the sense of satisfaction from doing a good job or the satisfaction of doing a good deed. Extrinsic rewards include pay, promotions, praise from one’s boss, and praise from a customer. 5. The four basic perspectives of the balanced scorecard are (1) the learning and growth perspective, (2) the internal business process and production perspective, (3) the customer perspective and (4) the financial perspective. 6. Fraudulent financial reporting is intentional conduct that results in
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businesses that have had a good year very often pay some of their bills ahead, ie utilities, rent, etc that would have been paid in the new year but have the bills on hand and increasing the inventory will adjust the cost of goods of the current year which could result in a change in the taxable income for the current year. If you maintain an inventory you do not expense it as you purchase it, buying ahead would only affect your inventory on hand and your cost of goods. The LIFO accounting method
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The Framework of FRS F.R.A SS7 Two systems worldwide R22: Financial Statement Analysis: An Introduction R23: Financial Reporting Mechanics R24: Financial Reporting Standards The Financial Accounting Standards Board (FASB) The Statement of Financial Accounting Standards (SFAS) R25: Understanding the I/S R26:Understanding the B/S R27: Understanding the C/F R28: Financial Analysis Techniques R29: Inventories R30: Long-Lived Assets R31: Income Taxes R32: Long-Term Liabilities
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Required: 1. In the summary of significant accounting policies, what is American Eagle's procedure in accounting for inventory? pA-12 AE evaluates merchandise inventory at the lower of average cost or market, utilizing retail method. Average cost includes merchandise design and sourcing costs and related expenses. AE records merchandise receipts at the time merchandise is delivered to the foreign shipping port by the manufacturer; at this point the title and risk of loss is transferred to
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separately maintained for each economic entity. Economic entities include businesses, governments, school districts, churches, and other social organizations. Although accounting information from many different entities may be combined for financial reporting purposes, every economic event must be associated with and recorded by a specific entity. In addition, business records must not include the personal assets or liabilities of the owners. Monetary unit assumption. An economic entity's accounting
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the results of their decisions * Information Users * Investors * Creditors * Managers * Owners * Customers * Employees * Regulatory agencies * SEC * IRS * EPA * Cost & Revenue Determination * Job costing * Process costing * ABC * Sales * Assets & Liabilities * Plant and equipment * Loans & equity * Receivables, payables & cash * Cash Flows
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and Segment Reporting: Tools for Management Chapter 6 PowerPoint Authors: Susan Coomer Galbreath, Ph.D., CPA Charles W. Caldwell, D.B.A., CMA Jon A. Booker, Ph.D., CPA, CIA Cynthia J. Rooney, Ph.D., CPA Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education 6-2 Learning Objective 1 Explain how variable costing differs from absorption costing and compute unit product costs under each
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Financial Statement Analysis Financial Reporting & Analysis Questions Professor Mahoney Spring 2013 Chapter 1: Introduction to Financial Reporting I. Questions 2. How does the concept of consistency aid in the analysis of financial statements? What type of accounting disclosure is required if this concept is not applied? Consistency allows for the same accounting principle from period to period. A change in principle requires statement disclosure. 3. The president of your firm
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A.1 Horizontal, Vertical, Trend and Ratio Analysis Executive Summary The financial assessments of Competition Bikes, Inc. (CB) are based upon the income statements and balance sheets from Calendar Years 6, 7 and 8 to gauge the operation efficiencies of the company. In general, the analysis shows that, between Year 6 and 7, Competition Bikes, Inc. had a large growth in new earnings that was not capitalized in Year 8. The Net Earnings has moved from a positive 313.4% down to a -81.6% loss
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C HAPT E R 11 ACCOUNTING FOR BRANCH OPERATIONS Corporations in Financial Difficulty Not-for-Profit and Governmental Entities Partnerships Reporting Requirements Multinational Entities Multi-Corporate Entities Branch Operations Additional Consolidation Issues Intercorporate Transfers Consolidation Procedures Consolidation Concepts Intercorporate Investments Business Combinations One route to corporate expansion is the external approach of acquiring other companies in business combinations
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