WEEK 3 WORKSHOP TASKS (for submission at start of Week 3 workshop) Review Question 4 (page 628 of text) When reviewing the financial statements and supporting notes of a reporting entity‚ is it possible to establish all the individual types of income or expenses that the entity has incurred or received? If not‚ how does management determine which income and expenses should be disclosed? NZ IAS 1 paragraph 88 requires entities to recognize all items of income and expense occurred in the trading
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Learning Task Number Four The Henry Furniture Co. is a new company and has numerous fixed assets that need to be depreciated. You can help Henry by determining the depreciation rates for the assets and the amount of depreciation for year one. The assets were purchased at various times during the year (hint: watch out for the dates). The following assets will be held by the company for at least the next two years (In other words‚ year two will be a full year for all of the assets). Please fill
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Government of Guam Comprehensive Annual Financial Report Analysis For the Fiscal Year Ended September 30‚2012 Ria Ricardo National University ACC640 Dr. Raouf R. Moussa Introduction Guam makes history as the first U.S. territory to ever submit the federally-mandated Comprehensive Annual Financial Report also known as the CAFR. A CAFR is a standardize report that tells the federal government how the local government collected
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Exclusive cash generating unit 7. Assume that employees confessed to a P500‚000 inventory theft but are not able to make restitution. How should this material fraud be shown in the company’s financial statements? A. Classified as loss and shown as a separate line item in the statement of comprehensive income. B. Initially classified as an account receivable because the employees are responsible for the goods. Because they cannot pay‚ the loss would be
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the shoulder and elbow. She has been diagnosed as tennis elbow in December 2008 by her chiropractor (Dr. Shui). The patient experiences stiffness on both shoulders‚ slightly more on the right side. There is no pain with shoulder movement‚ but she reports tenderness on bilateral trapezius‚ rhomboid major and minor as well as right rotator cuff muscles upon moderate palpation. She also experiences localized dull‚ achy pain at lateral epicondyle of right elbow which becomes sharp with mild palpation
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Managerial and Financial Accounting Report FIN540 Accounting for Managerial Decision Making Abstract Financial accounting develops account information that is used by external parties such as stockholders‚ suppliers‚ banks‚ and government regulatory agencies in their decision-making. Management accounting develops confidential accounting information that is used by managers within an organization. Management accounting is a complex process of identifying‚ accumulating and analyzing information
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What are the major limitations of Financial Accounting? Explain with the help of Examples. What are the alternatives to overcome these limitations? Financial accounting can be defined as reporting of the financial position and performance of a firm through financial statements issued to the external users on a periodic basis. It is a field of finance that treats money as a means of measuring economic performance instead of treating it as a factor of production. It encompasses the entire system
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CHAPTER 1: INTRODUCTION TO FINANCIAL ACCOUNTING 1.1 USE‚ PREPARATION AND CONCEPTS * Use: The information derived from financial accounting is used by managers‚ investors‚ bankers‚ financial analysts and accountants‚ helping them to learn how to use information effectively and to do their jobs better. This information is essential to accountants for the services they provide. * Preparation: to be effective users of accounting information‚ people need to know something about how and
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1:15 1:16 1:17 1:18 1:19 1:20 1:21 1:22 1:23 1:24 1:25 1:26 1:27 1:28 1:29 1:30 1:31 1:32 1:33 1:34 1:35 1:36 1:37 1:38 1:39 1:40 1:41 1:42 1:43 1:44 1:45 1:46 1:47 1:48 1:49 1:50 1:51 1:52 1:53 1:54 1:55 1:56 1:57 1:58 1:59 2:00 End What is the accounting for treasury shares? a. On repurchase of treasury shares‚ a gain or loss is recognized equal to the difference between the amount at which the shares were issued and the repurchase price for the shares. b. On
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Financial accounting is one kind of accounting different from the management accounting in the accounting system. As management accounting is for “internal” whereas financial accounting is for “external”. The following is a detailed explanation and analysis of the major objective and role of financial accounting. The purpose of financial accounting is to measure the performance of the entity and therefore provides the financial information to different stakeholders. Stakeholders will have their
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