EXERCISE 13-25 (20-25 minutes) (a) 1. | Current ratio = | $773‚000 | = 3.22 times | | | $240‚000 | | 2. | Acid-test ratio = | $52‚000 + $198‚000 + $80‚000 | = 1.38 times | | | $240‚000 | | 3. Accounts receivable turnover = $1‚640‚000 | $80‚000 + $198‚000 | = 11.8 times | | 2 | | (or approximately every 31 days) | 4. Inventory turnover = $800‚000 | $360‚000 + $440‚000 | = 2 times | | 2 | | (or approximately every 183
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points: i. ii. Conservatism concept stated that expenses should be recognized as soon as they are reasonably possible to occur. According to loss contingency‚ a liability is recognized when information available indicates that it is probable for a liability to occur and when the amount of loss can be reasonably estimated. Therefore‚ Norman should provide a provision for loss and recorded the transaction as a liability and an expense. The journal entries would be as follow: Dr. Cr. Lawsuit Loss Lawsuit
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threats that affect the likelihood of a project’s success. •What can go wrong (risk event). •How to minimize the risk event’s impact (consequences). •What can be done before an event occurs (anticipation). •What to do when an event occurs (contingency plans). Risk Management’s Benefits •A proactive rather than reactive approach. •Reduces surprises and negative consequences. •Prepares the project manager to take advantage of appropriate risks. •Provides better control over the future
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of care to his animals and is required to take reasonable steps to protect their welfare and prevent suffering - the legal responsibility is with the animal’s owner/keeper. Farmers are expected to take reasonable steps to address animal welfare contingency planning as part of their farm business planning where it is known or could be anticipated that livestock might be at risk during severe weather. Equine industry guidelines on welfare similarly require such business continuity plans. As a general
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THE UNITED REPUBLIC OF TANZANIA THE NATIONAL SOCIAL SECURITY POLICY MINISTRY OF LABOUR‚ YOUTH DEVELOPMENT AND SPORTS JANUARY 2003 TABLE CONTENTS Social Security Policy Glossary…………………………………………………… Foreword ………………………………………………………………………………… CHAPTER I 1.0 1.1 1.2 INTRODUCTION……………………………………………….. Background……………………………………………………………………. The Concept of Social Security…………………………………………. CHAPTER II 2.0 2.1 2.2 2.3 2.4 2.5 2.6 SITUATION ANALYSIS OF SOCIAL SECURITY SYSTEM IN TANZANIA…………………………………………………………
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Shelton ACC/541 – Accounting Theory and Research July 23‚ 2011 Memo To: Client From: Team B Date: August 6‚ 2012 Re: The Financial Accounting Standards Board (FASB) defines a contingency as a possible future event that will have some impact on the firm. The decision to report contingencies should be based on the principle of disclosure. Namely‚ when the disclosure of an event adds to the information content of financial statements‚ it should be reported. If a potential obligation
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M International Date: June 15‚ 2015 Prepared by: Fiona Wong Reviewed by: Professor Amanda Hurley ISSUE: Accounting for M International’s loss contingency for a verdict overturned on appeal. BRIEF BACKGROUND OF COMPANY W Inc‚ “W”‚ is a competitor of M International‚ “M”. In 2007‚ W filed a claim against M for patent infringement. By the end of that year‚ M estimated a $15-20 million loss‚ with $17 million being the most likely. On September 2009‚ a jury determined M has to pay $18.5 million in
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PAPer F3 revision notes June 2009 Examinations 1 ACCOUNTING CONCEPTS Fundamental Assumptions Fair presentation Going concern Accruals Consistency Materiality / Aggregation Relevance Reliability Faithful representation Substance over form Neutrality Prudence Completeness Comparability Understandability Separate entity Money measurement For latest course notes updates‚ free audio and video lectures and support please visit www.opentuition.com PAPer F3 revision notes June 2009
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Strikes and lockouts: LRA 66 of 1995 | Right to strike and recourse to lockout | A strike or a lock out is prohibited when:1. a collective agreement prohibits it2. issue in dispute must be referred to arbitration or Labour Court3. issue in dispute is arbitration award‚ collective agreement or Minister award4. a determination in BCEA 75/97 regulates the dispute (only in first year) | Protected and unprotected strikes and lock outs | Substantive and procedural requirements set forthProcedural requirements
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decreased FFM’s recorded amounts of receivables‚ prepaid expenses and equipment by $104‚254; a reclassification of expense items totaling $84‚462; and a provision for contingency of $188‚716. This restatement resulted in a reduction in the loss for the year of $104‚254. The theft in 2012 will be recorded as an additional provision for contingency until the company can determine recoverability (FFM Files Restated). This restatement has shown that the company‚ which was already steadily declining
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