← Abstract Faced with various issues of international accounting in cultural‚ economic‚ ethical and social level‚ after comparing US with China about the GAAP‚ analyzing the differences and difficulties in global accounting standard‚ it’s necessary to separate different accounting standards because of the diversification in different countries‚ it shows that accountancy professions play an important role in capital market‚ which can provide useful‚ relevant and reliable information to interested
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Homework Week 2 Exercise E1-1 SEC – K Audit – G Sole Proprietorship – I Corporation – E Accounting – A Accounting Entity – D Audit Report – J Cost Principle – F Partnership – C FASB – L IASB – H Unit of Measure – B GAAP – N IFRS – M E1-2 Accounts receivable – Asset Cash and cash equivalents – Asset Net sales – Revenue Notes payable – Liability Taxes payable – Liability Retained earnings – Stockholders’ Equity Cost of products sold – Expense Marketing‚ administrative
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1. The first interesting fact that I found out about Food Inc was that their tomatoes are ripened with ethane gas. I thought that was interesting because I never thought that they did that but they do. Ripening tomatoes on gas makes them get to people like us two times quicker because it is like putting them on steroids. This makes you really think about what you eat and what you are putting into your body. This makes me not want to eat tomatoes because the ethane gas can’t be good for the human
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—Conceptual 21.Which of the following is not considered cash for financial reporting purposes? a.Petty cash funds and change funds b.Money orders‚ certified checks‚ and personal checks c.Coin‚ currency‚ and available funds d.Postdated checks and I.O.U. ’s 22.Which of the following is considered cash? a.Certificates of deposit (CDs) b.Money market checking accounts c.Money market savings certificates d.Postdated checks 23.Travel advances should be reported as a.supplies. b.cash because
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Case summary: MRC‚ Inc. is a Cleveland based manufacturing company specialized in power brake systems for trucks‚ buses‚ and automobiles; industrial furnaces and heat treating equipment; and automobile‚ truck and bus frames. As till 1957 most of MRC’s sales were made to less than a dozen large companies in the automotive industry‚ it was exposed to the risk inherent in selling to a few customers in a very cyclical and competitive market. To minimize the risk and to explore new business opportunity
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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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International Accounting Case 1-2 1. An individual investor might want to invest in an international growth fund so that they can diversify their assets into mutual funds that invest in the stock of foreign companies instead of companies that are only in one country. 2. Risks common to both domestic and international funds: a. Investment style risk - the chance that returns from non-U.S. growth stocks and small- and mid-cap stocks‚ will trail returns from the overall domestic stock
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path‚ wishful thinking may be winning the day over faithful representation.”1 Earnings management means manipulating reported earnings so that they do not accurately represent economic earnings at every point in time. Earnings smoothing is a special case of earnings management involving intertemporal smoothing of reported earnings relative to economic earnings; it attempts to make earnings look less variable over time. Earnings smoothing is extensively documented (see Beidlerman 1973; Bannister
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ACC206: Principles of Accounting II Final Paper Instructor: Emmett Denham March 25‚ 2013 ABC Company could reach $3 million in annual sales within 3 years if the company used shingle scrap material to build cedar dollhouses. The new product would add additional costs but would project an aggressive growth in revenue for the company. In the following reports I will show you how beneficial the cedar dollhouses would be to ABC Company. [ABC Company] | Cash Flow Satement | | | | Date:
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Nature of Accounting and the Accounting Standard Background Accounting is an important part for business and it is dubbed “language” of business activities conducted by firms. People think it is used to communicate business transactions per se to all stakeholders. However‚ some people argue that the functions of accounting are not that easy. Except the communication tool‚ accounting acts as many other difference roles in business. When doing accounting‚ different standard may be used. There are
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