ACC206: Principles of Accounting II Final Paper Instructor: Emmett Denham March 25‚ 2013 ABC Company could reach $3 million in annual sales within 3 years if the company used shingle scrap material to build cedar dollhouses. The new product would add additional costs but would project an aggressive growth in revenue for the company. In the following reports I will show you how beneficial the cedar dollhouses would be to ABC Company. [ABC Company] | Cash Flow Satement | | | | Date:
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financial statements report an increase of $950‚000 in the net income‚ Vice President Jack Brickhouse asks Louise Boudreau‚ the controller‚ to reduce the estimate of warranty expense by $60‚000. The present estimate of warranty expense is $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
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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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ACCOUNTING NOTES FOR MY PERSONAL USE 4/12/2013 ELISHA VERIWA | Introduction to Accounting Accountancy is the process of communicating financial information about a business entity to users (stakeholders) such as shareholders and managers (Elliot‚ Barry & Elliot‚ Jamie: Financial accounting and reporting). Accounting has been defined as: * the art of recording‚ classifying‚ and summarizing in a significant manner and in terms of money‚ transactions and events which are‚ in part at least
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its rezoning campaign through the necessary legal steps and has been turned down each time. It will clearly be difficult to obtain rezoning for multifamily use but it is not clear that the job is impossible. Your staff people on the engagement report real frustration 挫折on this matter. They have concluded that the client cannot be successful in its rezoning efforts‚ and‚ therefore‚ they have suggested that the land be written down 减低帐面价值 to $15‚000‚000. The client has obviously objected‚ arguing
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organisational plan and all the related measures that an entity adopts to: * safeguard assets * encourage adherence to company policies * promote operational efficiency * ensure accurate and reliable accounting records. It is either an administrative control or an accounting control Characteristics of an effective internal control system include: * Competent‚ reliable‚ and ethical personnel * Assignment of responsibilities * Proper authorisation * Separation of duties
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| | |Participation |Participate in class discussion. |ongoing |1 | |Discussion Questions |Respond to weekly discussion questions. Respond to weekly discussion questions. DQ’s must be|THURS
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been much in the news lately. For example‚ Business Week has recently run two cover stories‚ one titled “Who Can You Trust?” (October 5‚ 1998) and the other titled “The Numbers Game” (May 14‚ 2001)‚ that suggest that the credibility of earnings reports is being eroded by earnings management. Arthur Levitt‚ Jr.‚ chairman of the Securities and Exchange Commission (SEC)‚ commented in 1998: “Too many corporate managers‚ auditors‚ and analysts are participants in a game of nods and winks. In the
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of the times‚ people find it difficult to understand the various accounting Concepts. In this coursework‚ I shall analyze these concepts and explain them. First of all I shall discuss the materiality concept. WHAT IS MATERIALITY? Authoritative accounting bodies in the USA such as Financial Accounting Standard Board (FASB)‚ Securities and Exchange Commission (SEC)‚ General Accounting Office (GAO)‚ American Institute of Certified Public Accountants
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COURSE ACCOUNTING IA CODE CAC 1107 AIM The purpose of the course is to provide an understanding of the basic concepts and techniques of accounting and their application to business management. The course covers the accounting cycle and assumes no prior knowledge of accounting. The course is intended for those who will use accounting information as managers rather than those who will prepare it as accountants. In appreciation of the question of the semantic value of accounting information
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