Decision Case 5-10 a). The CEO is mainly concerned with reporting the highest amount of income possible. Thus the CEO will be pleased if the company uses the FIFO method. This method recognizes as cost of goods sold the oldest costs‚ and because prices are rising‚ the costs charged to cost of goods sold will be less than if LIFO is used. b). It would be difficult to state absolutely which method is truly in the best interest of the stockholders‚ as FIFO results in lower COGS on the income report;
Free FIFO and LIFO accounting Inventory Revenue
In this case we see how Henry Tam and other Russian founders of the MGI came together I one after the other meeting. Each one of them had experience in one or the other skill. But somehow all the members wer different from each other‚ Sasha was very unfocussed
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$500‚000 and is known by both Brickhouse and Boudreau to be a fairly "soft" amount. Identify possible causes of action. -Brickhouse is acting unethically. His action serves only his self-interest‚ self review and has no clear basis in proper accounting procedures‚ so ignoring the familiarity with brickhouse ‚the controller‚ Louise Boudreau‚ should not manipulate net income in view of any compensation plan the company may have.He must comply with relevant laws and regulations and not assist others
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Accounting Homework Individual Chapter 7 Question 1&2 1. (a) What are generally accepted accounting principles (GAAP)? In the U.S.‚ generally accepted accounting principles‚ commonly abbreviated as US GAAP or simply GAAP‚ are accounting rules used to prepare‚ present‚ and report financial statements for a wide variety of entities‚ including publicly-traded and privately-held companies‚ non-profit organizations. (b)What bodies provide authoritative support for GAAP
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Texts in Conversation: How the New Yankee Stadium Reflects American Culture Historical: Since the late 1800’s‚ Baseball and the United States have had significant cultural changes and had strongly influenced each other. In it’s early forms‚ Baseball was a sport that was sparingly played in the New York/New Jersey region of the U.S. In 1845‚ Teams such as the “New York Nine” and the “Knickerbocker Club” were already beginning to play organized games of baseball with the modern rules seen in today’s
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The Case Study should be professional‚ clear and free of typos and grammar errors. Storage Systems‚ Inc.‚ sells a wide range of drums‚ bins‚ boxes‚ and other containers that are used in the chemical industry. One of the company’s products is a heavy- duty corrosion- resistant metal drum‚ called the XSX drum‚ used to store toxic wastes. Production is constrained by the capacity of an automated welding machine that is used to make precision welds. A total of 2‚000 hours of welding time are avail-able
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correct picture on the firm’s financial performance and financial position. We have to recognize all transaction occurring in that accounting period‚ irrespective of whether cash has been received or paid. The ultimate objective of adjusting entries is to ensure that the revenues (income) earned in the accounting period are matched by all costs incurred for that same accounting period (Monash College‚ 2011). Prepayment There are two types of adjusting entries‚ prepayments and accruals. Prepayment is
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prove the need for an automated yard management system wherein most processes which are now done manually are automated. The hardware infrastructure requirements of such a system can be satisfied by a good RTLS. The efficiency of the yard management solution lies in the YMS used for the purpose. This report gives a snapshot of the best technologies that can be used to aid in yard management. The market prospects of YMS are promising as presented in the later part of the report with 51% of the target
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Objective 1. Determine the total considerations transferred. 2. The land and buildings should be recorded on the premise of “in-use” or “in-exchange”. 3. Determine the fair value recorded for the intangible assets. Applicable accounting pronouncement ASC 805-20-25 Business Combinations-Identifiable assets and liabilities and any non controlling interest-Recognition Recognition Conditions 25-2 To qualify for recognition as part of applying the acquisition method‚ the
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non-segmental defects quite in agreement with a previous study. In this study‚ the inferior reader confidence or lack of clarity in lung perfusion (Q) Planar and SPECT interpretation is in agreement with the fact that only 89.5% and 94.7% respectively of cases can be resolved by lung perfusion (Q) planar and SPECT scintigraphy. This study elucidated that despite the similar performance of these projections of lung perfusion (Q) Planar‚ SPECT and SPECT-CT‚ that lung perfusion (Q) SPECT-CT has a higher and
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