assets ad liabilities for recurring measurements is FASB ASC 820 10 50 2: fair value measurements and disclosures overall disclosures 3. List the disclosure requirements. The disclosure requirements are: A the fair value measurements at the reporting date B the level within the fair value hierarchy in which the fair value measurements I their entirety fall, segregating fair value measurements using any of the following” 1. Quoted market prices in active markets for identical assets of liabilities
Words: 725 - Pages: 3
activities, the audit should assess the adequacy of systems and practices used for the following activities: • Strategic positioning and evaluation Assessing overall production strategy on the importance of production in terms of total product costs and potential contributions to profitability of individual product lines. Analyzing the corporate environment for economic conditions, market, and products evolution, higher potential volumes, rapidly emerging technologies, and competition. Systems
Words: 871 - Pages: 4
more businesses, whilst those entities still retained their normal operation and report its financial information as a reporting unit. The objective of the accounting standard is to specify the financial reporting by an entity when it undertakes a business combination. The proposed accounting standards addresses the accounting principles and method that is relevant for reporting acquisition of business entities. When an entity acquired another entity as a business combination it should account for
Words: 2496 - Pages: 10
profit and loss, an income statement or an income and expense statement. The profit and loss summarises on how much the business revenues are, their costs and expenses that has been sustained during a specific period of time which could usually be a quarter of year or a year. These summaries show how capable a business is to generate profits and handle costs. Sales are important in a business like monsoon because it shows you how well the business is doing. As monsoon is a business that sells items such
Words: 1106 - Pages: 5
recording process is used to identify every financial transaction that takes place involving an organisation. This is a painstaking process requiring an excellent eye for detail, and measures the financial effects of economic activity. Financial reporting - where details of the financial activities of an organisation are collected and presented in a clear and concise manner for stakeholders and other interested parties. Within these concepts, accounting also develops the internal controls necessary
Words: 2421 - Pages: 10
| Sales | $125,000 | $120,000 | $74,250 | $93,000 | $412,250 | COSTS | | | | | | Direct Materials | $40,000 | $50,000 | $31,000 | $33,000 | $154,000 | Direct Labor | $25,000 | $20,000 | $10,000 | $18,000 | $73,000 | Fringe Benefits on Direct Labor | $11,250.00 | $9,000.00 | $4,500.00 | $8,100.00 | $32,850.00 | Manufacturing Overhead | $43,750.00 | $35,000.00 | $17,500.00 | $31,500.00 | $127,750.00 | TOTAL COST | $120,000.00 | $114,000.00 | $63,000.00 | $90,600.00 | $387,600.00
Words: 2319 - Pages: 10
------------------------------------------------- COST BEHAVIOR and COST ESTIMATION ------------------------------------------------- LEARNING UNIT OBJECTIVES After studying Unit 2.1, you should be able to: * Identify basic cost behavior patterns and explain how changes in activity level affect total cost and unit cost. After studying Unit 2.2, you should be able to: * Estimate a cost equation from a set of cost data and predict future total cost from that equation. After studying
Words: 6657 - Pages: 27
Joint costs—the costs of a production process that yields multiple products simultaneously Splitoff point—the juncture in a joint production process where two or more products become separately identifiable Separable costs—all costs incurred beyond the splitoff point that are assignable to each of the specific products identified at the splitoff point Categories of joint process outputs: 1. Outputs with a positive sales value 2. Outputs with a zero sales value Product—any output
Words: 731 - Pages: 3
be expensed as they are incurred or they can be capitalized. Day to Day functions of a business require operating expenses in order to run. Operational Expense (OPEX) include sales and general administrative expenses which do not include cost of goods sold or COGS, taxes, depreciation or interest. Operating expenses show on the profit and loss whereas capital expenditures show as major investments and show on the balance sheet and are depreciated over time (www.diffen.com). Marketing expenses
Words: 950 - Pages: 4
Week 1 Case Study ACCT 505 Week 2 Quiz Job Order and Process Costing Systems ACCT 505 Week 3 Case Study II ACCT 505 Week 4 Midterm Exam ACCT 505 Week 5 Measuring Performance - Course Project A ACCT 505 Week 6 Quiz Segment Reporting and Relevant Costs for Decisions ACCT 505 Week 7 Capital Budgeting Course Project ----------------------------------------------------------- ACCT 505 Final Exam For more classes visits www.snaptutorial.com ACCT 505 Final Exam ------------------------------
Words: 1280 - Pages: 6
