Question 1: Case analysis There are many similarities between IFRS and pre-IFRS Canadian GAAP, however there are also significant differences. They are both similar in terms of style and the form of the individual standards because they are based on similar conceptual frameworks. The main objective of both IFRS and pre-IFRS Canadian GAAP is for financial statements to give a fair presentation. When there is a choice of accounting policies, the one that can reflect the most accurate economic portrait
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Week 1 Assignment Fraud occurs for a variety of different reasons, but I feel the theory that best describes those reasons is Dr. Donald Cressey’s Fraud Triangle theory. The fraud triangle provides three elements that cause individuals to commit fraud, and those three elements are financial pressures, opportunity, and rationalization. The first element, financial pressures, is typically the driving force behind law-abiding citizens turning to fraudulent activities. There are several financial
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1. Facebook's business is to build useful and engaging products that enable people to connect and share through mobile devices and personal computers and make the world more open and connected. Facebook generates the substantial majority of their revenue from selling advertising placements to marketers and help them achieve their business objectives, such as online sales, in-store sales, or awareness of their brand. 2. Public companies are required to file various reports with the SEC. The first
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ch11 Student: ___________________________________________________________________________ 1. The three factors in cost allocation of a depreciable asset are service life, allocation base, and allocation method. True False 2. The physical life of a depreciable asset sets the lower limit of its service life. True False 3. Any method of depreciation should be both systematic and rational. True False 4. Total depreciation is the same over the life of an asset regardless of
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Chapter 11 Property, Plant, and Equipment and Intangible Assets: Utilization and Impairment Questions for Review of Key Topics Question 11-1 The terms depreciation, depletion, and amortization all refer to the process of allocating the cost of property, plant, and equipment and finite-life intangible assets to periods of use. The only difference between the terms is that they refer to different types of these long-lived assets; depreciation for plant and equipment
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questioning my request for more information on the following topics: adjusting lower cost of market inventory on valuation, the capitalizing interest on building construction, the recording of gains or losses on asset disposal, and the adjusting goodwill for impairment. By referencing the accounting principles and practices, I hope that you and your company will have better insight of my analysis of this project. In regards to adjusting lower cost or market inventory on valuation, Accounting
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Maria Marrocchi Chapter 14 Questions 1. The advantages of a partnership is the fact that you are only taxed once and it is easy to create. However there is unlimited liability incurred by each general partner that normally restricts the growth potential of most partnerships. 2. Partnership accounting differs from corporate accounting in the sense that there are various capital accounts with the partners. They is usually a different way to handle each capital account based on the contract
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political thinking. Goodwill & Hatred To remain in power, a prince must avoid the hatred of his people. It is not necessary for him to be loved; in fact, it is often better for him to be feared. Being hated, however, can cause a prince’s downfall. This assertion might seem incompatible with Machiavelli’s statements on the utility of cruelty, but Machiavelli advocates the use of cruelty only insofar as it does not compromise the long-term goodwill of the people. The people’s goodwill is always the
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Facts: A2 Auto Corporation is one of the world’s largest manufacturers and distributors of automobiles and automobile ancillary parts. In its Form 10-K, filed with the SEC, the following information was disclosed. First, on the basis of assumptions underlying the acceleration of the Company’s strategy refocus, management projects a decline in the net cash flows for the A2 Americas segment. As a result, in the third quarter of 2010, management has tested the long-lived assets of this segment
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and € 2.4 M on 12/31/2015 * All other assets were determined to be carried at fair value. These new evaluation of assets and liabilities refers to identification of Goodwill. As we know Goodwill is an intangible asset that arises as a result of the acquisition of one company by another for a premium value. In our case Goodwill is $ 4 975 000 ( Cost of Bradford Asset). The second step of our calculations was identification of the functional currency for each entity included in the financial statements
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