Holding Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit. Our audit was conducted in accordance with the International Standards on Auditing and accordingly included such tests of accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion‚ the consolidated financial statements present fairly the financial position of Pakistan Telecommunication Company Limited and its subsidiary
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Gains or losses on cash flow hedges are a. ignored completely. b. recorded in equity‚ as part of other comprehensive income. c. reported directly in net income. d. reported directly in retained earnings. e. None of the above 3. The accounting for fair value hedges records the derivative at its a. amortized cost. b. carrying value. c. fair value. d. historical cost. e. None of the above 4. Which of the following is a financial instrument under U.S. GAAP? a. a consolidated
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EXAM3 EXTRA CREDIT 1. Ultimate Butter Popcorn issues 6%‚ 6-year bonds with a face amount of $47‚000. The market interest rate for bonds of similar risk and maturity is 6%. Interest is paid semiannually. At what price will the bonds issue? (Do not round PV factors. Round your answer to the nearest dollar amount. Omit the "$" sign in your response.) Issue price $ 47‚000 2. Ultimate Butter Popcorn issues 7%‚ 6-year bonds with a face amount of $49‚000.
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Accounting Standard 10: Accounting for Fixed Assets • Fixed asset is an asset held for producing or providing goods and/or services and is not held for sale in the normal course of the business. • Cost to include purchase price and attributable costs of bringing asset to its working condition for the intended use. It includes financing cost for period up to the date of readiness for use. • Self-constructed assets are to be capitalised at costs that are specifically related to the asset and those
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Abstract In this case of Toy Central Cooperation the aim is to evaluate company risks and accounting issues facing a Toy Company‚ and establish how these issues would transform into required particular audit risks. In performing the analyses‚ there is need to draw on all-purpose information of toys and perhaps to investigate a number of of the accounting procedure issues confronting the Toy Company. Throughout this evaluation and analyses‚ there is a necessity for the Company to see a need
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Chapter 1 Notes: Accounting & the Business Environment Accounting: The information system that measures business activities‚ processes the information into reports‚ and communicates the results to decision makers. Two Major Fields of Accounting: 1) Financial Accounting: The field of accounting that focuses on providing information for external decision makers. 2) Managerial Accounting: The field of accounting that focuses on providing information for internal decision makers. Certified
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The balance sheet items of The Sweet Soda Shop (arranged in alphabetical order) were as follows at the close of business on September 30‚ 2011: Accounts Payable Accounts Receivable Building Capital Stock Cash $ 8‚500 1‚250 45‚500 50‚000 7‚400 Furniture and Fixtures Land Notes Payable Retained Earnings Supplies 20‚000 $ 55‚000 ? 4‚090 3‚440 The transactions occurring during the first week of October were: Oct. 3 Additional capital stock was sold for $30‚000. The accounts payable were paid in full
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There are two methods of accounting a business may use to record their transactions; cash basis accounting and accrual basis accounting. While both are effective‚ most businesses choose accrual basis accounting because cash basis accounting is not an acceptable form of accounting under Generally Accepted Accounting Principles (GAAP). However a small business may still elect to use this method. (Nobles‚ Mattison‚ Matsumura. 134) Cash basis accounting only records cash transactions‚ which gives little
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WAlmart | Accounting Cycle Paper | Accounting Cycle of Walmart | | Melanie Bartholomew | September 2‚ 2012 | When a company‚ like Walmart‚ begins to prepare financial statements and reports at the end of an accounting cycle they generally use Generally Accepted Accounting Principles and “the collective process of recording and processing the accounting events” (Definition of ‘Accounting Cycle’‚ 2012)‚ known as the accounting cycle. There are nine steps involved in the accounting cycle.
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RESEARCH PROJECT – ACCOUNTING II 1. Nike‚ Inc. 2. Nike world headquarters location One Bowerman Drive Beaverton‚ Oregon 97005-6453 3. In 1950‚ before there was the Swoosh‚ before there was Nike‚ there were two visionary men who pioneered a revolution in athletic footwear that redefined the industry. Bill Bowerman who was constantly seeking ways to give his athletes a competitive advantage. and Phil Knight was a talented middle-distance runner from Portland
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