VILLANOVA UNIVERSITY School of Business VSB2010-4 Accounting Exam (Chapters 1-4) NAME______________________ Row ____ As a community committed to the Augustinian ideals of truth, unity and love, Villanova University prides itself on maintaining the highest standards of academic integrity and does not tolerate any forms of academic dishonesty or misconduct. Accordingly, each student who takes an examination is expected to sign the following statement: I _______________________(sign your
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Country Differences in Accounting Standard Ashford University BUS 616: International Business October 21st, 2013 Country Differences in Accounting Standard International Accounting Standard Board (IASB) is the standard agreed upon by the European Union for the financial reporting of all publicly traded companies on the European stock exchange (Hill, 2011). The United States currently uses the Generally Accepted Accounting Principles (GAAP)
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principle- Revenues and expenses are reported at the same accounting period. Monetary unit- Money is the best and most use denominator of economic activity, it is easy to understand and relevant to most if not all professionals and investors. Revenue recognition principle- this principle deals with the time period for the revenue recording, under the accrual basis of accounting revenue should be recorded whenever the organization completed the task needed for generating the revenue, under the
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acquired firm’s valuation basis for financial reporting (Doupnik, Hoyle & Schaefer, 2011). Chapter 3:2 a. Equipment. The parent book’s value plus the subsidiary’s book value less the fair value reduction allocation plus the current year expense reduction (Doupnik, Hoyle & Schaefer, 2011). b. Investment in Williams Company. The asset recorded by the parent is eliminated so that the subsidiary’s assets and liabilities can be included in the consolidated totals (Doupnik, Hoyle &
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Street, Northridge, CA-91330 Office: 818-324-5282 Fax: 818-233-2284 tri.duong.497@my.csun.edu Executive Summary Purpose: To explore and analyze Craig's Crocodiles’ different accounting options for how and when they should treat their revenue. In addition, this report will also analyze the potential legal liability Craig’s Crocodiles is accountable for after breaking their lease agreement with Pauly Property Management Services. Background: Craig’s Crocodiles was established on January
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(GAAP). And these are the major concepts: 1. Historical Cost Concept 2. Prudence Concept 3. Economy Entity Concept 4. Money Measurement Concept 5. Time Period Concept 6. Going Concern Concept 7. Dual Aspect Concept 8. Revenue Recognition Concept 9. Matching Concept 10. Consistency Concept 11. Materially Concept In light of these concepts, the three key financial statements namely Balance Sheet, Profit and Loss and Cash Flow statements are analyzed.
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Financial Accounting Concerns 1. Tokyo AFM recognized premium revenue at the time it received the policyholder’s up-front cash payment. The company’s accountants argued that since the level of up-front payments received from policyholders had been stable over the last few years, this method was an appropriate reflection of economic reality. For example, Fuji Computers entered into a five-year insurance contract with Tokyo AFM against earthquake damage to its headquarters building. As is
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1820‐100, Revenue Recognition (Topic 605) – Revenue from Contracts with Customers Dear Technical Director: Ameriprise Financial, Inc., one of the nation’s leading financial planning, asset management and insurance companies, appreciates the opportunity to offer comments with respect to the Proposed Accounting Standards Update, Revenue Recognition (Topic 605) – Revenue from Contracts with Customers (the “Proposed Statement”). We support the FASB’s efforts to develop a single revenue recognition
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citizens regardless of profit. Whereas a for-profit business’s organizational purpose is to generate a profit for the owner while providing services to the public. 2. Sources of Revenues-A for-profit business’s source of revenue is its net income (total revenues (sales)-total expenses). A government’s source of revenue is mainly from taxes. 3. Potential for Longevity-State and local governments rarely go out of business, because they are given the ability to tax. For this reason, governments
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Generally accepted accounting principles (GAAP), created with authoritative support, are principles, rules and guidelines required to follow by accountants when preparing financial statements. The Hierarchy of GAAP is a structure consists of four different categories of well- developed accounting principles. The categories are from A to D with category A containing principles with the most authoritative support and category D having the lease. Major sources of The Hierarchy of GAAP are FASB Standard
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