FINAL PORTFOLIO PROJECT Portfolio Project ------------------------------------------------- Intel Inc. ------------------------------------------------- Refer to the Intel Inc. 2012 financial statements and the accompanying notes to answer the ------------------------------------------------- following questions. The 2012 financial statements of Intel can be accessed at: ------------------------------------------------- http://www.sec.gov/Archives/edgar/data/50863/000119312513065416/d424446d10k
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Which Is Better, Equity Investment or Debt Investment? Take a few minutes to ponder the way the two investment alternatives answered the three questions. If you were advising Charlene, which investment would you suggest she make? If you were the one with the $500,000 to invest, which alternative would you choose? On the surface, it appears to be no contest. Although the answer to Question 1 was essentially the same for both alternatives, the debt investment alternative is much more certain in
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Explaining Basic Accounting Concepts and Business Structures The Hierarchy of Generally Accepted Accounting Principles identifies the sources for the accounting standards and principles. These sources include “FASB Standards, Interpretations, and Staff Positions; APB Opinions; and AICPA Accounting Research Bulletins” (Kieso, Weygandt, & Warfield, 2007, p. 12). When companies prepare financial statements in accordance with GAAP, they sometimes run into situations in which some standards do not
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Johnathan Edward Wallace ACC 205 Principles of Accounting I Brent Beyer February 23, 2015 1. Recognition of normal balances The following items appeared in the accounting records of Triguero’s, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability, revenue, or expense from the company’s viewpoint. Also indicate the normal account balance of each item.
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information about the company’s revenues and expenses that occurred due to their regular business operations (Apple selling an Ipad). The non-operating section shows the revenues and expenses as well as the gains and losses that were not tied to the company’s regular business operations (Apple selling a factory), * Is summarized by calculating net income or net loss, which indicates the profitability of the company. If the company has more (fewer) revenues than expenses for the period, it will have
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recorded - A separate account is used for each asset, liability, revenue, expense, gain, loss and capital (owner’s equity) Permanent accounts (or “real” accounts) * Asset, liability, and equity accounts * Appear on the balance sheet * Permanent accounts are not closed at year end Temporary accounts (or “nominal” accounts) * Revenue, expense, and dividend accounts * Revenue and expenses are on the income statement; dividends are on the statement of changes
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Most Commonly Used and Most Effective Accounting Fraud Detection Method The stacked bar chart exhibits which between manual methods and automated methods is more commonly used and is more effective in detecting accounting frauds, according to the perception of accounting professionals in DLSU. Unexpectedly, majority of the accounting professors perceive (x [mean] = 2.06, σ [standard deviation] = 0.79) the most commonly used accounting fraud detection methods as manual in form. The reason
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(b)Liabilities.(c)Investments by owners, comprehensive income.(Also possible would be revenues and gains).(d)Distributions to owners.(Note to instructor: net effect is to reduce equity and assets).(e)Comprehensive income (also possible would be revenues and gains).(f)Assets.(g)Comprehensive income.(h)Revenues, expenses.(i)Equity.(j)Revenues.(k)Distributions to owners.(l)Comprehensive income.2-6 (a) | 7. | Expense recognition principle. | (b) | 5. | Measurement (historical cost principle.) | (c)
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Revenue Recognition: IFRS and FASB Convergence With the growth of international business there is a need to standardize financial statements globally. Presently there are “approximately 120 foreign private issuers currently that report to the Commission using IFRS financial statements.” By standardizing accounting practices investors will be able to make informed decisions based on comparability and accuracy of financial statements. The SEC released this statement in 2008, “We believe that
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financed with revenue, (2) regulated by laws establishing that costs must be recovered by fees charged, or (3) designed to recover its costs by established fees as part of the pricing policies, the solid waste landfill must be accounted as an enterprise fund. Unlike the General Fund, which is accounted for on a modified accrual basis, the Enterprise Fund is accounted for on a full accounting basis, resembling the private sector’s accounting standards. This means that revenue recognition occurs when
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