longer function for a firm. Rather than experiencing continued decreasing costs per increase in output, firms see an increase in marginal cost when output is increased” (Angus, 1999). In this way, the growth of the business is stymied unless new plant and machinery is purchased, resulting in additional cost. In this way, firms are prevented from becoming infinitely large. Also, in the traditional economy, Market power was derived largely through the medium of barriers to entry which prevented would-be
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management has on the current and future actions that the company may undertake. Estimates are required for accounting the, consumer promotion accruals, stock options, the benefits obtained in pension and post-employment schemes, intangible assets valuation, depreciation usefulness, tax assets deferred, among others. The estimates may differ from the actual value of the financial statement although management doesn’t believe in such differences. The recognition of revenue When revenue has been earned
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Publishing Publishing F3 INT Study Text Financial Accounting ACCA Publishing ACCA Distance Learning Courses Learn quickly and efficiently Using a blended learning approach, our distance learning package will steer you towards exam success. Our aim is to teach you all you need to know and give you plenty of practice, without bombarding you with excessive detail. We therefore offer you the following tailored package: • Access to our dedicated distance learning website – where
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NOTE AUDIT REPORT AND WORKING PAPERS OF M/s Global Industries, 609-560/1 & 2, Jigani Industrial Area, Bangalore – 562 106 UNDER EA - 2000 (AUDIT PERIOD: Sept 2011 to Sept 2012 Auditors Shri S.P.Vasan, Superintendent (Audit) and Shri Bhanu Srinivas, Superintendent (Audit) SUPERVISION & GUIDANCE Shri Shrawan Kumar, Addl.Commissoner (Audit) Shri B.N.Ramesh, Asst.Commissioner(Audit) CENTRAL EXCISE
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such as intellectual property, which are depreciated (expensed) over time to reflect their usable life. Assets. The economic resources of a company. Assets commonly include cash, accounts receivable, notes receivable, inventories, land, buildings, machinery, equipment, and other investments. Asset turnover. A measure of how efficiently a company uses its assets. To calculate asset turnover, divide sales by assets. The higher the number, the better.
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of Comprehensive Income Statement of Cash Flows Statement of Changes in Equity Notes Statement of financial position: contents and structure STATEMENT OF FINANCIAL POSITION (current/non current criteria) Non-current assets Property, plant and
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Fixed asset Property, plant, and equipment typically consist of long-lived tangible assets used to create and distribute an entity's products and services and include: • a. Land and land improvements • b. Buildings • c. Machinery and equipment • d. Furniture and fixtures. Initial measurement Historical Cost Including Interest 30-1 Paragraph 835-20-05-1 states that the historical cost of acquiring an asset includes the costs necessarily incurred to bring it to the condition and
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Standards (IFRS) both give guidance for inventory valuation. This study will give several examples, compare cost flow assumptions and inventory valuation under U.S. GAAP and IFRS, and indicate the possible influences to reported companies and financial information users. INTRODUCTION The U.S. Securities and Exchange Commission (SEC) continues to move forward in its proposed plans to replace U.S. GAAP for U.S. public companies with IFRS. Inventory valuation is important, because inventory is a crucial
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from Financial Accounting Standards No. 157: Fair Value Measurement to Fair Value Measurement and Disclosure. (Metzger, 2013) The IASB has revisions pending in their Fair Value Measurement guidelines but both entities have two approaches for their valuation techniques. Income approach will convert future amounts like cash flow and earnings to a single current amount. The cost approach is the amount required to replace the asset. The value has been separated into a three level hierarchy. Level 1
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CHAPTER 10 Plant Assets, Natural Resources, and Intangible Assets ASSIGNMENT CLASSIFICATION TABLE Brief Exercises 1, 2 A Problems 1A B Problems 1B Study Objectives 1. Describe how the cost principle applies to plant assets. Explain the concept of depreciation. Compute periodic depreciation using different methods. Describe the procedure for revising periodic depreciation. Distinguish between revenue and capital expenditures, and explain the entries for each. Explain how to account for the disposal
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