Introduction‚ Review of Accounting Process and Financial Statements Abstract This paper explains different types of accounting phrases and how they directly affect the accounting field. Phrases which are included and defined in the paper are Generally Accepted Accounting Principles‚ Contra-Asset Accounts‚ Historical Cost‚ Accrual Basis vs. Cash Basis Accounting‚ and Accounting Standards Codification. Definitions and examples of these terms are included as well as explanations of how they are
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Topic 1 Accounting and Society Prepared by Graeme Wines. One issue in Topic 1 that can be a little confusing is the distinction between inductive and deductive theories. The example of the topical area of climate change can be used to provide explanations of the distinction which may help your understanding. Inductive theory A descriptive (explanatory/scientific) theory‚ as these terms imply‚ suggest that the theory is attempting to describe or explain a particular phenomenon‚ and that
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CHOICE ANSWERS AND SOLUTIONS 1-1: a Jose’s capital should be credited for the market value of the computer contributed by him. 1-2: b (40‚000 + 80‚000) 2/3 = 180‚000 x 1/3 = 60‚000. 1-2: c 1-3: a Cash P100‚000 Land 300‚000 Mortgage payable ( 50‚000) Net assets (Julio‚ capital) P350‚000 1-4: b Total Capital (P300‚000/60%) P500‚000 Perla’s interest ______40% Perla’s capital P200‚000 Less: Non-cash asset contributed at market value Land P 70‚000
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Accounting Standards Boards University of Phoenix Accounting Theory and Research ACC541 The history of the Financial Accounting Standards Board and the International Accounting Standards Board The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are currently working together on a short-term international convergence project to remove a variety of individual differences between United States Generally Accepted Accounting Principles ( U.S. GAAP)
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1 Governmental and Nonprofit Accounting: ENVIRONMENT AND CHARACTERISTICS ANSWERS TO QUESTIONS QUESTION 1-1 a. The similarities of accounting for profit-seeking and G&NP organizations include: 1. Double-entry system of accounts. 2. Most accounting mechanics‚ e.g.‚ basic transaction documents‚ journals‚ ledgers‚ charts of accounts. 3. Where a G&NP organization has a business-type activity‚ e.g.‚ a municipal electric utility‚ the accounting largely parallels that for a
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Accounting Study Guide for Test # 2 Topic 5: Financial Statement Analysis 5-1 (Q5-1) Explain in general terms the concept of return on investment. Why is this concept important in the analysis of financial performance? Return on investment measures profitability in relation to the amount of investment that has been made in the business. A company can always increase dollar profit by increasing the amount of investment (assuming it is a profitable investment). So‚ dollar profits are not necessarily
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effect him for the rest of his adult life. Through the characterization of Sammy‚ Updike employs a simple heroic gesture to teach us that all of our actions have consequences wand we are all responsible for our own actions. In the short story "A&P" author John Updike describes the setting and customers with great detail‚ while letting the reader make their own assumptions on Sammy’s exact motivations for quitting his job. The ending of the story leaves you to draw your own conclusions of what
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solvency. But ratios do not provide answers; they are merely a guide for management and others to the areas of a company’s weaknesses and strengths (Palat 1999). However‚ ratio analysis is difficult and there are many limitations. This section will identify and discuss the inadequacies of accounting ratios as tools of financial analysis. ACCOUNTING POLICIES. It is difficult to use ratios to compare companies‚ because they very often follow different accounting policies. For example‚ one company
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“A&P” The story “A&P” gives us a interesting‚ dynamic protagonist. We are given a short situation in which to determine his personality and his intentions. As the story progresses‚ we get a peek of Sammy’s personality‚ but his reasons are still a blur. Several other characters assist to contrast against Sammy. Though the story is short‚ we are left with a question to ask ourselves‚ why did Sammy do what he did? From the beginning of the story Updike uses Sammy’s youth and unromantic descriptive
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CHAPTER 11 Financial Reporting Concepts ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Exercises Problems Set A Problems Set B 1. Explain the importance of having a conceptual framework of accounting‚ and list the components. 1‚ 2 1 3 3 2. Identify and apply the objective of financial reporting and the underlying assumptions used by accountants. 3‚ 4‚ 5 2‚ 3‚ 6 1‚ 2‚ 4‚ 5‚ 6 1‚ 2‚ 4‚ 5 1‚ 2‚ 4‚ 5 3. Describe the fundamental and enhancing
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