fall-out of Accounting Period concept. This concept requires that expenses incurred for a particular accounting period should be reckoned in the same period‚ irrespective of the fact whether these expenses have been paid in cash or not in that year. The same holds true for revenues‚ i.e.‚ revenues earned in a specific accounting period are construed as incomes of the same period‚ irrespective of their receipts. This concept is also known as the accrual theory of accounting or accrual accounting. This
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Introduction This paper discusses the Golden Bear Golf Inc after Initial Public Offer in 1991‚ highlighting the accounting practices and methods were used in recognizing the company’s revenue. This paper explains the fraud occurred in recognizing the revenue and how it overstated the financial statements and increased the stock price. It also explains the fraud theory applied to the revenue recognition and the auditor’s failure in discovering the fraud and reports it to the SEC. This paper will provide methods
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PPL Corporation v. Commissioner of Internal Revenue Business Income Tax‚ Northwestern Oklahoma State University ShaLyn Schaefer March 7‚ 2013 I chose this court case because the decision will have effects on many businesses in the United States who own foreign companies. A holding for the Commissioner of Internal Revenue may subject taxpayers in PPL’s position to double taxation. However‚ a holding for PPL threatens to undermine the consistency and uniformity of the U
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History Hong Leong Bank Berhad started its humble beginnings in 1905 in Kuching‚ Sarawak‚ Malaysia under the name of Kwong Lee Mortgage and Remittance Company and later in 1934‚ incorporated as Kwong Lee Bank Limited. In 1989‚ it was renamed MUI Bank‚ operating in 35 branches. In January 1994‚ the Group acquired MUI Bank through Hong Leong Credit Berhad (now known as Hong Leong Financial Group Berhad). This milestone saw the birth of Hong Leong Bank and in the same year in October‚ Hong Leong Bank
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Partnerships and Corporations – the accounting process Dwight A. Holland II ACC 206 Kristi Rayford 31 May 2010 How do partnerships and corporations differ in accounting processes? With partnerships‚ you have to look at several key concepts such as direct materials‚ direct labor‚ direct expenses‚ production overheads‚ process stock accounts. In reference to corporations‚ you have to consider a laundry list of items including accounts payable‚ accounts receivable‚ payroll‚ financial
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CASE BRIEF Title of Case: Stoneridge Investment Partners‚ LLC‚ Petitioner v. Scientific-Atlanta‚ Inc.‚ et al. 128 S. Ct. 761 (2008) Facts: The plaintiff‚ Stoneridge Investment Partners‚ LLC‚ presented a securities fraud class action against the defendant‚ Charter Communications’ vendors‚ Scientific-Atlanta. Charter communications is a publicly traded cable company that services millions of customers throughout America. Charter contracts with vendors for equipment that is used for their company
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THE ZALE CORPORATION Zale Corporation is a leading specialty retailer of diamonds and other jewelry products in North America. The Company has significant brand name recognition as a result of each of its brands’ long-standing presence in the industry‚ having 2.349 stores in the United States‚ Puerto Rico and Canada. The Company´s vision “provide customers with quality merchandise at the lowest possible price” has remain the same since its first store opening in 1920´s. The Mission of Zale Corporation
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Case 09-1: Velocity Cellular Page 1 D I S C U SS I O N M A T E R I A L S O b j e c t i v es o f t h e C a se This case gives students the opportunity to use accounting and auditing literature and professional judgment to research complex accounting issues effectively and efficiently. Specifically‚ students will be able to: Understand the application of the guidance in ASC 605-25‚ as amended by ASU 2009-13‚ to complex multiple-deliverable arrangements. Understand the application of the
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ACCT7102 Individual Case Study Assignment: ‘Biovail Corporation: Revenue recognition and FOB Sales Accounting’ Task Description: The financial reporting case study is a comprehensive case study which examines the specific application of case scenarios involving principally Topic 5 (Managerial incentives for financial statement management). The case will also be used to examine student report writing skills‚ general accounting knowledge‚ and ability to critically evaluate complex case
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specifying the shape and percentage of stocked goods. It is required at different locations within a facility or within many locations of a supply network to precede the regular and planned course of production and stock of materials. The scope of sales and inventory management system concerns the fine lines between replenishment lead time‚ carrying costs of inventory‚ asset management‚ inventory forecasting‚ inventory valuation‚ inventory visibility‚ future inventory price forecasting‚ physical inventory
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