distributors and other retailers an alternative sales channel" (Commerceinterface‚ 2011). .But‚ were these figures correct? Let’s take a closer look into the reports issued by Overstock.com. OVERSTOCK.COM: UNUSUAL/CONFLICTING ACCOUNTING PRINCIPLES IMPACT Overstock.com has recently received negative publicity because of some decisions regarding GAAP‚ internal accounting policies and their relationship with external auditors that has caused the company to have to restate their published financial
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and the Distributer provided that title to‚ and risk of loss with respect to‚ the product would not have passed to the Distributer until the product was delivered to the Distributer’s facility. In this scenario‚ using generally accepted accounting principles (GAAP) requirements‚ revenue cannot be recognized as the seller has not done everything required under the sales agreement. In this specific sales agreement‚ title and risk of the shipment remains the seller’s until received by the buyer. Therefore
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effectively inventory is utilised and the extent that resources in the business are being tied up. Average Period of Credit Given (Debtors Collection Period) Average Period of Credit Received/Taken (Creditors Collection Period) Accounting Principles and Concepts Business Entity - the business is seen as a separate entity from its owner(s). Going Concern – this concept assumes that the entity will continue to operate in the foreseeable future‚ unless there is a clear evidence to the contrary
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| 98. | 24. | 49. | 74. | 99. | 25. | 50. | 75. | 100. | THEORIES (50 items) 1. The objectives of financial reporting for business enterprises are based on a. reporting on management’s stewardship b. Generally accepted accounting principles c. the needs of the users of the information d. Accountancy Law 2. Which of the following basic elements are directly related to the measurement of financial position? a. Assets‚ liabilities‚ income b. Revenues and expenses c
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last quarter of 20X1. They are also worried about the adverse effects of such accounting on the company’s quality of earnings and thereby on its planned public stock offering in February 20X2. The present US GAAP (Generally Accepted Accounting Principles) revenue recognition model comprises over 100 standards and interpretations‚ many industry specific and inconsistent (PwC‚ 2010). Yet‚ the fundamental revenue recognition standards lead to the conclusion that Caltron’s accounting practices adversely
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Analyze the differences between ethical concepts‚ principles‚ theories‚ and tradition Mizzoni (2010) explains that understanding the distinction between ethical concepts‚ principles‚ theories‚ and traditions is part of the framework that may help one answer the philosophical problem about right and wrong. These terms will be briefly described and analyzed below. Ethical concepts Ethical concepts are described as the most basic building blocks of ethics (Mizzoni‚ 2010). They are thoughts or notions—
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Chapter 9 — Test 1 Note: Most questions can be placed in more than one of the four achievement categories. The achievement chart designation provided here indicates the category that is predominant within the question. 1. For each of the following‚ choose the most appropriate response. 1) A one-year insurance policy was purchased for $960 on July 1‚ 20-1. On December 31‚ 20-1‚ it had an unexpired value of: a. $240. b. $480. c. $560. d. $400. e. none of the above. 2) The accountant
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Title: Do the BPS ethical principles and guidelines place unreasonable constraints upon research? Ethical issues in research and particularly socially sensitive research have predominantly represented a focal paradigm within ’social sciences’; the emotive nature of psychological enquiry in both classical and contemporary investigations has moulded the retroactive response of bodies responsible for overseeing the instigation and application of principles and guidelines envisaged to safeguard
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standards of right and wrong that describe what humans should to do‚ usually in term of rights‚ obligations‚ benefits to society‚ fairness or specific virtues. (Velasquez‚ Andre‚ Shanks‚ Meyer‚ 2017) 2) What are the ethical principles have been violated in Humphrey’s study? The ethical principles have been violated in Humphrey’s study is firstly he aided the crime‚ technically. Humphrey was assisting in committing a crime-homosexual activity in Missouri which in by that time during 1960s‚ homosexual was
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Informed Consent Essay: Ethical principles of gaining informed consent “Respect for human beings involves giving due scope to peoples capacity to make their own decisions. In the research context‚ this normally requires that participation be the result of a choice made by the participants” (NHMR‚ 2007‚ p.3). Freegard 2012 (p.60)‚ states that “respecting the rights of others‚” includes a responsibility for Health professionals “to let others know about their rights” and that this forms the basis
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