following terms used in Note 3: grant date‚ exercise price‚ vesting period‚ expiration date‚ options granted‚ options exercised‚ and options forfeited. b. Note 3 (page 47 of Xilinx’s annual report) indicates that in fiscal 2007‚ Xilinx adopted a new accounting method for its stock options and other stock-based compensation as required by SFAS 123R. How does Xilinx now account for stock options? How does this differ from the method Xilinx used before
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ACCOUNTING ASSUMPTIONS‚ PRINCIPLES‚ AND CONSTRAINTS Phil Toms March 29‚ 2013 The basic assumptions are monetary unit assumption and the economic entity assumption. The monetary unit assumption requires that companies include in the accounting records only transaction data that can be expressed in terms of money. This assumption enables accounting to measure economic events. The monetary unit assumption is vital to applying the cost principle. An economic entity can be any organization
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ACCOUNTING CONCEPTS What are the Account Concepts? In order to maintain uniformity and consistency in preparing and maintaining books of accounts‚ Certain rules or principles have been evolved. These rules/principles are classified as concepts and conventions. These are foundations of preparing and maintaining accounting records. “Accounting concept refers to the basic assumptions and rules and principles which work as the basis of recording of business transactions and preparing accounts
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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 its liabilities total $85‚000. What is the amount of Amber’s
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HISTORY OF ACCOUNTING LEARNING OUTCOMES Understand the history of accounting dating from prehistoric times to written record keeping. Identify the seven preconditions for the emergence of systematic book keeping. Know Luca Pacioll contributions in introducing double entry book keeping. Accounting is a tool‚ invented by humankind‚ to fulfill needs of society. Unlike the explorers of the past who discovered new lands‚ accounting cannot in any true sense be said to have been discovered
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and does not close at the end of the period and the balance sheet is carried forward into the next period. -capital is a permanent account. -the closing process zeroes out all revenues and expenses. -current assets will be used up or converted to cash within one year or the businesses operating cycle‚ whichever is the greater. -when a company is purchasing inventory‚ and pays early to take advantage of the purchase discount offered by the vendor‚ that amount is credited to the inventory account
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The formation of the debit and credit concept In this simplified form we can begin to see what the mathematician and Father of Accounting (Luca Pacioli) saw in 1494 when he codified the double-entry bookkeeping system. It is his codified system that outlined the rules for applying debits and credits when recording the financial transactions of a business in the double-entry bookkeeping system. Now remember that Luca’s book in 1494 was written and published in Latin and at a time when the concept
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INTRODUCTION The accounting concepts are rules and guidelines which the accountant follows and uses when deciding between differing options to make. They help to ensure the accounting information is presented accurately and consistently. All formal accounting statements should be created‚ preserved and presented according to the concepts and conventions’. The following will look at each of the concepts and conventions and relate them to the profit and loss account for a sole trader. GOING
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CHAPTER 2 21. Generally accepted accounting principles a. are fundamental truths or axioms that can be derived from laws of nature. b. derive their authority from legal court proceedings. c. derive their credibility and authority from general recognition and acceptance by the accounting profession. d. have been specified in detail in the FASB conceptual framework. 22. A soundly developed conceptual framework of concepts and objectives should a. increase financial statement users’
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THE ACCOUNTING CYCLE LARRY M. WALTHER & CHRISTOPHER J. SKOUSEN DOWNLOAD FREE TEXT BOOKS AT BOOKBOON.COM The Accounting Cycle © 2009 Larry M. Walther‚ under nonexclusive license to Christopher J. Skousen & Ventus Publishing ApS. All material in this publication is copyrighted‚ and the exclusive property of Larry M. Walther or his licensors (all rights reserved). ISBN 978-87-7681-486-1 Download free books at BookBooN.com 2 Contents The Accounting Cycle Contents Part 1:
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