ACCOUNTING SUBSTANCE OVER FORM Substance over form is an accounting concept where the entity is accounting for items according to their substance and economic reality and not merely their legal form. It is one of the key determinants of reliable information. For most transactions there will be no difference and in some cases however‚ the two diverge and the choice of how to present the transactions can give very different results. This differences occurs when an asset or liability is not recognized
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101-00128 Oct 2014 Accounting Accounting is the recording‚ measurement‚ and interpretation of financial information (Business 286). This financial information is used to evaluate the organization’s operations. To carry out these interpretations of financial information a public or private accountant is able to do this. To become a public accountant you must earn your CPA (certified public accountant) by passing a test and means you are certified by the state in which you provide accounting services where
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Question 1 Use the data below to answer Parts (a) through (c). Show all calculations in your solutions. On January 1‚ 20X2‚ Haika Inc. purchased 60% of the outstanding voting shares of Selina Co. for $3‚000‚000. On that date‚ Selina’s shareholders’ equity consisted of retained earnings of $2‚000‚000 and ordinary shares of $1‚000‚000. Selina’s identifiable assets and liabilities had fair values that were equal to their carrying values on January 1‚ 20X2‚ except for the following: | Fair value
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Section A Under Case Study (Newspaper) HB Global 1. Types of audit opinion Qualified opinion * A qualified opinion report can result from a limitation on the scope of the audit or failure to follow generally accepted accounting principles Adverse opinion * It is used only when the auditor believes that the overall financial statements are so materiality misstated or misleading that they do not present fairly the financial position or results of operations and cash flows in conforming
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AYB 311 FINANCIAL ACCOUNTING ISSUES Semester 1 2011 Dr Amedeo Pugliese Lecture 1 AYB 311 - Dr Amedeo Pugliese Overview of AYB 311: the Teaching Team Lecturer – Amedeo Pugliese Tutors – Amedeo Pugliese – Julie Greenhalgh – Kevin Plastow – Natalee Jennings – Sharron Genrich – Tereaze Hubner AYB 311 - Dr Amedeo Pugliese Overview of AYB 311: enrolment and objectives Prerequisite: - AYB340 (formerly AYB220) Company Accounting Please notice: The unit-coordinator will not accept any
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1.Temblador Corporation purchased a machine 7 years ago for 319‚000 when it launched product E26T. Unfortunately‚ this machine has broken down and cannot be repaired. The machine could be replaced by a new model 330 machine costing 323‚000 or by a new model 230 machine costing 285‚000. Management has decided to buy the model 230 machine. It has less capacity than the model 330 machine‚ but its capacity is sufficient to continue making product E26T. Management also considered‚ but rejected‚ the alternative
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Frederick W Taylor was one who led a life of earnest development in the production and manufacturing sectors. His life was one the spurned on time study and one that advanced America and the world in scientific management. Taylor was born in Philadelphia‚ Pennsylvania on March 20‚ 1856. He lived an eventful and noble life for 59 years and one day dying on March 21‚ 1915. Throughout his lifetime he was a great inventor with over 40 patents and a brilliant engineer (Britannica). In his early
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Question 1 Brown Ltd purchased equipment for $280‚ 000 on 1st July‚ 2010. It is expected that the equipment will have a residual value of $10‚ 000 at the end of its’ 3 year useful life (or 100‚000 machine hours). Calculate depreciation expense to the nearest whole dollar. a. Calculate the depreciation expense‚ accumulated depreciation and annual carrying amount for each of the 3 years ended 30th June‚ under the following depreciation methods: Straight line Reducing balance (rate = 47%)
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BSAD 6203 Organizational Behavior Spring 2014 Type your answers on the answer sheet provided. Spread your points among the chapters as indicated. You MUST answer the required essays for a total of 30 points. Essays that are offered within the chapters are italicized‚ related to the textbook‚ worth 6 points‚ and should be ½ page in length. All other questions are worth 2 points each for a total of 70 points. The entire exam is worth 100 points. Required Essays: 3 at 10 pts each Prepare
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costs Labor costs of assembly-line workers $110‚000 – Direct labor Sales commissions $35‚000 – Period costs Factory supplies used $13‚000 – Direct materials Salaries paid to sales clerks $50‚000 – Period costs (b) Explain the basic difference in accounting for product costs and period costs. Product costs are manufacturing costs‚ direct components‚ direct labor and manufacturing overhead‚ do not become expenditures until the company sells inventory. Period costs are non-manufacturing costs‚ including
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