2011 Semester 2 Intermediate Financial Reporting Final Exam Solution. Accounting standards (5 MARKS) 1. Explain what gives Australian accounting standards authority and how is it enforced? The Corporations Act gives the standards the force of law. ASIC administer the Corps Act. and hence enforce the standards. Failure to comply with the standards can include legal proceedings‚ goal‚ financial penalties and prevention from acting as a manager or director of a company in the future. In addition
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Unit 306 Task A Presentation Ai Management of health and safety at work regulations 1999 The manual handling operations regulations 1999 (amended 2002) Health and safety (first aid) regulations 1981 Reporting of injures‚ diseases and dangerous occurrences relegations (RIDDOR) 1995 Control of substances hazardous to health (COSHH) 2002 Food safety act 1990 Quality in care Aii All employees in a health and social care setting have a responsibility for health and safety. This includes working safely
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How does accounting help in the capital allocation process? If a company’s financial performance is measured accurately‚ fairly‚ and on a timely basis‚ the right managers and companies are able to attract investment capital. To provide unreliable and irrelevant information leads to poor capital allocation which adversely affects the securities market. What is the objective of financial reporting? The objective of general purpose financial reporting is to provide financial information about the
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CA 1-4: (a) Differentiate between Financial Accounting and Managerial Accounting. While financial accounting is the process that culminates in the preparation of financial reports on the enterprise for use by both internal (as managers) and external parties (as investors‚ creditors‚ unions‚ and government agencies)‚ managerial accounting is the process of identifying‚ measuring‚ analyzing‚ and communicating financial information needed by management to plan‚ control‚ and evaluate a company’s operations
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Accounting for Partnerships In the business world‚ there are different types of businesses can be classified into various forms of ownership. Some of those forms are a corporation‚ sole proprietorship‚ and a partnership. The form I will be discussing in this paper is called a partnership. A partnership is when two or more people own and operate in a business which also takes part of the responsibility. Our text says that “Partnerships are a popular form of business because they are easy to form
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Intermediate Accounting by Spiceland 7th Edition Test Bank Contact me here sellertbsm2014@hotmail.com to download the test bank INSTANTLY!!! PRICE FOR THE TEST BANK‚ SOLUTION MANUAL AND BOOK PDF: Test Bank 20$ USD Solution Manual 20$ USD BooK PDF 30$ USD This is a sample chapter Chapter 01 Environment and Theoretical Structure of Financial Accounting True / False Questions 1. The primary function of financial accounting is to provide relevant financial information to parties
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Chapter 2 1. A conceptual framework is a coherent system of interrelated objectives and fundamentals that can lead to consistent standards and that prescribes the nature‚ function‚ and limits of financial accounting and financial statements. A conceptual framework is necessary in financial accounting for the following reasons: (1) It enables the FASB to issue more useful and consistent standards in the future. (2) New issues will be more quickly solvable by reference to an existing framework of basic
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Declaration for Federal Employment* Form Approved: OMB No. 3206-0182 (*This form may also be used to assess fitness for federal contract employment) Instructions The information collected on this form is used to determine your acceptability for Federal and Federal contract employment and your enrollment status in the Government’s Life Insurance program. You may be asked to complete this form at any time during the hiring process. Follow instructions that the agency provides. If you are
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UNIT 306 Firstly manual handling is defined as In effect‚ any activity that requires an individual to lift‚ move or support a load‚ will be classified as a manual handling task. Secondly‚ assess the risks involved‚ more than a third of all reportable injuries of over three days involve manual handling‚ and around 10% of major injuries are linked to manual handling. It has a major impact on all workplaces‚ and costs the economy hundreds of millions of pounds every year. In the UK‚ 1.1m people
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Accounting Equation Paper NAME ACC/300 INSTRUCTOR DATE The basic accounting equation is: Assets = Liabilities + Stockholders’ Equity. When looking at the balance sheet one can assume that assets must balance out each transaction and balance the claims to the assets (Kimmel‚ 2010). A balance sheet provides Assets of the company first and foremost‚ then Liabilities and Stockholders’ Equity and last retained earnings. This shows the companies incoming money‚ outgoing payments‚ and the
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