MCQs in lecture from ch 2 1. Accounting theories should be A. Inductive B. Deductive C. Descriptive D. None of the given options is correct 2. Which of the following statements is true about accounting measurements such as profits and assets? A. They are subject to professional judgment B. They would not vary if prepared by different accountants‚ providing they were based on the same set of accounting standards C. They are based on hard‚ objective‚ evidence
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sentenced to 10 years. He had moved company cash into his personal bank account. Some of this was used to buy Polly Peck shares to keep the price up. In 2002 the accounting disciplinary body‚ the Joint Disciplinary Tribunal‚ fined Stoy Hayward £75‚000 for its role as group auditor to Polly Peck. Erdal & Co‚ the north Cypriot accounting firm was also fined for its audit of the north Cypriot subsidiaries of Polly Peck in 1988 and 1999. 2. Enron 2001 Massive fraud. AA helped to set up off balance
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Principles and Process Standards Worksheet Directions: Go to the NCTM website by using the following directions: 1. Go to http://www.nctm.org/standards/content.aspx?id=4294967312 2. Click on the Standards and Focal Points section from the top navigation bar. 3. Click the Principles and Standards for School Mathematics navigation bar on the left of the page. 4. Click on the Overview section. 5. Click on Standards for Grades Pre-K–2. 6. Click on Standards for Grades 3–5
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198 Accounting Standard (AS) 14 (issued 1994) Accounting for Amalgamations Contents INTRODUCTION Definitions EXPLANATION Types of Amalgamations Methods of Accounting for Amalgamations The Pooling of Interests Method The Purchase Method Consideration Treatment of Reserves on Amalgamation Treatment of Goodwill Arising on Amalgamation Balance of Profit and Loss Account Treatment of Reserves Specified in A Scheme of Amalgamation Disclosure Amalgamation after the Balance Sheet Date ACCOUNTING STANDARD
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INTRODUCTION Through history and the many years of accounting practice‚ a lot of accounting theories have been developed. Interestingly‚ many of those theories are grounded on the basis of prescribing and proposing how accounting processes should be performed. These are known as normative theories of accounting as they are not built on observation‚ but rather upon the theorist’s deductive judgement‚ and subjective opinion (Goble 2009). Accounting conceptual frameworks are good examples of normative
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many components have shaped the way a country develops itself both economically and financially. To fully understand a country’s accounting standards one must explore such environmental factors as the history‚ demographics‚ economy and the legal system of a country. South Africa is a dynamic country full of diversity. It is hard to understand the structure of the accounting profession without first learning how South Africa developed into the country it is today. The history of South Africa
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IFRS – One World One Accounting Introduction to IFRS Currently‚ more than 100 countries requires or adopt IFRS and it is expected that by 2012‚ more than 150 countries will adopt IFRS. India has also taken the step towards convergence of Indian Accounting Standards with IFRS. This article details the need for harmonization of local GAAP with IFRS‚ challenges for Corporate India etc. 1. Importance of Accounting Standards 2. Accounting Standards Across the world 3. Need of Harmonization
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International Accounting Standards Contents A. Introduction & Objective.……………………………………………………………….3 B. Why Harmonization of international accounting standards required……………..4 C. Factors influencing any Country’s Accounting Standards…………………………..6 D. Role of International Accounting Standard Board (IASB)……………….…………..8 E. Moving towards Harmonized International Accounting Standard………………….9 F. Obstacles and Benefits of the harmonization of International Accounting………..10
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2011‚ the Accounting Standards Review Board (ASRB) ceases to exist in New Zealand. 1. What is the ASRB to be replaced with‚ and what will be the statutory authority of this new organisation? The current authoritative accounting board is Accounting Standard Reporting Board (ASRB). This board reviews and approves financial reporting standards and their amendments‚ give directions as to authoritative support of accounting policies and encourage development of financial reporting standards. This
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markets. On the other hand‚ securities analysis becomes more complex because of supplementary variables such as foreign exchange risk‚ political‚ economic‚ cultural diversities‚ etc. that need to be taken into deliberation in making investment judgment. A significant variable in the analysis of foreign securities is various accounting standards. The accounting standard of United States (US) and United Kingdom (UK) and identifies the major differences that materially impact the Tangible Assets‚ Goodwill
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