Accounting has a primary function to provide and develop data measuring the performance and disclosure of the company or organization to assist managers‚ investors‚ tax authorities and decision makers. The individual in the role of accounting is called an accountant and he or she has the responsibility to prepare financial statements such as balance sheets‚ income statements‚ and cash flows. The different categories for accounting are financial‚ cost‚ internal and external accounting. Finance has
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Damage to the environment is an inevitable consequence of worldwide improvements in the standard of living. Discuss. Nowadays with the development of the economy and technology‚ humans pursue various material or mental comforts frequently. The standard of living is a social-economic indicator which reflects people’s quality of life (Steve Dowrick‚ Y. D.‚ 2001). It can be measured by means of economic indicators (GDP per capita‚ income distribution‚ the price level) and social (infrastructure‚
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IFRS vs. U.S. GAAP: Differences and Consequences of U.S. Adoption A Study of the Issue of Comparability Daniel Morey East Texas Baptist University Author Note This paper was prepared for managers and business owners who are concerned about the possible U.S. adoption of IFRS‚ and its effects on financial reporting and other effected areas. IFRS vs. U.S. GAAP: Differences and Consequences of Adoption A Study of the Issue of Comparability In the United States all publicly traded companies
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same standards to prepare their financial statements can be compared to each other more accurately. This is especially important when comparing companies located in different countries‚ as they might otherwise be using different rules and methodologies to prepare their statements. This increase in comparability has helped investors better determine where their investment dollars should go. Not Globally Accepted The United States has not yet adopted International Financial Reporting Standards and
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been found to investigate the decisions they might make in such situations where proper external course of actions are not present or unclear. To date‚ there is simply little research on cross-national differences in prosocial moral reasoning that has been conducted over the years. However‚ cross-national studies on prosocial moral reasoning of children and adolescents in industrialized countries and age related changes in prosocial moral judgment have been identified. For instance‚ studies by Carlo
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The Difference between Economic Profit and Accounting Profit When it comes to business decisions‚ there are many ways to analysis the financial status of a firm. What guidelines determine profit margin? Who uses these guidelines? How is profit used to analysis a firm and its business decisions? This paper will discuss two terms that are used to define profit: accounting profit and economic profit. The first term is called accounting profit which uses the equa-tion. The second term for profit
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References: A detailed description of our critical accounting policies is included in our Annual Report on Form 10-K for the fiscal year ended July 28‚ 2012. (in thousands)| |October 27‚ 2012| |July 28‚ 2012| |October 29‚ 2011| | (in thousands)| |Interest Rate| |October 27‚ 2012| |July 28‚ 2012| |October
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REPORT IN DEFENCE OR FAVOUR FOR THE ADVOCATE OF AN INTERNATIONAL STANDARD OF ACCOUNTING PRACTICE. INTRODUCTION Internationalization of economic trade and globalization of businesses is on the ascendency. Consequently‚ financial statements prepared according to a nation’s local accounting system may hardly meet the needs of investors‚ business partners‚ financiers and decision-makers who are conversant with international standards. Meanwhile‚ developing and emerging markets are the target of the
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International Accounting and Financial Reporting Critically examine the role that cultural differences play in the accounting differences found internationally. Answer with reference to at least 2 contrasting countries Introduction: Accounting practices tend to hold divergent views in different parts of the world; these differences are caused by various reasons some of which relate to the external environment such as political‚ social and financial. This paper is addressing these differences in accounting
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Accounting Standard Board Tracy L Duran ACC/541 February 23‚ 2015 Leslie Crews Accounting Standard Board Introduction Accounting was created thousand years ago. Many companies use accounting system to record‚ maintain and report‚ and analyze business financial transactions. Because managers and investors make their business decisions base on the Financial Statement‚ the information that obtained from the Financial Statement must be concise and reliability. Budgets and performance reports provide
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