Case 10-2 1. Ida needs to test the U.S. commercial building for recoverability under both U.S. GAAP and IFRSs. Recoverability test is one of the requirement tests for impairment. As a result‚ we need to verify if impairment should be recognized. 2. The impairement is $600‚000. GAAP methodology of determining impairment uses a two-step recoverability test. Step one‚ requires a company to estimate the future undiscounted cash flows expected from the use of that asset and its eventual disposition
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CAS 11-2 Amerbran Company Amerbran Company was a diversified company that sold various consumer products‚ including food‚ tobacco‚ distilled products‚ and personal care products and financial services. Financial statements for the company are shown in Exhibit 1. The 20X1 financial statements reflect the following transactions (dollar amounts are in thousands): 1. Depreciation and amortization expense was $115‚974. 2. Net income included a loss of $66‚046 resulting from the write-off
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Case the Mystery of the Disappearing Oil Mat Jon Weakness 1. Increases in costs of goods sold (85m) and inventories(18m) disproportionate with growth of sales 2. Current purchasing system contributed to redundant purchasing and high inventory holding costs 3. Siti Aminah (CFO) has no experience in system and technology 4. Internal control weaknesses: Purchasing system Current purchasing system contributed to redundant purchasing and high inventory holding costs and caused increases
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History Of Accounting Marion Clarisse Bonoan Ms. Champion BAF 3M According to the dictionary the word accounting means‚ the process or work of keeping financial accounts. However‚ how did accounting started? Was it just by a simple merchant or entrepreneur who needed a good and stable way to keep track of all his earnings? Or was it by an old mathematician studying ways to calculate how a business would be successful and just so happen to come across such a process? The history of
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The history of accounting is as old as civilization and is among the most important professions in economic and cultural development. Much of what we know about the daily lives of ancient people comes from accounting records‚ such as inventories and sales records‚ found at archeological sites. People in all civilizations have maintained various types of records of business activities and the earliest known records kept are the clay tablet records for the payment of wages in the Mesopotamian Valley
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Development of Accounting Theory Based on Islamic Principles and Accounting Standards Setting Mechanism Shaukat Amer Assistant Professor COMSAT Institute of Information Technology Attock Pakistan Shaukat_amer@comsats.edu.pk Abstract The purpose of this paper to explore the possibility to look for a new accounting theory and accounting standards setting mechanism under some of Islamic principles.The paper has discussed basic Islamic principles of “Amanah” (Custody)‚ “Shahadat” (Testimony)
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Managerial Accounting Vs Financial Accounting Management Accounting is used primarily by those WITHIN a company or organization. Reports can be generated for any period of time such as daily‚ weekly or monthly. Reports are considered to be "future looking" and have forecasting value to those within the company. Financial accounting is used primarily by those OUTSIDE of a company or organization. Financial reports are usually created for a set period of time‚ such as a fiscal year or period. Financial
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Magnitogorsk Technical State University Foreign Languages Department № 2 Report: «The History of Accounting» Done: Izhevsky V. Checked: Gamper E.E. Magnitogorsk 2011 Contents - Introduction -- 1. What Is Accounting -- 2. History --- 2.1. Ancient Accounting --- 2.2. Accounting In Mesopotamia --- 2.3. Accounting In Ancient Egypt‚ China‚ Greece and Rome --- 2.4. Medieval Accounting --- 2.5. Italian Renaissance: Birth of Double Entry Bookkeeping ---- 2.5.1. Luca Pacioli Biography
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Abstract The aim of this short paper is targeted at broadening general understanding of the impact of accounting for goodwill in the Non-for-Profit environment based on its financial practicability and how a focus on the fair value of goodwill goes to the heart of the value of an Organization. Various amendments and new accounting rules; Enron and WorldCom misfortunes; Ponzi Schemes and other white collar financial frauds have brought about stricter governance and financial statement reporting responsibilities
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Accounting plays an important role in the life of organizations. There are several types of accounting such as financial‚ management and governmental accounting‚ taxation‚ audit. These types are usually focusing on different types of users that are interested in different types of information. In this essay I will examine the differences between financial accounting and management accounting. The basic difference between financial and management accounting is their target group. Management accounting
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