Accounting True / False Questions 1. | The primary function of financial accounting is to provide relevant financial information to parties external to business enterprises. True False | 2. | Accrual accounting attempts to measure revenues and expenses that occurred during accounting periods so they equal net operating cash flow. True False | 3. | The FASB is currently the public-sector organization responsible for setting accounting standards in the United States.
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Glossary Notes: Note 1: CICA Part I applies to publicly accountable enterprises, CICA Part II ASPE applies to private enterprises; CICA Part III ASNFPO applies to not-for-profit organizations. CICA Part IV ASPP applies to pension plans. For governments and government organizations, see under Public Sector Accounting (PSA) Handbook for details of what applies. Note 2: Part II and V Definitions may not be identical — check the CICA Handbook — Accounting. A B C D E F G H I J K L M N O P Q
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FINANCIAL ACCOUNTING INFORMATION AND THE RELEVANCE/IRRELEVANCE ISSUE (Global Business & Economics Review Volume 5 No.2 December 2003 pp:140-175) Stanley C. W. Salvary, Canisius College ABSTRACT Some current research conclude that the numbers in financial statements are not relevant for three basic reasons. The numbers: (1) are not isomorphic with capital market values, (2) do not have a future orientation, and (3) are un-interpretable since they are based upon five different measurement attributes
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………………………………..…..…...6 Make/Buy – Hobart Technology……………………….………..……..……………..7 Costing – Cravings for Cake (captivate available)..………………………….……..8 Recording–Henrys Hardware (captivate available).…….……………….….……10 Recording – Swin Ltd Year 1………………………………………………………..13 Recording – Whitely Sounds (captivate only)………………………..………….….15 Recording – Swin Ltd Year 2………………………………………………………...18 Recording– Mobile Life (captivate only)………………………….………………....20 Cash Flow – Mobile Life Cash Flow Statement (captivate only)
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Glossary Notes: Note 1: CPA Canada Handbook Part I applies to publicly accountable enterprises, CPA Canada Handbook Part II ASPE applies to private enterprises; CPA Canada Handbook Part III ASNFPO applies to not-for-profit organizations. CPA Canada Handbook Part IV ASPP applies to pension plans. For governments and government organizations, see under Public Sector Accounting (PSA) Handbook for details of what applies. Note 2: Part II and V Definitions may not be identical — check the CPA
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sales from 1.2 million to 3 million within a 3 year time frame which is a very aggressive move to make since that goal of 3 million in sales is more than twice what the company is currently brining in. The company will need to review several factors to determine if this type of an increase is even possible to make by adding an additional product of making cedar doll houses to try to supplement the income. There are several factors that need to be taken into consideration before any determinations
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Netflix Might Be Twisting Its Cash Flow Statement Aug. 18, 2013 3:06 AM ET | 25 comments | About: Netflix, Inc. (NFLX) Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. (More...) All investors know that they must conduct a rigorous analysis on a company's cash flow statement before making any serious investment decision. The statement of cash flow in the financial report is usually a much better gauge of the financial
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expenses chargeable to the consignment, and the cash remitted. Account, 68 A systematic arrangement that shows the effect of transactions and other events on a specific element (asset, liability, and so on). Companies keep a separate account for each asset, liability, revenue, and expense, and for capital (stockholders' equity). accounting cycle, 73 Standard set of accounting procedures to record transactions and prepare financial statements. accounting information system, 68 A system that
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Question 1 Explain using various examples,how the major accounting concepts are used in preparing financial statements. Accounting is the language of business and it is used to communicate finance information. In order for that information to make sense, accounting is based on 11 major concepts significantly. These fundamental concepts then form the basic for all of the Generally Accepted Accounting Principles (GAAP). And these are the major concepts: 1. Historical Cost Concept
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document provides a structured template for preparing your responses to the questions in the annual report project. If you did not purchase the workbook you are not permitted to use this template. INTRODUCTION TO THE CORPORATE ANNUAL REPORT: A Business Application with IFRS Content 3rd edition Copyright 2011 by Applied Accounting Analytics. All rights reserved. Reproduction or translation of this book beyond that permitted by the applicable copyright law without Applied Accounting Analytics’
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