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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provided some principles to adopt in practices. There are six principles which contain the important elements to protect the interest of public. These six principles determine the ethicality of an event. If these principles are followed by all the CPAs then the manipulation of accounts can be prohibited. The CPAs have the responsibility as well as accountability towards the public. Therefore‚ it is very necessary for all the CPAs to protect the interest of public as well as protect the individuals‚ companies
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UNIT 5: ACCOUNTING FOR DEBENTURES LEARNING OBJECTIVES I) II) III) IV) V) VI) VII) IX) X) Understand the meaning and features of debentures. Differentiate between shares and debentures. Understand different classes of debentures Journal entries regarding issue of debentures for cash and for consideration other than cash. Accounting treatment of debentures issued as collateral security Accounting treatment of issue and redemption of debentures at par‚ discount and at premium. Understand the methods
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To: Carminho Building Products Ltd From: Rodrigues Accounting Dear Sir/Madam‚ We are submitting herewith our report entitled UK Subsidiary Expansion. The main purpose of this report is to help Carminho Building Products Ltd decide the potential and suitable site for the formation of a public listed subsidiary. This report will include United Kingdom’s current financial reporting environment and other information that Carminho Building Products Ltd would need in order to make a sound decision
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(A) Rules-based accounting standard Rule-based systems are fairly simplistic‚ consisting of little more than a set of if-then statements‚ but provide the basis for so-called "expert systems" which are widely used in many fields. The concept of an expert system is this: the knowledge of an expert is encoded into the rule set. When exposed to the same data‚ the expert system AI will perform in a similar manner to the expert. Rule-based systems are a relatively simple model that can be adapted to
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Phase I DB: Database V.S. Spreadsheets Fundamentals of Database Systems August 20‚ 2010 When dealing with large amounts of information that you will need to conduct business a spreadsheet may be an inferior choice. The choice of many users is to use spreadsheet applications when possible to store and house their data. This stems from the understanding of the systems. Most users understand the basic concepts behind spreadsheet applications and can manipulate their way through these systems
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Demo Homework Chapter 1 Demonstration Problem 1-2 Effect of Product and Period Costs Klyn Manufacturing Company experienced the following accounting events during its first year of operation. Except for the depreciation adjusting entries‚ all transactions are cash transactions. 1. Acquired $50‚000 cash from the issue of common stock. 2. Paid $6‚800 for the materials that were used to make its products. All products started were completed during the period. 3. Paid salaries of $4‚300
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age of my life I realized everyday had to be planned for - maybe because of the risk of living through the day or because of the unforeseen contingencies. I always wake up with a plan in my head and most times I write them out. I did things accordingly with so much composure and ease. When I got admission into the University I had the opportunity to mingle with people with broader minds. They were able to perceive the ingenuity in my lifestyle and exposed me to Project Management. I was most surprised
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worth individuals‚ family trusts and pension funds. Investment Banker: An intermediary who arranges the sale of stock and bonds to raise capital for corporations. Also involved in arranging mergers and acquisitions of companies. 2. Draw a typical organization chart for a corporate finance department. Possibilities may or may not include: Chief Financial Officer‚ Marketing Analyst‚ Controller‚ Sales Administration and Analysis‚ Accounting Manager‚ Administrative Assistant‚ Accounting Clerk
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reliability In this assignment‚ I shall discuss 3 main parts and they are: Materiality and the difficulty in defining this concept The concept of prudence and its conflict with neutrality The conflict between relevance and reliability. Most 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.
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