM 4-3 25 PROBLEM 4-5 27 PROBLEM 4-7 29 Chapter 5 31 PROBLEM 5-2 31 PROBLEM 5-4 34 Chapter 6 37 EXERCISE 6-3 37 EXERCISE
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B. Ex. 1.10 Learning Objectives 1, 3, 5 2,5 3,4 5,6 1, 3, 5, 6 5, 6 2, 5, 6 7, 8 5, 7 1 Topic Users of accounting information Components of internal control Inexact or approximate measures Standards for the preparation of accounting information FASB conceptual framework PCAOB COSO Professional certifications in accounting AICPA code of professional conduct Personal benefits of accounting skills Skills Analysis Analysis Analysis, judgment Analysis Analysis Analysis, research Analysis, ethics
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Accounting Concepts No. 8 September 2010 Conceptual Framework for Financial Reporting Chapter 1, The Objective of General Purpose Financial Reporting, and Chapter 3, Qualitative Characteristics of Useful Financial Information a replacement of FASB Concepts Statements No. 1 and No. 2 Copyright © 2010 by Financial Accounting Foundation. All rights reserved. Content copyrighted by Financial Accounting Foundation may not be reproduced, stored in a retrieval system, or transmitted, in any form
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Accounting Concepts No. 8 September 2010 Conceptual Framework for Financial Reporting Chapter 1, The Objective of General Purpose Financial Reporting, and Chapter 3, Qualitative Characteristics of Useful Financial Information a replacement of FASB Concepts Statements No. 1 and No. 2 Copyright © 2010 by Financial Accounting Foundation. All rights reserved. Content copyrighted by Financial Accounting Foundation may not be reproduced, stored in a retrieval system, or transmitted, in any form
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