Identify the GAAP used to create the financial plan. Explain the importance of each GAAP to the financial plan Generally accepted accounting principles (GAAP)—A set of rules used as a basis for financial reporting. Some key GAAP: a. Going concern—Financial statements are prepared based on the assumption that the organization will remain in business for the foreseeable future. If that is not likely to be the case, it must be disclosed. “the auditor has a responsibility to evaluate
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CHAPTER 13 Current Liabilities and Contingencies ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics 1. Concept of liabilities; definition and classification of current liabilities. Accounts and notes payable; dividends payable. Short-term obligations expected to be refinanced. Deposits and advance payments. Compensated absences. Collections for third parties. Contingent liabilities (General). Guaranties and warranties. Premiums and awards offered to customers. Self-insurance, litigation, claims
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outline the reasons of the collapses of ABC Learning Centre, Centro Properties Ltd and Hastie Group and the main financial disclosure issues raised. This report also includes amendments done by the Australian regulator to prevent such collapses and a discussion of directors’ duties to ensure the true and fair view of financial statements. 2. Brief background and the cause of financial problem 3.1 ABC Learning Centre In 2008, the ABC wrote off a loss of $437million, an amount which
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Balance Sheet Notes Preparation and Discussion Odette A. Aquino Pérez, Desireé González And Edwin Reyes ACC 545 February 19, 2015 Prof. Rafael Marrero, PhD, MBA, CPA Footnotes Preparation and Discussion This week paper requires our team to prepare three notes to the balance sheet and income statement. Also, request us to discuss why footnotes are useful and important to financial statements. Below we have included the requested footnotes (prepared based on our experience working
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Calculate the effect this company will have on the 2011 net income for each company. 2 Question 3: Short-term liabilities Kendall Products began operations in 2013. Kendall's fiscal year ends on December 31. Kendall issued its 2013 financial statements on February 15, 2014. 2013 Activity: a. On September 1, Kendall borrowed $10,000,000 on a short-term line of credit with Big Bank.
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Allied Laws (Group I) Director, Board of Studies Annexure SYLLABUS PAPER 1: ACCOUNTING (One paper – Three hours – 100 Marks) Level of Knowledge : Working Knowledge Objectives : (a) To lay a foundation for the preparation and presentation of financial statements, (b) To gain working knowledge of the principles and procedures of accounting and their application to different practical situations, (c) To gain the ability to solve simple problems and cases relating to sole proprietorship, partnership and
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gifts and related items. Along with retails stores, there is an e-Commerce website that sells wide variety of merchandise ranging from different kinds of furniture to kitchen goods, and from candles to specialty items for home-use. It is important to note that there are two main categories of merchandise that stay fairly constant, however, items within these two categories change frequently depending on the changing needs of customers, seasonality, and trend. The first of the two categories is decorative
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Contingencies 1. For the year-end December 31, 2007, financial statements, what amount should M record as a liability? For year-end December 31, 2007 M Company should accrue the liability in the amount of 17 million and disclose the liability in the notes of financial statements. M company should accrue the liability for the contingency and disclose the nature of the liability within the notes to the financial statements. This is in accordance with guidance under ASC 450-25-2, which stated, in part:
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169 p. 174 p. 183 • Work Using the Decision Toolkit • Review Summary of Study Objectives • Work Demonstration Problem • Answer Self-Study Questions • Complete Assignments Feature Story What Was Your Profit? The accuracy of the financial reporting system depends on answers to a few fundamental questions. At what point has revenue been earned? At what point is the earnings process complete? When have expenses really been incurred? During the 1990s' boom in the stock prices of dot-com
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if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes Í No ‘ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15 (d) of the Act. Yes ‘ No Í Note — Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Exchange Act from their obligations under those Sections. Indicate by check mark whether the registrant: (1) has filed all reports
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