their relevance in today’s market; * Implementing professional standards and practices based on internationally accepted guidelines as standards and By-Laws for members to comply within maintaining the integrity of the profession; * Having in place a robust disciplinary system for those who fail to comply with this standards BY-Laws; * To enhance the status of members. Question 2: Briefly explain the following users of accounting information: Question 2(a): Shareholders
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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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Political institutions have been around since nearly all human societies were organized tribally. Over time they have developed into various organizational features and eventually taken the shape they do today. They have proven to be fundamental in virtually all societies worldwide and by being so omnipresent we often take these institutions for granted and do not realize how vital they are for our society. Moreover‚ because they are so important and play such a big part in our society‚ there is
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International Journal of Trade‚ Economics and Finance‚ Vol. 2‚ No. 6‚ December 2011 Use or Abuse of Creative Accounting Techniques Syed Zulfiqar Ali Shah‚ Safdar Butt‚ and Yasir Bin Tariq India who are always short of this product. It takes three years for a cement plant to start production. By the time the new plants came into production in late nineties‚ the country’s economic scenario had changed. The government had no money for development‚ the economy was generally in recession‚ and
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PRINCIPLES OF ACCOUNTING 1 ACCOUNTING THEORY NOTES (a) International Accounting Standards and International Financial Reporting Standards. The foreword to accounting standards defines Accounting Standards as Authoritative statements of how particular types of transaction and other events should be reflected in financial statements. Accounting Standards are developed to achieve comparability of financial information between and among different organizations. International Accounting Standards (IAS’s)
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contrast job order costing to process costing methods. Comparison: These systems are to determine the manufacturing costs of products. Both costing systems combine direct materials‚ direct labor and overhead which is indirect costs or could be considered a direct cost in the process costing method nonetheless both systems use this in the process of producing products. The manufacturing accountants assign cost objectives to raw materials inventory‚ work in process inventory and finished goods. These
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The lecture last night discussed accrual accounting concepts such as timing issues‚ and the basics of adjusting entries. The discussion went into more detail on periodicity assumption and how accounting divides the economic life of a business into artificial time periods. These time periods are generally a month‚ a quarter‚ or a year‚ now whether it is a fiscal year or a calendar year that is determined by the company itself. The lecture then reviews the revenue recognition principle which expects
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people worked together instead of one. One direct cost would be the use of the cutting machine used to carve out the positive mold of the artificial limb. This can be tracked by checking the time at which the machine was used and when the carving process started and ended. Another direct cost would be the use of the liquid resent that is made of either polyester or acrylic. This can be tracked by knowing what color was used and when it was used. Not everyone has the same skin tone so that makes it
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Accounting plays an important role in the life of organizations. There are several types of accounting such as financial‚ management and governmental accounting‚ taxation‚ audit. These types are usually focusing on different types of users that are interested in different types of information. In this essay I will examine the differences between financial accounting and management accounting. The basic difference between financial and management accounting is their target group. Management accounting
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Comparing Accounting Software Programs to Manual Accounting Manual accounting uses several paper ledgers to record financial transactions. It is very time consuming to record each single transaction onto paper‚ being very cautious not to make an error. There are several ledgers for each part of the accounting system‚ such as accounts payable‚ accounts receivable‚ and revenue accounts. Combining these ledgers into one general ledger‚ provide the balance for each ledger. The general ledger
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