GAAP versus IFRS The basics November 2013 Table of contents Introduction..................................................................... 2 Financial statement presentation ..................................... 3 Interim financial reporting................................................ 6 Consolidation, joint venture accounting and equity method investees/associates ........................................... 7 Business combinations..............................................
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have responded to the recalls that could have prevented a lot of children from being sick. According to our text on page 263 “data was submitted covering 1,500 complaint reports made to Mega Brands”. Mega Brands “lacked an organized comprehensive reporting system.” (Brooks, Leonard J. Page 263.) If the organization was better this complaints could have been a red flag to get the toys off of the market. The concerns that I would express to the CEO about the Magnetix to issues would be that there has
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current liabilities. Example of current liabilities include accounts payable, short-term notes payable, commercial paper, trade notes payable, and other liabilities incurred in the normal operations of the business. Some of these normal operating costs include salaries payable, wages payable, interest payable, income tax payable, and the current balance of a long-term debt that will be due within a single year. Other long-term obligations, such as bonds, can be classified as current because they
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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 ---------------------------------------------------------
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Accountant · Accounting period · Bookkeeping · Cash and accrual basis · Constant Item Purchasing Power Accounting · Cost of goods sold · Debits and credits · Double-entry system · Fair value accounting · FIFO & LIFO · GAAP / International Financial Reporting Standards · General ledger · Historical cost · Matching principle · Revenue recognition · Trial balance Fields of accounting Cost · Financial · Forensic · Fund · Management · Tax Financial statements Statement of Financial Position · Statement
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Sheets A balance sheet provides detailed information about a company’s assets, liabilities and shareholders’ equity. Assets are things that a company owns that have value. This typically means they can either be sold or used by the company to make products or provide services that can be sold. Assets include physical property, such as plants, trucks, equipment and inventory. It also includes things that can’t be touched but nevertheless exist and have value, such as trademarks and patents. And cash
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4 Identify and compute ratios for analyzing a company’s liquidity and solvency using a balance sheet. 5 Use the statement of cash flows to evaluate solvency. 6 Explain the meaning of generally accepted accounting principles. 7 Discuss financial reporting concepts. ● ● ● ● ● ● ● INSIDE CHAPTER 2… 46 c02AFurtherLookatFinancialStatements.qxd 7/27/10 9:39 AM Page 47 feature story Few people could have predicted how dramatically the Internet would change the investment world. One
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focuses on external reporting. Answer: True/False 2. A good cost accounting system is narrowly focused on a continuous reduction of costs. Answer: True/False 3. Modern cost accounting plays a significant role in management decision making. Answer: True/False 4. Financial accounting is broader in scope than management accounting. Answer: True/False 5. Cost accounting measures
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The word consignment can be generally defined as the act of sending a quantity of goods by the manufacturers and producers of one country or place to their agents in another at the risk of the principals for the purpose of sale. Goods so sent are known as "consignment". The sender of the goods is called the consignor. Generally the manufacturers or producers are consignors. The person to whom goods are forwarded for the purpose of sale is known as the consignee. The consignment can be classified
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($400 from C x 2%) ........................................................ • Net sales ...................................................................................................... E6–4. Cost of Transaction July 12 July 15 July 20 July 21 E6–5. Req. 1 Net Sales + 297 + 5,000 – 150 – 1,000 Goods Sold + 175 + 2,500 NE – 600 $2,000 17 $1,983 $16,000 270 60 $15,670 $14,900 900 243 8 $13,749 Gross Profit + 122 + 2,500 – 150 – 400 (Amount saved ÷ Amount paid) = Interest rate for 40 days
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