Comparing IFRS to GAAP ACC/ 291 11/3/2014 Lori Haines Comparing IFRS to GAAP GAAP Revenue Recognition GAAP rules for recognition are detailed regarding specific industries‚ such as real estate and software. It uses the "complete contract method" and has special rules for rendering software services. Organizations can recognize revenue from the sale of goods made delivery from a definitive agreement for a fixed fee that they are reasonably sure they will collect. Under GAAP‚ companies must wait until
Premium Financial statements Generally Accepted Accounting Principles Income statement
the firm pay to shareholders during the year? Enter your answer in dollars. For example‚ an answer of $1.2 million should be entered as 1‚200‚000. 55‚000‚000 Prev retain 791 + net income 30 = 856 856 - Retain earnings 800 = 56‚000‚000 dividends 5. CORRECT The Wendt Corporation had $11.5 million of taxable income. a. What is the company’s federal income tax bill for the year? Enter your answer in dollars. For example‚ an answer of $1.2 million should be entered as
Premium Stock market Generally Accepted Accounting Principles Finance
ACC 100 AC 100 Final Project Paper Fed Ex vs. UPS Jennifer Kulka‚ Yukari Matsubara‚ Cathy Myers and Elizabeth Scofield Notre Dame de Namur University Federal Express was founded in 1973 by Fred Smith. The idea came from FedEx Corporation operates in four segments. FedEx Express is the world’s largest express transportation company‚ delivering some 3 million packages daily. It provides transportation‚ e-commerce‚ and business services worldwide. The company offers a range of shipping services
Premium Express mail United Parcel Service United States Postal Service
supplies on account is recorded as a debit to the Purchases account and a credit to the Accounts Payable account. A) True B) False 4. A subsidiary ledger containing only creditors’ accounts is called the accounts payable ledger. A) True B) False 5. Fast Lane Automotive received merchandise that had an invoice value of $6‚500. The journal entry to record the receipt of these goods is A) debit Purchases $6‚500
Premium Accounts receivable Generally Accepted Accounting Principles Balance sheet
Concordia University John Molson School of Business ACCO 673 Specialized Topics in Taxation FINAL EXAMINATION Date: August 6‚ 2011 Time: 9:00am – 12:00pm Instructions: - This is a closed book exam. - You are allowed dictionaries. - Use of regular calculators are allowed. Calculators which store text are NOT allowed - This exam consists of 7 questions. - Total number of pages including cover sheet: 11 - Answer all questions in your
Premium Income tax Tax Finance
receipt of the pledge. In the fund statements‚ the donation cannot be recognized as revenue until it is available for expenditure. Problems 4-1‚ 4-2‚ 4-7‚ and 4- 8 4-1. 1. d 6. d 2. a 7. b 3. b 8. b 4. c 9. a 5. c 10.a 4-2. 1. e 6.j 2.m 7.f 3.e 8.c 4.h 9.p 5.h 10.p 4-7. 1. Journal entries A.Cash 200‚000 Grant Revenue 200‚000 B. Repair Expenditure 150‚000 Cash 150‚000 c. Cash 200‚000 Deferred revenue 200‚000 2. Revenue that should be reported: Road
Premium Generally Accepted Accounting Principles Government Cost
am highly interested in studying due to the fact that people either love them or hate them‚ or love to hate them. Wal-Mart’s net receivables for their fiscal year (ending in January 2011) were $5089.00 which was significantly more than the previous 5 years. I don ’t know a lot about Wal-Mart or their business practices as of yet‚ but I did read up on their credit card practices. Customers can apply for a Wal-Mart Chase credit card in store and if they are approved they get to start using it immediately
Premium Expense Accounts receivable Revenue
The new company that has been acquired consists of two segments‚ which you have already expressed a dislike to and two different pension plans. Expelling the two segments from this new company‚ which as been suggested‚ may be not as easy as it we may think. This company also has two different pension plans we must look at to make sure the required reporting for defined contribution‚ defined benefit and other postretirement plans are in compliance. Required Reporting’s for Pension Plans There
Premium Pension
This week’s consensus is overwhelmingly a feeling of clarity as compared to last week. Our team feels much more comfortable with statements of cash flows and financial statement analysis than with dividends‚ bonds‚ etc. The following are individual reflections on what we learned during week four. I think this week was easier for me than others because of the simplicity behind the terms. The statements of cash flows include operating activities‚ investing activities and financing activities. Operating
Premium Balance sheet Cash flow statement Accounts receivable
Weekly Reflection Summary- WK 4 The objectives for week 4 include learning the importance of the statement of cash flow‚ the financial statements analysis‚ and how to master the fundamentals of both. The statement of cash flow is one of the main financial statements which investors rely on to measure a company’s financial strength. Some investors are very much interested in this statement because they absolutely want returns on their investment. The cash flow statement identifies the cash is
Premium Financial statements Debt Finance