ADMS 4520 Assignment # 2 Muhammad Choudhary Student # 211085552 Section C Haran Alagarajah Student# 211337797 Section A Handed into: Patricia Farrell Submitted on: October 2nd, 2013 Case: 2-1 To: Fabio & Fox Chartered Accountants Introduction: Wonder Amusements Limited (WAL) is a company that was incorporated as an amusement park and golf courses. Recently WAL invested into a sports franchise which has caused the relocation of parts of the business. Objective: A meeting with
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intention for the EAs and nature of their ‘business.’ In order to understand what are the “feasible alternative classifications in the statement of cash flows” for the $3 million purchase, Polluter will determine what type of asset they will classify the EAs as on their balance sheet. Following are three alternatives Polluter can consider as outlined in Deloitte’s “Accounting for Emission Rights” paper: 1. The EAs are intangible assets as defined under SFAS No. 142, Goodwill and Other Intangible
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framework in accounting? a. It should be a basis for standard-setting. b. It should allow practical problems to be solved more quickly by reference to it. c. It should be based on fundamental truths that are derived from the laws of nature. d. All of the above (a-c) are true. 6 . In the conceptual framework for financial reporting, what provides "the why"--the goals and purposes of accounting? a. Measurement and recognition concepts such as assumptions, principles
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1. IAS 16 PROPERTY PLANT AND EQUIPMENT This standard regulates the measurement, recognition, derecognition and disclosure requirements of non-current assets and its related expenditure or income in the financial statements. It also defines the scope of it by stating clearly all assets falling within it. 1.1. Definition Property, plant and equipment refer to all tangible non-current assets used in the production or supply of goods and services, for administrative purpose or for rental to others
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products come in- lunchables for example, come in a cardboard box and then a sealed plastic tray and then the crackers and other parts are individually wrapped too. Reuse-reusing and repurposing the wastes. Instead of buying brand new why not shop at Goodwill or garage sales? Or taking 55 gallon drums and turning them into rain barrels. Recycling- collecting materials and re-processing them into raw materials. For example, taking office paper to the paper mill to be turned into paper/toilet paper etc
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General Mills Inc.—Understanding Financial Statements Teaching Notes: This is the first case we use in our course and it sets the tone. We find that using a company well-known to students piques their interest and gets the course off to a good start. The purpose of the case is to gain familiarity with financial statements and to begin to think about how financial statements reflect economic events and financial performance. Some students need to be reminded that the point of the exercise is not to
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#2 = Software Goodwill is a common trend in the technology industry, and this firm has a high amount of goodwill, indicating that it might have overtaken some subsidiaries. Its huge margins, too, are typical of the software industry, which does not require much cost during production. This company hasn’t issued stock, indicating that it might be young and emerging, which is also common in technology. The high R&D is a big indicator of software companies, which always look to expand and adjust
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STUDY MATERIAL Integrated Professional Competence Course PAPER : 1 ACCOUNTING VOLUME – I BOARD OF STUDIES THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA This study material has been prepared by the faculty of the Board of Studies. The objective of the study material is to provide teaching material to the students to enable them to obtain knowledge and skills in the subject. Students should also supplement their study by reference to the recommended text books. In case students need
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............................................ 15 Long-lived assets ........................................................... 16 Intangible assets............................................................ 18 Impairment of long-lived assets, goodwill and intangible assets ............................................................ 20 Financial instruments..................................................... 23 Foreign currency matters .............................................. 30 Leases
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relationships, such as employer groups or members provider networks trademarks trade names software licenses favorable leases non-compete agreements goodwill Hospitals and other health care facilities licenses certificates of need managed care contracts goodwill Physician practices medical charts non-compete agreements managed care contracts goodwill 6.02 6.03 Supplies inventories are generally not very significant to the financial position of health care entities. However, because of the
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