Accounting Homework Individual Chapter 7 Question 1&2 1. (a) What are generally accepted accounting principles (GAAP)? In the U.S.‚ generally accepted accounting principles‚ commonly abbreviated as US GAAP or simply GAAP‚ are accounting rules used to prepare‚ present‚ and report financial statements for a wide variety of entities‚ including publicly-traded and privately-held companies‚ non-profit organizations. (b)What bodies provide authoritative support for GAAP
Premium Generally Accepted Accounting Principles Balance sheet Asset
3101AFE TUTORIAL 1 – Semester 1 2014 Deegan Topic 1 Introduction to financial accounting theory 1.1 What is the difference between a positive theory of accounting and a normative theory of accounting? 1.6 The IASB and the FASB are currently developing a revised conceptual framework of financial reporting. If you have been asked to review the framework—which is an example of a normative theory of accounting—why would it be important for you to pay particular attention to how the objective
Premium Financial statements International Financial Reporting Standards Economics
CHAPTER TWO EXTERNAL ENVIRONMENT ANALYSIS At the end of this chapter‚ the student should be able to: 1. Understand the processes for an environmentally conscious organization. 2. Know the importance of SWOT analysis in analyzing both external and internal environment. 3. Understand the different segments of the external environment known as the general environment. 4. To find out how the strength of the company’s competitive forces are congruent with the industry’s through the five-forces
Premium Strategic management Competition Competitor analysis
ENVIRONMENTAL REGULATION OF OFFSHORE (E&P) WASTE MANAGEMENT IN NIGERIA: HOW EFFECTIVE? Ibrahim Sidikat Modupe The University of Sheffield The Environmental Regulation of Offshore Waste management in Nigeria has been documented in an article published by Law Environment And Development [1].Evidence suggest that‚ Director of Petroleum Resources has to adopt measure to ensure the adequate regulation of offshore oil and gas E&P waste management [3] and further evidence suggest that
Premium Petroleum Nigeria Waste
correct picture on the firm’s financial performance and financial position. We have to recognize all transaction occurring in that accounting period‚ irrespective of whether cash has been received or paid. The ultimate objective of adjusting entries is to ensure that the revenues (income) earned in the accounting period are matched by all costs incurred for that same accounting period (Monash College‚ 2011). Prepayment There are two types of adjusting entries‚ prepayments and accruals. Prepayment is
Premium Generally Accepted Accounting Principles Singapore Airlines
External Analysis and the Wine Industry* Analyzing the External environment is important in the strategic decision making for the organization in that these factors will affect the company’s choice of direction and its internal processes. There are two specific categories of the external environment factors that will be discussed‚ the remote environment and the industry environment. The remote environmental factors important to the success of the organization are the economic‚ political‚ technological
Premium Strategic management Wine Barriers to entry
Objective 1. Determine the total considerations transferred. 2. The land and buildings should be recorded on the premise of “in-use” or “in-exchange”. 3. Determine the fair value recorded for the intangible assets. Applicable accounting pronouncement ASC 805-20-25 Business Combinations-Identifiable assets and liabilities and any non controlling interest-Recognition Recognition Conditions 25-2 To qualify for recognition as part of applying the acquisition method‚ the
Premium Balance sheet Goodwill Asset
Cable Industry Regulation NETW 586 Telecom Law and Regulation Due Date: 25th August 2013. I. Abstract Cable industry has undergone a lot of evolution since the very first time it came into existence. First the paper will discuss cable television‚ telecommunication act 1934 and history of cable industry. The origin and importance of both regulation and deregulation of cable industry will be discussed. The various economic impacts; telecommunication‚ broadband
Premium Cable television Satellite television Coaxial cable
1.Managerial accounting vs financial accounting Managerial accounting information system is an information system that produces outputs using inputs and processes needed to satisfy specific managerial objectives. How do management accounting and financial accounting differ? Management Accounting Financial Accounting 1. Internally focused
Premium Management Management accounting Business
Food labeling has come a long way. It’s surprising but it wasn’t until 1990 that the Nutrition Labeling and Education Act required all packaged foods to include nutritional information. Required categories of nutritional labeling regulations include the ingredients list‚ serving size‚ nutrition facts‚ and daily value standards of nutrients. Additionally‚ if the product wishes to make claims about nutrients and healthfulness‚ they must substantiate them in some way. Nutritional information for non-packaged
Premium Nutrition Food United States