1 (5.5 marks) Required For each of the 11 statements listed below‚ indicate the name of the underlying assumption‚ measurement convention or accounting constraint that is most closely associated with the statement involved. Each answer is worth 0.5 mark. Underlying assumption‚ measurement convention or accounting constraint Student ID: ____________________ Statements Example: Continuity Assumption is the appropriate answer for the below statement. Continuity Assumption Presumes stability‚
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Update STAFF DRAFT Financial Statement Presentation ST A FF D R A FT — SU B JE C July 1‚ 2010 T TO C H A N of an Exposure Draft on G E Notice to Recipients of this Staff Draft of an Exposure Draft on Financial Statement Presentation This staff draft of an Exposure Draft has been prepared by the staff of the FASB and the IASB (Boards) for the Boards’ joint project to develop a standard on financial statement presentation. The draft reflects
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net income kept in the corporation for future use‚ not distributed to stockholders as dividends. 7. Assets = Liabilities + Stockholders’ Equity. 8. Distributions of cash or other assets from an incorporated business to its shareholders. 9. The cost of assets consumed or services used in the process of ongoing operations to generate resources. 10. A financial statement that
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referred to as temporary or nominal accounts because each period they are closed out to Income Summary in the closing process. Their balances are reduced to zero at the end of the accounting period; therefore‚ the term temporary or nominal is sometimes given to these accounts. 7. Indicate whether each of the following items is a real or nominal account and whether it appears in the balance sheet or the income statement a) prepaid rent real‚ balance sheet b) salaries and wages payable real
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Small-Business Idea Recently the United States government has released funds for creating small businesses. An opportunity to acquire government funding for a business venture is one to take advantage of and to put dreams into reality. The intent of this paper is to outline the three main forms of business organizations including the tax and legal implications as well as the accounting requirements for each structure. In addition‚ this paper proposes creating a small business of a women’s only gym
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INTRODUCTION The dramatic collapse of Enron Corporation‚ following a series of disclosures of accounting improprieties‚ has led many to question the soundness of current accounting and financial reporting standards. Within Enron’s reported financial statements‚ including related note disclosures‚ were there signs of Enron’s accounting and economic issues? Should an astute investor or analyst have been suspicious of Enron’s reported results? How did management hide debt‚ inflate profits‚ and support a
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A. Using information in the financial statements as originally reported in Ex 6.27 – 6.29‚ compute the value of beneish’s manipulation index for fiscal year 5 and year 6. M Score = -4.840 + 0.920 x DSRI + 0.528 x GMI + 0.404 x AQ + 0.892 x SGI + 0.115 x DEPI - 0.172 x SGAI - 0.327 x LVGI + 4.697 x TATA -4.840+0.920[(3932/12445)/(1662/8213)]+0.528{[(8213 –4523)/8213]/[(12445–6‚833)/12445]}+0.404({1–[(15443+1323)/18199]}/{1–[(6320+669)/7590]})+0.892(12445/8213)+0.115{[193/(193+669)]/[337/(337+1‚323)]}+-0
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it in the appropriate week using the Assignment Submission button. 1. Critical Thinking Question: Answer the following questions: Why are noncash transactions‚ such as the exchange of common stock for a building for example‚ included on a statement of cash flows? How are these noncash transactions disclosed? This reveals a non cash investing and financial activity that needs to be recorded‚ mainly because these transactions do not trigger a direct inflow or outflow of cash‚ but they are nonetheless
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Term Project Final Report Atlantic Butler MGMT 3907 December 7‚ 2011 “I hereby certify that I am the author of this document and that any assistance I received in its preparation is fully acknowledged and disclosed in the document. I have also cited all sources from which I obtained data‚ ideas‚ or words that are copied directly or paraphrased in the document. Sources are properly credited according to accepted standards for professional publications. I also certify that this paper was
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is the focus of the remainder of the chapter. Examples of a variety of transactions are analyzed and their impact on the accounting equation is discussed. The financial statements—income statement‚ statement of owner’s equity‚ balance sheet‚ and cash flow statement are illustrated. The interrelationship of the financial statements is emphasized. Chapter 1 ends with an introduction to international financial reporting standards (IFRS) and an explanation of how IFRS will be presented in the other chapters
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