AGE OF RECORD KEEPING The objective of record keeping was at maintaining integrity and discovering misappropriation. Some of the most ancient records are on clay tablets. In accounting history, in Mesopotamia, it was indicate considerable attachment to written record keeping. When an Egypt papyrus was introduced, it was easily handled and stored. Records were important as they reminded owners of the quantities of stores held and enabled owners to control the activities of their stewards
Words: 840 - Pages: 4
Within a few years, the company developed ColdGear and AllSeasonGear lines, and had products featured in the major motion pictures “Any Given Sunday” and “The Replacements”, as well as in ESPN Magazine. Soon the revolutionary material gained recognition, resulting in relationships with various professional sports leagues (e.g. Major League Baseball, Soccer and Lacrosse, the USA Ski Team, the National Hockey League). Today, the company commands around 80% of the market, and produces the highest
Words: 1261 - Pages: 6
of citizenry (e.g. per capita net worth and income) 2. Major industries (and stability) 3. Unemployment rates 4. Value of property per capita 5. Sales tax base 6. Elasticity of revenues C. Political climate 1. Overall citizen satisfaction with government 2. “Liberal” or “conservative” citizen view as to role of government 3. Relations with state government and other local governments
Words: 939 - Pages: 4
in other countries like Canada. Current plans are to open 100 to 150 new stores in Canada by 2013. Along with the standard increase in sales and in RED card Rewards® (page 14, 28). The credit business had an increase in profit with total revenue of $1,604 million, gross receivables of $6,843 million and a decrease in expensed due to bad debt. Some reasons for this increase would be the 5% discount for almost every item purchased with the Target card. For the credit segment Target would like
Words: 954 - Pages: 4
sign with Groupon if they get more than half of the revenue? My answer to that question would be Groupon is responsible for bringing you more customers, so once a referral is successful, you now have a consumer that is aware of your business, which they will tell other people about the company. Basically partnering up with them isn't a bad idea, even though they get more than half of the revenue because your company will now get more recognition due to their coupons advertising your store. I think
Words: 366 - Pages: 2
EITF ABSTRACTS Title: Reporting Revenue Gross as a Principal versus Net as an Agent Dates Discussed: March 16, 2000; May 17–18, 2000; July 19–20, 2000 Issue No. 99-19 References: FASB Statement No. 60, Accounting and Reporting by Insurance Enterprises ISSUE FASB Statement No. 97, Accounting and Reporting by Insurance Enterprises for Certain Long-Duration Contracts and for Realized Gains and Losses from the Sale of Investments FASB Statement No. 113, Accounting and Reporting for Reinsurance
Words: 7589 - Pages: 31
in their revenues being materially overstated. The order sites SFAS 48 (also consistent with ASC 605-15-25) which provides guidance criteria for sales transactions with rights to return. PCAOB concluded that the transactions in the scope of this issue have met all the necessary criteria from Paragraph 6 of SFAS 48 (for the sake of space Paragraph 6 was omitted from this memo). The requirement for measurement recognition for returns is cited in paragraph which 7 states: 7. If sales revenue is recognized
Words: 600 - Pages: 3
Brandywine’s Homecare Income Statement Revenue $12,000,000 Operating Expenses: Salaries Expense $5,000,000 Supplies $ 120,000 Utilities $ 140,000 Insurance $ 750,000 Depreciation $ 1.7 million Total $ 4.3 million Net Income $ 7.7 million What were Brandywine’s 2007 net income, total profit margin, and cash flow? Net income is the residual income of a firm after adding total revenue and gains and subtracting all expenses and losses
Words: 903 - Pages: 4
of the issues the SEC must consider in deciding whether the United States should adopt IFRS. Please enter your answer here * IFRS 4-1: Compare and contrast the rules regarding revenue recognition under IFRS versus GAAP. Please enter your answer here * IFRS 4-2: Under IFRS, do the definitions of revenues and expenses include gains and losses? Explain. Please enter your answer here * IFRS 7-1: Some people argue that the internal control requirements of the Sarbanes-Oxley
Words: 309 - Pages: 2
gas companies and initially earned its revenue by producing and distributing natural gas. Under the leadership of Ken Lay and later Jeffrey Skilling, the gas company evolved adding electricity, communications, and energy trading to its offerings and continued its development, construction, and operation of power plants and pipelines (Ferrell, Fraedrich & Ferrell, 2011, pg 420). By 2000, Enron’s wholesale energy income represented ninety-three percent of revenues. This included the trading of gas and
Words: 2729 - Pages: 11
