marks. 1. a. Explain the following accounting concepts and illustrate each with an example: i. Historical cost ii. Stable monetary measures (5 marks) b. For each of the independent situations described below‚ list the accounting principle or concept that has been violated and give your explanation: i. Andy Company accrued interest expense on the personal bank loan of the owner at year end. ii. Perfect Repairs adopts a policy of charging hand tools with small unit costs
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KFC in India Case Study Assignment (Ethical Issue) Abstract The case highlights the ethical issues involved in Kentucky Fried Chicken’s (KFC) business operations in India. KFC entered India in 1995 and has been in midst of controversies since then. The regulatory authorities found that KFC’s chickens did not adhere to the Prevention of Food Adulteration Act‚ 1954. Chickens contained nearly three times more monosodium glutamate (popularly known as MSG‚ a flavor enhancing ingredient) as allowed
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Le Chatelier’s principle and chemical equilibrium systems Jan Samuel Matuba‚ Mark Cel Gonzaga Chemical Engineering Department‚ College of Engineering‚ University of the Philippines‚ Diliman 1100 ------------------------------------------------- January 11‚ 2012 DISCUSSION Reaction rates determine the speed at which products are formed from the reactants. Expressed as concentration divided by time‚ reaction rates measure the rate of disappearance of the reactants‚ and‚ conversely‚ the rate
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P1-9A Bennett’s Home Renovations Income Statement Month Ended December 31‚ 2011 Revenue Service Revenue $ 154‚700.00 Expenses Interest 1‚190.00 Supplies 2‚975.00 Salaries 87‚430.00 Vehicle Maintenance 19‚545.00 Total Expenses 111‚140.00 Profit $ 43‚560.00 Bennett’s Home Renovations Statement of Owner’s Equity Month Ended December 31‚ 2011 J. Bennett Capital‚ January 2011 $ 54‚350.00 Add: Investments
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1. A major advantage of the partnership form is that the personal assets of the partners are protected from creditors in case of legal action- False 2. A partnership is considered an “entity” for accounting purposes- True 3. “Mutual agency” means that one partner can legally bind all the other partners to a contract if it appears that he or she is acting appropriately- True 4. Partners are taxed on their drawings regardless of their share of the income. False 5. If a partnership agreement
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Table of Contents 1 Introduction 2 2 Discussion of case study 2 2.1 Identification of the Ethical and Governance issues raised in the case study 2 2.2 Critical analysis of the main ethical and the governance issues raised in the case study 5 2.3 An evaluation of the conditions that enabled the issues identified to arise 7 2.4 Recommendations to the company 9 3 Conclusion 11 4 References 12 Introduction Apple is one of the most successful companies to date‚ they have dominated most of
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Generally Accepted Accounting Principles (GAAP) is a standard guidelines and accounting rules that companies used to prepare‚ present‚ and report financial information. By following this framework‚ companies can ensure that any financial information presented is uniformly consistent‚ relevant‚ feasible and objective. Through this standardization‚ corporate financial information can more readily be reviewed and interpreted by investors‚ stockholders‚ banks and other potential creditors and also promotes
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Experiment No. 2: Dynamic Equilibrium and Le Chatelier’s Principle December 1‚ 2011 Final Formal Results Le Chatelier’s Principle states that “when a stress is applied to a chemical system at equilibrium‚ the equilibrium shifts in a direction that reduces the effect of stress” (Gross‚ Abenojar‚ and Tan 23). Moreover‚ it helps us “predict the direction of the shift of the equilibrium” (Silberberg 745). Silberberg also stated that there are three kinds of disturbances - concentration‚
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1. The following transactions have been journalized and posted to the proper accounts. 1. Mark Call invested $7‚000 cash in his new design services business. 2. The business paid the first month’s rent with $700 cash. 3. The business purchased equipment by paying $2‚000 down and executing a note payable for $4‚500. 4. The business purchased supplies for $850 cash. 5. The business billed its clients a total of $4‚000 for design services rendered. 6. The business collected $3‚000 on account from one
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Values and ethical standards play a very important role in our daily lives at home and work because of what we personally believe in. Values are things that we feel that have an important meaning in our lives. Ethics are the standards of behavior of what our society appears to believe what is right and wrong. My individual values and ethic have slowly developed due to my own personal life’s experiences with family‚ education‚ and work. In my reflection paper I will discuss my own personal values
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