1. Three major organizations in the private and public sector develop U.S. and international GAAP. They include all of the following except the (Points: 4) EU (European Union) SEC (Securities and Exchange Commission) FASB (Financial Accounting Standards Board) IASB (International; Accounting Standards Board) 2. The purposes of the joint long-term project of the FASB and IASB to converge revenue recognition principles include all of the following except (Points: 4) eliminate inconsistencies in
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a)The purpose and use of the different accounting records which can be used in MonteHodge: Accounting is a crucial discipline for keeping track of quantifiable factors for a business or individual. Accountants are primarily employed to track the flow of money through an organization. In some cases, they are charged with ensuring legal compliance. In others, they are more specialized in optimizing that cash flow. Accountants also organize and aggregate financial information and produce reports
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In this essay I will write about corporate budgeting system and why companies should make it carefully. To begin with I'd like to explain what does «budget» mean. A budget (from old French bougette, purse) is a financial plan and a list of all planned expenses and revenues. It is a plan for saving, borrowing and spending.[1] A budget is an important concept in microeconomics, which uses a budget line to illustrate the trade-offs between two or more goods. In other terms, a budget is an organizational
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Case Analysis 10-3 Kansas City Zephyrs Baseball Club, Inc. I.Issues Why does net income not equal cash flows? Why do we need accrual accounting? (Why do not we fire all accountants and just publish summary bank statements) Why do the differences between owners’, players’, GAAP and truth number exist?(Can accounting numbers be neutral representations of what happened? What happens if a retired non-roster player (e.g. Joe Portocararo) returns to the active roster while continuing to earn the same
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Employees • Lenders • Suppliers • Customers • Government • Public What then are the needs of these groups and how would they use the published statements? Investor Group This group would comprise both existing and potential shareholders. They would consider whether to invest or disinvest in the business. Equity investors consider two elements to their investment, income and gain. Income in the form of dividends and gain in the share price. If the investor takes a short-term view then current
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Relevant cash flows Answer: d Diff: E . Which of the following statements is most correct? a. The rate of depreciation will often affect operating cash flows, even though depreciation is not a cash expense. b. Corporations should fully account for sunk costs when making investment decisions. c. Corporations should fully account for opportunity costs when making investment decisions. d. Statements a and c are correct. e. All of the statements above are correct. Relevant cash flows Answer:
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of the business is to maximize the wealth of its stockholders, which translates into maximizing the price of the firm‘s common stock. The traditional goal frequently stressed by economists--profit maximization--is not sufficient for most companies today. 2. What factor(s) enable a public corporation to grow to a greater extent, and perhaps at a faster rate, than a partnership or a proprietorship? Explain. Ans: one of the most important is the type of business structure
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emshaya. 1-To deliver financial statements to any chosen organization cooperation for three (or more ) fiscal years. 2-discuss the information shown in the financials over the years focusing on sources of finance been used importance cost, any alternatives recommended. Financial Statement Analysis Tools:- Here we take a brief discussion about reading and understanding and interpretation of the Financial Consolidated statement of financial position and the list income- for the purposes of judging
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ESWEB BUSINESS & ECONOMICS MODULE FUNDAMENTALS OF BUSINESS MANAGEMENT Prepared by: Prof.Dr.Gazmend Luboteni UNIVERSITY OF PRISHTINA KOSOVO PRISHTINA, 2006 FUNDAMENTALS OF BUSINESS MANAGEMENT I. BUSINESS AND INVESTMENT A business is one or more individuals selling products or services for profit. Products such as
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What do you do? (Brief) 8. How many units are you currently enrolled in this session? _____12______ 9. Do you have internet access at home? _____Yes______ 10. On a scale of 1 to 10 rate your Computer skills as they relate to Excel. ____6_____ General Accounting Fundamentals 11. What is the Accounting Equation? Assets=liabilities + equity 12. What is the Purpose of a Chart of Accounts? The chart of accounts is a listing of all accounts used in the general ledger of an organization
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