GFS - Grandfather-father-son backup refers to a common rotation scheme for backup media. In this scheme there are three or more backup cycles, such as daily, weekly and monthly. The daily backups are rotated on a daily basis using a FIFO system as above. The weekly backups are similarly rotated on a weekly basis, and the monthly backup on a monthly basis. In addition, quarterly, half-yearly, and/or annual backups could also be separately retained. Often some of these backups are removed from the
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Statement of Income — Under IFRS, extraordinary items are not segregated in the income statement. With GAAP, they are shown below the net income. * Inventory — Under IFRS, LIFO cannot be used, but GAAP, companies have the choice between LIFO and FIFO. * Earning-per-Share — Under IFRS, the earning-per-share calculation does not average the individual interim period calculations, whereas under GAAP the computation averages the individual interim period incremental shares. * Development costs
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Food Hygiene Assignment Facilities and kitchen staff: * We have 50 rooms which are 75% occupancy midweek and 100% occupancy weekends. * Midweek room turnover is 37.5 rooms @ 89 per room( inclusive of breakfast) = €3,337.50 per day. * We cater for 25 breakfasts on average per day Monday – Thursday. Total for the 4 days =€ 13,350 each week * Weekend room turnover is 50 rooms @ €109 per room = €5,450 per day. * We generally cater for 70% breakfasts per day Friday – Sunday. Total
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IFRS vs U.S. GAAP Victoria Harris American Public University Acct 610 There are two sets of accounting standards that are used worldwide. One is the International Financial Reporting Standards (IFRS) and the U.S. Generally Accepted Accounting Principles (GAAP). There is a huge desire for there to one set of accounting standards worldwide with the increase of companies performing business in many different countries and global expansion. The International Financial Reporting Standards
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|GRAND ALPHATECH INTERNATIONAL CORPORATION | | |AUDIT REPORT | | |By Jean Bee Choa | | |Selling area / Customer visit | | |In Caloocan city
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WIP inventory • Calculation of Equivalent Units • Determine Finished Goods Inventory • Calculation of COGS • Determination of Gross Profit Adam’s Apple Company makes homemade applesauce using Grandma Adam’s special recipe. The company uses a FIFO process cost system. The process starts in the Kettle Room where apples are cored, cut and added to the Kettles along with Grandma’s special spices. After several hours of slow simmering, the sauce is cooled as it moves to the Canning department
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percent, respectively, of the total assets and revenues of the entity being audited. 7. A company has changed the remaining life of a significant asset from 12 to 10 years. You believe that the change is reasonable. 8. A company changes from FIFO to LIFO for inventory valuation and you concur with the change. The change has an immaterial effect on the entity's financial statements this year, but it is expected to have a material effect in the future. 9. Your client is a defendant in a major
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horizontal honeycombing Pros-Fixed Location Systems: Immediate knowledge of where items are located Training time of new hires is reduced Simplifies receiving and stock replenishment Allows for strong control of individual lots( make it easier to use fifo or lifo)Allows sku’s to be placed sequentially Allows products to be placed close to point-of-use. Allows better planning for sku size, weight, physical nature etc. Cons-fixed location system Contribute to honeycombing Require maximum space based
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Gross Method | Record sale (full price) | Accounts Rec | | Sales Rev | Discounted Payment | Cash | Sales Discounts | | Accounts Rec | Post discount period payment | Cash | | Accounts Rec | Net Method | Record sale (net discount) | Accounts Rec | | Sales Rev | Record payment | Cash | | Accounts Rec | Add interest rev (post discount) | Cash | | Accounts Rec | | Interest Revenue | Sales Returns | Sales Returns | | Accounts rec | Inventory |
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Bad$Debt$Expense$ $ XYZ$Incorporated$uses$the$aging$method$to$estimate$bad$debt$expense,$and$amounts$ for$receivables$along$with$bad$debt$rates$are$shown$in$the$table$below.$ $ The$opening$balance$in$the$Allowance$for$Doubtful$Accounts$at$January$1,$2012$is$ $10,000$and$there$have$been$writeFoffs$during$the$year$in$the$amount$of$$3,500.$$$ $ Determine$the$amount$of$bad$debt$expense$for$the$2012$year$and$prepare$the$ journal$entry$to$record$2012$bad$debt$expense.$Fill$in$the$“Estimated$Bad$Debt$
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