3 Adjusting Accounts and Preparing Financial Statements QUESTIONS 1. The cash basis of accounting reports revenues when cash is received while the accrual basis reports revenues when they are earned. The cash basis reports expenses when cash is paid while the accrual basis reports expenses when they are incurred (and matched with revenues they generated). 2. The accrual basis of accounting generally provides a better indication of company performance and financial condition than does
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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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QUESTIONS FOR MID-TERM EXAM 1. All the users of interested parties (users of information) have equal possibility/rights/power to get company’s financial information. Do you agree with this statement (give you arguments)? How financial statements are useful to the various interested parties (users of information)? Financial accounting’s aim is to allow all the users of interested parties to understand firm’s situations in global and synthetic way. The financial statement produce information
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Independent University‚ Bangladesh (IUB) In Partial Fulfilment of the Requirements of EMBA Course-513E Management Accounting By Mohammed Shamsuddin Student ID: 1110805 Summer Semester‚ 2012‚ Management Accounting‚ EMBA INDEPENDENT UNIVERSITY‚BANGLADESH July 26‚ 2012 Dr.Dilip kumar Sen Professor School of
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A value added tax (VAT) is a form of consumption tax. From the perspective of the buyer‚ it is a tax on the purchase price. From that of the seller‚ it is a tax only on the value added to a product‚ material‚ or service‚ from an accounting point of view‚ by this stage of its manufacture or distribution. The purpose of VAT is to generate tax revenues to the government similar to the corporate income tax or the personal income tax. Who Are Required To File VAT Returns • Any person or entity who
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Chapter 02 Worldwide Accounting Diversity Multiple Choice Questions 1. What is the equivalent of U.S. balance sheet common stock on the balance sheet of a British company? A) Capital redemption reserve B) Share premium account C) Own shares held D) Called-up share capital Answer: D Level: Medium LO: 1 2. Which of the following is not a problem caused by accounting diversity? A) Lack of qualified international
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on hand. Under the FIFO method‚ the December 31 inventory is $21‚750. $21‚000. $27‚000. $24‚000. In a period of rising prices‚ FIFO will have lower cost of goods sold than LIFO. lower net income than LIFO. lower net purchases than LIFO. lower income tax expense than LIFO. The inventory turnover ratio is computed by dividing cost of goods sold by 365 days. average inventory. beginning inventory. ending inventory. Quigley Company’s records indicate the following information for the year: Merchandise
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requirement‚ we are assigned the topic “Carbon Accounting” by our course teacher for accomplishing our report. 1.2 Objectives of the report To attain the skill of report writing. To achieve deep knowledge about Carbon Accounting. To fulfill the partial requirement of our course of Accounting for Managers. 1.3 Methodology of the report This study was a descriptive research where we have been analyzed mainly secondary data to understand the Carbon Accounting and its application. All the data has
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inventory method of accounting (LIFO). In general‚ to use LIFO for federal income tax purposes‚ taxpayers must also use LIFO for fnancial reporting purposes (herein referred to as the LIFO conformity requirement). The use of LIFO for fnancial reporting purposes is not permitted under International Financial Reporting Standards as promulgated by the International Accounting Standards Board (IFRS). As a result‚ a conversion from US generally accepted accounting principles (GAAP) to IFRS likely will
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The preparation of income tax returns overseas‚ outsourcing‚ raises many significant ethical issues. Reports of the scope and size of the outsourcing market vary greatly‚ but the largest outsourcing companies claim that thousands of returns were processed during the 2006 tax season. Estimates for the 2007 season indicate the total may now be well into the hundreds of thousands. Outsource Partners International (OPI) reports preparing 10‚000 U.S. tax returns last year. SurePrep claims to have processed
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