(Name of the Corporation) Notes to Financial Statements For the year ended (Date) ------------------------------------------------- 1. CORPORATE INFORMATION (This portion will depend on the nature of the business) (Corporation’s Name) is a duly registered non stock corporation under registration number (Registration Number) and its principal office is located at (Address). The amended articles of incorporation were approved on (Date of Approval) and the expiration is on (Date of Expiration)
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| | | | | |2A | |Compute depreciation under different methods. | |Simple | |30–40 | | | | | | | | | |3A | |Compute depreciation under different methods. | |Moderate | |30–40
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Q1 - Internal Controls (lecture 3): 15 Marks. ------------------------------------------------- He said he will ask either a petty cash question or a bank reconciliation one but not both. The question will also probably test us on e-controls or cash control for cash receipts and cash payments. What is internal control? It is the organisational plan and all the related measures that an entity adopts to: * safeguard assets * encourage adherence to company policies * promote operational
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no required down payment‚ (3) shared tax advantages‚ (4) assets and liabilities are not reported on the balance sheet. 6. You should explain to the president that depreciation is a process of allocating the cost of a plant asset to expense over its service (useful) life in a rational and systematic manner. Recognition of depreciation is not intended to result in the accumulation of cash for replacement of the asset. 7. (a) Salvage value is the expected cash value of the asset at the end of its
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flow statement 40 10-18 Inventory appraisal system 15 10-19 Composite amortization system 15 10-20 Composite amortization system 25 10-21 Amortization systems 25 10-22 Accounting for capital assets 45 continued ... Assignment 10-23 Depreciation and depletion—schedule‚ entries (*W) 25 10-24 Asset impairment – five situations 20 10-25 Asset impairment 15 10-26 Asset impairment (*W) 20 10-27 Asset group impairment 15 10-28 Asset group impairment 15 10-29 Capital asset impairment
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Corporate Reporting and Financial Analysis Prof Wang Jiwei HOMEWORK #2 Suggested Solutions Question 1 Determinants of Income P2-9. Determining missing amounts on income statement |AJAX Corporation | |Income Statement | |For the
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BankChapter 13 - Property‚ Plant‚ and Equipment: Depreciation and Depletion Chapter 13 Property‚ Plant‚ and Equipment: Depreciation and Depletion True / False Questions 1. The auditors’ approach to the audit of property‚ plant‚ and equipment largely results from the fact that relatively few transactions occur. True False 2. A major control procedure related to plant and equipment is a budget for depreciation. True False 3. Evidence of continued ownership of property is obtained by vouching
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funds should be operated on a cost recovery basis (although‚ in practice‚ not all are). Accrual accounting (i.e.‚ the "business basis") is required for these funds to determine that user charges are commensurate with operating costs‚ including depreciation on capital assets. Question 71 Essay Question The Stores and Supplies Fund of Walnut City has quietly followed a policy of charging all actual cost and normal overhead for materials and supplies bought from them. Annually an amount of cash
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APRIL 2011‚ Q 1 (B) – Answer KASTURI Bhd Statement of Comprehensive Income for the year ended 31 March 2011 | | Notes | RM’000 | | Turnover (600‚000 – error 5‚000) | 2 | 595‚000 | | Cost of sales (408‚000 + dep:LP 5‚000 + dep:PPE 19‚200) | | (432‚200) | | Gross Profit | | 162‚800 | | | | | | Distribution cost | | (29‚000) | W1 | Administrative expenses | | (43‚900) | W2 | Other operating expenses | | (15‚600) | | Profit from operations | | 74‚300 | | Finance
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1 . FASB Accounting Standards Codification (FASC) This section deals with certain general background considerations and information related to the FASC and the answers can be found by clicking the “About the Codification” and “Notice to Constituents” sections on the FASC Welcome Page. This section is a good general source of information about the FASC and should be reviewed prior to starting to answer the specific questions set forth in all sections. The related research questions that you must
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