As a result‚ we need to verify if impairment should be recognized. 2. The impairement is $600‚000. GAAP methodology of determining impairment uses a two-step recoverability test. Step one‚ requires a company to estimate the future undiscounted cash flows expected from the use of that asset and its eventual disposition. If impairment has occurred‚ step two would determine the loss by subtracting the fair value from the carrying amount of the asset. 3. Ida should record $500‚000 impairment loss
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who updated account payable. This is to ensure the payment of bills is authorized by account payables not the finance clerk‚ who writes the checks. Implications (effects of the problem) a. There will be a manipulation of accounts and misuse of cash. b. Without a copy of PO‚ vendor‚ Receiving Department and AP cannot review and
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ocial studies is defined by the Board of Director of the National Council for the social studies as‚ the integrated study of the social sciences and humanities to promote civic competence. Within the school program‚ social studies provides coordinated‚ systematic study drawing upon such disciplineocial studies is defined by the Board of Director of the National Council for the social studies as‚ the integrated study of the social sciences and humanities to promote civic competence. Within the school
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similarities and differences between the two‚ go over risk for companies as well as ways for companies to prepare. | IFRS and GAAP and what convergence means. In financial surprise accounting the objective for financial reporting are to provide useful information for potential investors and creditors‚ assessing cash flow‚ and about claims and changes to company resources. The problem with this is that‚ without standards each company would set their rules‚ and readers of financial reports would have
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Sanity… subjective? Why is it so often regarded as a societal norm when sanity is rarely achieved in its essence by Hayakawa’s standards? How possible is it for one to realize sanity whilst concurrently maintaining assimilation via a "normal" fashion into mainstream society? Who is this anomalistic "fully functional individual" and what specific qualities characterize her as such?" What constitutes "sanity?" According to Hayakawa’s definition of a well-adjusted individual‚ a sane person
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Roman society from republican times through to the empire worked on a system of “patronage”. Patron- client relationships existed through all levels of roman society. A patron was expected to assist his clients and their relatives by advancing their careers. In return the client had to support and further the cause of the patron‚ often giving them gifts. The system of patronage was particularly important for noble families of Rome‚ and as can be seen by Agrippina‚ the women of the imperial household
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a I/A Accounting Management Accounting 1. Management accounting – Its nature‚ purposes‚ place in general accounting theory‚ role in general and strategic decision making process of management‚ comparisons with other areas of accounting 2. Definitions of cost‚ cost classification‚ cost behaviour 3. Costing issues – Cost accumulation; cost allocation‚ apportionment‚ absorption; overheads‚ overhead absorption rates‚ under and over-recovery of overheads‚ normal and actual costing 4. Absorption
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Accounting is founded on the basic equation that states a company’s Assets equal their total Liabilities plus their total Owner’s Equity . This equation is summarized as ALOE . This isthe basis of the Balance Sheet.Assets are the company’s furniture‚ fixtures and equipment‚ physical property‚ intellectual property and other resources. These properties include the physical land as well as the equipmentand building improvements on the property.A company’s liabilities
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Introduction In our coursework group assignment‚ our group had chosen the Apollo Food Holdings Berhad which is listed on the main board of the Bursa Kuala Lumpur. Apollo Food Holdings Berhad is a Malaysia-based company engaged in investment holding and provision of management services. Its own subsidiaries are Apollo Food Industries (M) Sdn Bhd‚ which is engaged in manufacturing and trading in many compound such as chocolates‚ chocolate confectionery products and cakes. The company is manufacturing
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Advanced Accounting Mock Exam 2011-2012 Use these questions to prepare for your exam coming soon. This is not guarantee that the exam will be similar except the fact that the exam will also have multiple choice questions. Question 1: An analyst evaluating financial statements for various firms is most likely to conclude that: a) U.S. GAAP ensures uniformity in accounting practices among different firms. b) Firms account for their debt obligations in the liabilities section of the income statement
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