Intermediate Accounting Research Assignment Questions Directions: Type your answer starting on the line after each question. 1. FASB Accounting Standards Codification FASC a. When did the FASC Codification become effective? According to the Notice to Constituents (v4.7)‚ the FASC Codification was released on July 1‚ 2009 and became effective for interim and annual periods ending after September 15‚ 2009. b. Did the FASC change prior GAAP? According to the Notice to Constituents (v4.7)‚ the
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FASB/GASB Comparison For-profit business is driven by profit earnings. Financial statements provide information in relation to that performance. For-profit businesses will prepare reports based on the Financial Accounting Standards Board (FASB). Not-for-profit businesses are not driven by the same motivations and are hold to the Governmental Accounting Standards Board (GASB). Three distinctions set GASB organizations apart. 1) Receipt of significant recourses that are not expecting proportionate
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IMPACT OF INFORMATION SYSTEM ON ACCOUNTING PRACTICE CHAPTER ONE INTRODUCTION Various information Information has been an important factor in decision making process. In recent times‚ people and organizations try their best to acquire information in a timely manner to aid them as they battle to manage their businesses. The increasing complexity of the society especially‚ as is manifested in social‚ political and economic institutions‚ has necessitated the more‚ man’s quest for more relevant information
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Reporting Paper Papa Rydoo ACC541 October 25‚ 2010 School of Business/Leslie Crews Reporting Paper INTERNAL MEMORANDOM To: CEO From: Papa Rydoo Date: October 25‚ 2010 Reference: Postretirement Plans Introduction Acquisition of a company leads to many changes in the company and especially in the area of the retirement benefit plans for our company. It is complicated adjusting to benefits plans but with the required reporting‚ the transition will be smooth. The different types of
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Certificate in Human Resource Practice Assessed Coursework Cover Sheet Student Name : Gobinathan Gurunathan Organisation: YTL Cement Unit Title: Understanding Organizations and the Role of Human Resources Unit Code: 3HRC (HR) Coursework Component: Written Assignment Date of Submission: 15/10/2014 Total Word Count: 2139 words Hi‚ welcome to YTL Cement. Let me brief you a bit on YTL Cement. HISTORY‚ PURPOSE & GOALS YTL Cement began operations in 1996 in Bukit Sagu‚ Pahang. We have grown
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Accounting for Merchandising Business A. Comparison of Income Statement Service Company Net Income = Revenues – Expenses Merchandising Company Net Sales - Cost of Goods Sold = Gross Profit/ Margin from Sales Gross Profit/ Margin from Sales – Operating Expenses = Operating Income Operating Income – Finance Costs = Net Income Sample Problem: Carlito Delights Income Statement For the Year Ended December 31‚ 2013 Net Sales P 2‚393‚250 Cost of Goods Sold 1‚313‚600 Gross Profit from Sales
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1. An advantage of the corporate form of business is that: A. It has limited life. B. Its owner’s personal resources are at stake. C. Its ownership is easily transferable via the sale of shares of stock. D. It is simple to establish. E. It has double taxation. 2. External users want answers to all of the following questions except: A. Is the company earning satisfactory income? B. Will the company be able to pay its debts as they come due
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Running Header: THE FASB FASB and the Standard-Setting process Name: Institution: Course: Tutor: Date: Abstract Financial Accounting Standards Board (FASB) is a seven member board that consists of accounting professionals who establishes and communicates financial accounting and reporting standards known as generally accepted accounting principles (GAAP) in United States. The standards’ quest is to govern the preparation of the corporate financial reports and hence ensuring
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Survey of the New Testament Summer Semester 2010 Bible Summary Paper James 3:1-12 Controlling the Tongue James 3:1-12 Between 40 and 49 A.D. Jesus’ brother James wrote the book of James which is believed to be one of the first if not the very first book in the New Testament to be written. James wrote the book to address the twelve scattered Jewish tribes and “to encourage them to continue to grow in the new Christian faith (got questions.org)”. There is a particular
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Business Revision Topic 1 – Business Organisation and Environment * What is business activity? Inputs – Land‚ Labour‚ Capital & Enterprise Outputs – Goods or Service & Waste. Processes – Research and development‚ Production‚ Marketing‚ Finance‚ Administration‚ Human Resources. * Functions * Production – the changing of natural resources into a product or service. * Marketing – IT is to do with identifying consumer needs and pleasing them. Eg: Pricing‚ advertising
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