Fall 13 Fall 13 Professional Accounting 2 Professional Accounting 2 Venturing into Consolidation [Assignment 2] Venturing into Consolidation [Assignment 2] 08 Fall 08 Fall The Accounting Standards Codification states “a legal entity that is deemed to be a business” unless any of the following conditions exist: First, reporting entity participated significantly in the design or redesign of the legal entity (ASC 810-10-15-17d). This condition does not apply if the legal entity is an
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Competition Bikes Inc. Horizontal Analysis Competition Bikes Inc. net sales when matched to the previous year were substantially lower. In essence, the current economic changes attributed to this situation. However, the company anticipates per unit transactions will go into a period of growth over three subsequent years, and it will thus continue being profitable. In spite of the noted low sales numbers, the net price of product sold when matched to net sales; stayed at seventy percent
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financial effects of business transactions and events on the entity. Types of Financial Statements They are three (3) types of financial statements, this are; 1) Statement of Financial Position Statement of Financial Position, also known as the Balance Sheet, presents the financial position of an entity at a given date. It is comprised of the following three elements: Assets: Something a business owns or controls (e.g. cash, inventory, plant and machinery, etc.) Liabilities: Something a business
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Financial Analysis Financial Analysis is used to assess the company’s viability, stability and sustainability. All the Values are taken from Prowess. | 1 | 2 | 3 | 4 | 5 | 6 | Year | Mar-08 | Mar-09 | Mar-10 | Mar-11 | Mar-12 | Mar-13 | Current ratio | 0.173 | 0.214 | 0.23 | 0.246 | 0.227 | 0.341 | The Current Ratio though increasing but it is less than 1. That indicates that Dominos current Liabilities exceed its current assets, thus Dominos may have issues catering its short term
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E 12-1, 12-4, 12-5, 12-12, 12-16 12-1 A) 10, 13,15,16,17,19,23 B) 1. Long-term investment/Balance Sheet 2. Property, Plant, Equipment/Balance Sheet 3. Research and Development Expense/Income Statement 4. Current Asset (prepaid rent)/Balance Sheet 5. Property, Plant, Equipment/Balance Sheet 6. Research and Development/Income Statement 7. Charged as expense in the Income Statement 8. Operating Losses in the Income Statement 9. Charged as expense in the Income Statement 11. Not recorded;
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Planning Executive Plan Blue Mountain Resto Bites is a locally owned fast food chain. Through our creative approach to the company's image and detail presentation. Blue Mountain Resto Bites will provide a combination of excellent food at value pricing, with fun packaging and atmosphere. Blue Mountain Resto Bites is the answer to an increasing demand for snack-type fast food, to be consumed while window shopping and walking around inside a shopping mall. In today's highly competitive environment
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Prepared by Emma Holmes The nature of a business combination IFRS 3 defines a business combination as ‘the bringing together of separate entities or businesses into one reporting entity’. A ‘business’ is not just a group of assets, rather, it is an entity able to produce output. Three general forms of business combination are as follows (assuming the existence of 2 companies – A Ltd and B Ltd): Accounting for a business combination: basic principles IFRS 3 prescribes the purchase method in
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opened Julie’s Maids Cleaning Service Inc. on July 1, 2008. During July, the company completed the following transactions. July 1 Issued $14,000 of common stock for $14,000 cash. 1 Purchased a used truck for $10,000, paying $3,000 cash and the balance on account. 3 Purchased cleaning supplies for $800 on account. 5 Paid $1,800 on a one-year insurance policy, effective July 1. 12 Billed customers $3,800 for cleaning services. 18 Paid $1,000 of amount owed on truck, and $400 of amount owed on
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Reporting Practices and Ethics Raquel Heppner HCS405 January 23, 2013 Steve Linerode Financial management is a very important sector of any health care organization. Without proper financial management it would be impossible to keep the doors of any organization, but in health care where the sales equal an intangible good like a visit with the doctor it is even more critical. There are four elements in sound financial management. These include controlling, planning, organizing and decision
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Capstone Research Project Cassandra Quinn ACC499 – Accounting Undergraduate Capstone June 16, 2013 Professor Wendy Achilles Capstone Research Project Auditing is the cornerstone of financial reporting because it provides attestations to the fairness and accuracy of a company’s financial records. Accountants and Auditors prepare and assess financial records to declare the fairness and accuracy of a company’s financial records. Auditors perform what is known as an audit which is a close
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