CHAPTER 3 THE REPORTING ENTITY AND CONSOLIDATED FINANCIAL STATEMENTS ANSWERS TO QUESTIONS Q3-1 The basic idea underlying the preparation of consolidated financial statements is the notion that the consolidated financial statements present the financial position and the results of operations of a parent and its subsidiaries as if the related companies actually were a single company. Q3-2 Without consolidated statements it is often very difficult for an investor to gain an understanding
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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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BA 4221 – MIDTERM CASE INSTRUCTIONS: BAKE ME A CAKE Students are required to purchase this case from Ivey Publishing. See “Ordering Instructions for Students” under the Course Syllabus section of D2L. Due date: 4:30 p.m.‚ October 21st. Ivey Case: 9B13B001 Synopsis On January 14‚ 2012‚ Amy Bourgon‚ sole proprietor of Bake Me A Cake (BMAC)‚ set out to make some decisions regarding the company’s future strategy. BMAC had grown and Bourgon was considering a move because she was unsure of
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Introduction to Accounting Accounting is a profession used to make financial and business decisions. Billions of dollars exchange hands every day‚ in millions of separate business transactions. These are recorded and reported on using a comprehensive set of guidelines‚ referred to as Generally Accepted Accounting Principles (GAAP). Brief History of Accounting Accounting was born before writing or numbers existed‚ some 10‚000 years ago‚ in the area known as Mesopotamia‚ later Persia‚ and today the
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Alternative: One alternative Old Mule Farms can choose is doing nothing‚ and just remain what they did in the past. Right now Old Mule Farms tried to minimize their expense. They sold some of their land to generate funds to cover operating cost; they rented pasturage to feed their cows; they basically focused on feeding heavier cows in order to get heavier calves‚ and then can generate more revenue. They also provide dietary supplements and minerals to maintain calves’ health and productivity. Old
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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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CASE STUDY Q1: Using your understanding of the work of Herzberg‚ which motivators can you see in action at Siemens? Frederick Herzberg proposed a very popular theory of motivation termed as the two- factor theory‚ or motivation – hygiene theory has been widely accepted by managers concerned with the problem of human behavior at work. There are two distinct aspect of the motivation- hygiene theory. Intrinsic factors such as achievements‚ recognition‚ the work itself‚ responsibility‚ advancement
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financials to make sure that the compensation of the employees is fair. In most cases when a union is involved‚ there is a percentage of compensation that has been agreed upon. 1.7) Financial accounting (i) Management accounting (h) Financial reporting (g) Financial statements (f) General-purpose assumption (b) Integrity (c ) Internal control (e) Public accounting (d) Bookkeeping (a) 2.3) Amber Company’s assets total $150‚000 and
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CASE STUDY:CHAPTER 1 1. What job would you create? Why? A: The job of Manager in the workplace is to get things done through Employees. To do this Manager should be able to motivate employees. After discussing with my Manager of my Unit about the new position to help in my Department‚ I will create a new position for tracking accounts payable from clients or handling accounts payable to our service providers. If we hire someone then it will be more helpful to our department. We will Develop most
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Abstract The observance of international accounting standards is playing an increasingly significant role in dynamic regulatory developments and presents several challenges‚ which may necessitate a variety of procedural and technical data processing changes. Regulatory consolidation under the influence of international accounting standards The observance of international accounting standards is playing an increasingly significant role in dynamic regulatory developments. On the one hand‚ publicly
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