principles, standards and procedures that companies must follow when they compile their financial statements. GAAP is a combination of authoritative standards issued by Financial Accounting Standards Board and the commonly accepted way of recording and reporting accounting information. GAAP improves the clarity of the communication of financial information. Relevant Information: Affects the decision of its users Reliable Information: Is trusted by users Comparable Information: Used in comparisons across
Words: 1811 - Pages: 8
prices. They also have good marketing and promotions for discounted sale.Home Depot entered global markets. It has 55% of the home improvement in us markets. One of the biggest assets of home depot profits is how they manage their huge centralized inventory. Inventory represents one of the largest assets on home depot’s balance sheet. The stores are stocked through a sophisticated logistics program designed to ensure product availability for customers and low supply chain costs. The company has 18
Words: 546 - Pages: 3
QUIZ A+ Graded Tutorial Available At: http://hwsoloutions.com/?product=week-10-quiz Visit Our website: http://hwsoloutions.com/ Product Description PRODUCT DESCRIPTION ACC 401 Week 10 Quiz, ACC 401 Week 10 Quiz – Strayer Chapter 14 Reporting for Segments and for Interim Financial Periods 1. A component of an enterprise that may earn revenues and incur expenses, and about which management evaluates separate financial information in deciding how to allocate resources and assess performance
Words: 2426 - Pages: 10
A++PAPER;http://www.homeworkproviders.com/shop/acc-401-week-10-quiz/ ACC 401 WEEK 10 QUIZ ACC 401 Week 10 Quiz, ACC 401 Week 10 Quiz – Strayer Chapter 14 Reporting for Segments and for Interim Financial Periods 1. A component of an enterprise that may earn revenues and incur expenses, and about which management evaluates separate financial information in deciding how to allocate resources and assess performance is a(n) a. identifiable segment. b. operating segment. c
Words: 2415 - Pages: 10
Questions for Fair value accounting case 1. What is fair value accounting, what are its advantages and disadvantages 2. How is it different from historical cost accounting 3. What are level 1, 2, 3 assets 4. Give a simple example of level 1, 2, 3 assets 5. Suggest 3 ways to improve reporting fair value assets. ------------------------------------------------- QUESTION 1: Fair value accounting is method of accounting the value of assets, liabilities and shareholders’ equity
Words: 1011 - Pages: 5
the company to believe that the operating performance was also good and tha customers/dealers really like the product. There was a change of $1,048,000, an increase of 31%, for cost of goods sold. This shows that there is financial strength for the company and also shows that customers/dealers like the products. When looking at cost of goods sold, they should remain lower that the sales increase so that the company can control the cost of making their product in order to increase revenue.. In
Words: 5924 - Pages: 24
Cost Accounting, 14e, Global Edition (Horngren/Datar/Rajan) Chapter 4 Job Costing 1) Job costing information is used: A) to develop strategies B) to make pricing decisions C) for external financial reporting D) All of these answers are correct. 2) Product costing information is used by managers: A) to make decisions and strategy B) for planning and control C) for cost management D) All of these answers are correct. 3) A ________ is a grouping of individual indirect
Words: 3010 - Pages: 13
Goodwill is $ 4 975 000 ( Cost of Bradford Asset). The second step of our calculations was identification of the functional currency for each entity included in the financial statements of the reporting entity. An entity’s functional currency might be the currency of the country in which the entity is located (the local currency or LC), the reporting currency of the entity’s parent or the currency of another country. According to the given information the functional and reporting currency of Altman is
Words: 743 - Pages: 3
of accounting principles and practices. Weaknesses • Board of Director or Audit Committee Participation – New Phone Inc.’s Board of Directors and Audit Committee are not very active, which is important to maintain good internal controls and accurate financial reporting. Generally, auditors report their findings directly to the audit committee, who in turn reports to the Board of Director. The audit committee is also responsible for identifying potential risks. • Organizational Structure
Words: 447 - Pages: 2
2. Suppose a customer buys an iPhone from Apple for $500 on January 1, 2010. The cost of the iPhone to Apple is $350. Assume that the customer is entitled to upgrades over the next two years. Use the following financial statement effects template (FSET) to illustrate the financial statement impacts for Apple of the customer's iPhone purchase on the date of the initial purchase and at the end of each of the two years following the initial purchase under generally accepted accounting principles (GAAP)
Words: 1349 - Pages: 6
