an accountant one will discuss and guide the examiner in the treatment of inventory using Lower – Of – Cost – Or Market; The Acquisition and Disposal of Property, Plant And Equipment; Impairment And Depletion For Long - Term Or Fixed Assets; The Treatment Of Intangible Assets And Research And Development Cost. Chapter 9 Lower – of – Cost or Market for Inventory and Gross Profit Method Given the following methods to treat with the valuation of inventory, that may have had defects, or due to length
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Authorization to act. The approved budget, particularly in a not-for-profit setting, gives the manager authorization to act (make decisions, etc.). Other benefits can include serving as a basis for resource allocation, aiding cash-flow management, and
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Ethical and Professional Standards The candidate should be able to demonstrate a thorough knowledge of the CFA Institute Code of Ethics and Standards of Professional Conduct, familiarity with the Global Investment Performance Standards, and familiarity with corporate governance issues and risks affecting companies. Study Session 1 Ethical and Professional Standards Reading Assignments 1.* “Code of Ethics and Standards of Professional Conduct” Standards of Practice Handbook, 9th edition
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Contents 1. Financial Statements and the Conceptual Framework 2. The Statement of Cash Flow 3. Revenue Recognition 110 4. Cash 139 5. Accounts Receivable 147 6. Notes Receivable/Payable 163 7. Inventory 187 8. Capital Assets 214 9. Liabilities 278 10. Shareholders’ Equity 310 11. Accounting for Pensions 341 12. Earnings per Share 384 13. Accounting for Leases 405 14. Accounting for NonProfit Organizations 437 15. Financial Statement Analysis 475 Page 2
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running a business. Work covered You will: * Know about costs, revenue and profit in a business organisation * Be able to prepare a break even analysis * Be able to create a cash flow forecast Know about costs, revenue and profit in a business organisation Business costs: costs incurred at start up; operating costs (fixed, indirect, variable, direct costs, total costs) Revenue: sources of revenue e.g. sales, leasing interest; calculating total revenue (unit sales price x number
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listed on a recognized stock market, should use international accounting standards (IAS) for accounting periods beginning since January 2005. Therefore, all EU listed companies that are required to publish consolidated accounts will be required to prepare their accounts in accordance with adopted International Financial Reporting Standards (IFRS). That will cause a greater need for comparability across various accounting and reporting principles. 1. Change in Financial Reporting Following recent
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Financial Statements and Their Information Needs 4 3.0 Discussion of Standards Related to Consolidation and its Actual Presentation 6 4.0 Conclusion 14 Reference 16 List of Diagrams Exhibit 1 Group Structure & Summary of Ownership Interests in Subsidiary Exhibit 2(a) Disclosure of Ownership Interest in Subsidiaries Exhibit 2(b) Disclosure of Ownership Interest in Subsidiaries Exhibit 3 Consolidated and Separate SOPL Exhibit 4 Consolidated and Separate Statements of Comprehensive
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SECTION - II (COST ACCOUNTING) 9 Cost Accounting 173 10 Cost and Cost Classification - Cost Sheet 187 11. Reconcilation of Profit as per Cost and Financial Accounts 204 12. Material, Labour and Overheads 221 13. Method of Costing 237 14.
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parties * Financial accounting – process that culminates in the preparation of financial reports on the enterprise for use by both internal and external parties * Users – investors, creditors, managers, unions, and government agencies * financial statements – (1) the balance sheet, (2) the income statement, (3) the statement of cash flows, and (4) the statement of owners’ or stockholders’ equity * president’s letter or supplementary schedules in the corporate annual report, prospectuses
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8 to p 276 and pp281‐283 (Ch 17 14th edition) Note: the FIFO method will not be examined in this course and nor will Hybrid (Operation) Costing , therefore you do not need to read the pages that relate to these topics. 1 Salters Pty Ltd, a specialised equipment manufacturer, uses a job order costing system. The overhead is allocated to jobs on the basis of direct labour hours. The overhead rate is now $2,000 per direct labour hour. The design engineer thinks this is illogical and has stated the following:
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