depending on whether some future even occurs. Depends on the 1) The likelihood that the confirming event will occur 2) What can be determined about the amount of loss Only before the financial statement date…regardless of the likelihood of the event if it happened after the financial statement day we do not accrue it. The company sold the defective products…so here the event giving rise to the potential liability has occurred. The uncertainty does not relate to the past event, but
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Why Government Accounting and Financial Reposting is - and Should be-Different. Government and Business Enterprises environments differs. The environment differences between them are organization purposes, process of generating revenue, relationship with stakeholders, budgetary obligation and potential for longevity. Due to these environmental differences the need for their accounting and financial reporting users differs too. The accounting and financial reporting standards for government
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+ Discussions Financial Reporting Environment and GAAP Details of Financial Statements and Ratios Accounting EquationAccounting Cycle Accrual Accounting and Adjusting Entries Merchandising Operations and Income Statements Inventory Cost-Flow Assumptions Understanding Internal Control and Reporting Cash Accounting for and Reporting Receivables Plant Assets and Intangibles Accounting for Liabilities Accounting for and Reporting Equity Statement of Cash Flows Issues
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concept for United States, the latter is used in the UK, EU, Singapore, Australia and New Zealand. The IASB job is to prepare a “high quality global accounting standard that requires transparent and comparable information in general purposes financial statements”. According to the International Accounting Standard Board (IASB) the fair presentation is the concept which should be used, while the UK’s company act believe it’s the true and fair view ( TFV). The latest version of International accounting
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Accounting Standards Building international opportunities for Australian business Corporate Law Economic Reform Program Proposals for Reform: Paper No. 1 © Commonwealth of Australia 1997 ISBN 0 642 26110 5 This work is copyright. Apart from any use as permitted under the Copyright Act 1968, no part may be reproduced by any process without prior written permission from the Australian Government Publishing Service. Requests and inquiries concerning reproduction rights should be directed
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nerdypupil@gmail.com ACC 290 WEEK 1 DISCUSSION QUESTION 1 ACC 290 Week One – DQ #1 What are the four basic financial statements? What is the primary purpose of each of the four basic financial statements? In your opinion, which financial statement is the most important? Explain why. How would the financial statements be useful to managers and employees? How would the financial statements be useful to investors and creditors? Home Work Hour aims to provide quality study notes and tutorials to the
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goods sold and the inventory balance. (1) Explain how the Last in First out (LIFO) method is applied (10 points) and (2) provide an example of the impact that this method of inventory valuation will have on Gross Profit 5. (TCO 1) To evaluate the financial operation and health of a business ratio analysis is used. (1) Provide the formula for the Acid-test (or Quick) Ratio and explain how it is computed (10 points) and (2) provide an example of how this ratio can be used in decision-making in business
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Exp. 2,000 2,000 21 Cash 1,600 1,600 25 Accounts Rec. 2,500 2,500 Financial Reporting Problem, Part I The company’s annual report is important because it gives the shareholders a clear picture and understanding about how the company is doing financially. The annual reports provide thorough information on very significant section of the accounts, such as the balance sheet, the income statement, and the cash flow statement. The information presented in the annual report would also be essential
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1-17 A. The interest rate for the United National Bank loan is lower than the original loan since a review report by a CPA would lower the information risk. The same goes for the First City Bank yet an even lower rate because an audit report is even more detailed, therefore, lower the information risk more. B. The loan from First City Bank offers the best annual costs: Bank | CPA Costs | Annual Interest | Total Annual Cost | Current Loan | 0 | 360,000 | 360,000 | United National | 35
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Professional View March 1, 2012 Financial Accounting Standards Board of the Financial Accounting Foundation Acknowledgements Bruce Pounder, CMA, CFM, DipIFR (ACCA), was the lead contributor for the Lessons included in the FASB Learning Guide For the Codification Research System. Special thanks to Karen Guasp of the FASB, Mary Nassef of the FAF, and numerous other FASB and FAF staff members for their editorial contributions. Copyright © 2012 by Financial Accounting Foundation, Norwalk, Connecticut
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