Craig Stroderd 9/27/11 Acct-461V GAAP vs. IFRS Over a decade ago‚ it was believed that the whole world would likely adopt the Generally Accepted Accounting Principles (GAAP). At the point in time‚ the International Financial reporting Standards (IFRS) was only about ten years old. In the last decade‚ the IFRS has been adopted in many growing countries. Currently‚ it is anticipated that the U.S. will converge its GAAP with the international IFRS‚ leaving behind only a modified IFRS. This
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$13‚125. It had accounts payables of $67‚855‚ notes payables of $36‚454‚ long-term debt of $233‚125‚ and common stock of $150‚000. How much retained earnings did the firm have? A= $97‚118 3.2 Inventory accounting: Differentiate between FIFO and LIFO. A= FIFO stands for First In‚ First Out‚ which means the goods that are unsold are the ones that were most recently added to the inventory. Conversely‚ LIFO is Last In‚ First Out‚ which means goods most recently added to the inventory are sold first
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Financial Statement Analysis K R Subramanyam John J Wild McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies‚ Inc. All rights reserved. 4-2 Analyzing Investing Activities 4 CHAPTER 4-3 Current Asset Introduction Classification Current (Short-term) Assets Resources or claims to resources that are expected to be sold‚ collected‚ or used within one year or the operating cycle‚ whichever is longer. Noncurrent (Longterm) Assets Resources or claims to resources
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figure is too high and significant renewal business is lost. Out of the 39 requests daily inflow‚ 22 fall into the new policy (RUN)‚ endorsement (RAIN) or price quote (RAP) category. RERUNs amount to 17. The processing of requests is done through a FIFO system with internal prioritization of RUNs & RAPs over RAINs &
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SOAL LATIHAN CHAPTER 18 ASISTENSI COST ACCOUNTING UNIVERSITAS BAKRIE 1. 18-16 The following data‚ in physical units‚ describe a grinding process for January : WIP‚ beginning 19‚000 Started during current period 150‚000 To account for 169‚000 Spoiled units 12‚000 Good units completed and transferred out 132‚000 WIP‚ending 25‚000 Accounted for 169‚000 Inspection occurs at the 100% completion stage. Normal spoilage is 5 % of the good units passing inspection
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for Beginners. N.p.‚ n.d. Web. 21 Dec. 2012. <http://beginnersinvest.about.com/od/incomestatementanalysis/a/gross-profit.htm>. Merritt‚ Cam. "FIFO Inventory Cost Flow Method | Business & Entrepreneurship - azcentral.com." Business & Entrepreneurship - azcentral.com. N.p.‚ n.d. Web. 22 Dec. 2012. <http://yourbusiness.azcentral.com/fifo-inventory-cost-flow-method-8554.html>. Weygandt‚ Jerry J.‚ Donald E. Kieso‚ and Walter Gerry Kell. Accounting principles. 4th ed. New York: Wiley
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total cost of $10‚000. The company purchased 200 units at a total cost of $26‚000. At the end of the year‚ Jones had 80 units in ending inventory. Instructions (a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO: ending inventory – 80 units $10‚400‚ Cost of Goods Sold - $25‚600 (2) LIFO: ending inventory –
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A. Introduction Industrial engineering is a branch of engineering dealing with the optimization of complex processes or systems. It is concerned with the development‚ improvement‚ implementation and evaluation of integrated systems of people‚ money‚ knowledge‚ information‚ equipment‚ energy‚ materials‚ analysis and synthesis‚ as well as the mathematical‚ physical and social sciences together with the principles and methods of engineering design to specify‚ predict‚ and evaluate the results to be
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180 units remained. Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO. Explain why this amount is referred to as phantom profit. The company uses the periodic method. The cost of goods sold is $240 less when FIFO is used then when LIFO is used. This is the amount that is the phantom profit. It is considered to be the “phantom profit” because when using FIFO it matches the current selling prices to the old inventory costs. In order for the company to
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THE UNIVERSITY OF HONG KONG School of Economics and Finance FINA1001: Financial Statement Analysis Second Semester 2009-2010 Dr. Kam-Ming Wan Midterm Examination (90 minutes) April 1‚ 2010 10:40a.m.(12:10p.m. Candidates may use any self-contained‚ silent‚ battery-operated and pocket-sized calculator. The calculator should have numeral-display facilities only and should be used only for the purposes of calculation. It is the candidate’s responsibility to ensure
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