International Accounting Standards Committee (IASC) in standard setting. The IASC was issuing International Accounting Standards (IAS). So far there were forty one IAS which had been issue before IASB replaced IASC in 2001. As one of the major weaknesses of IASC was that the standards it was issuing contained many objectives thereby defeating the purpose of consistency in recognition‚ measurement and presentation of transactions. IASB intends to limit such choice of accounting treatments 1.) Develop
Premium International Financial Reporting Standards International Accounting Standards Board Financial Accounting Standards Board
Financial accounting refers to accounting and oversight of the companies have completed a comprehensive system of campaign funds‚ that the external economic stakes of investors‚ creditors and the government departments concerned and enterprises to provide economic information of the financial position and profitability as the main target carry out economic activities. Financial Accounting is an important foundation work of modern enterprises‚ through a series of accounting procedures‚ provided useful
Premium Management accounting Management
Dillard’s Co. 10K Report 1. General Information A. The company’s corporate office is headquartered in Little Rock‚ Arkansas. I found this information on Dillard’s website in the non-selling location directory.(F-3) B. The fiscal year for Dillard’s ends on the last Saturday of January. This information was found in the 2010 annual report.(F3) C. The types of products and services that it sells are retail clothing and merchandise. I found this information on the company website.
Premium Balance sheet Generally Accepted Accounting Principles Revenue
Question 1 Ping acquired its investment in Pong on 1.7.X7 (retained earnings $6‚000). The agreed consideration is $30‚000 cash and a further $10‚000 on 1.7.X9. Ping’s cost of capital is 7%. Pong has an internally developed brand “Pongo” which was valued at $5‚000 @ acquisition. There are no changes in share capital or revaluation reserve of Pong Co since that date. At 30.6.X8 Pong invoiced Ping for goods to the value of $2‚000 and Ping had sent full payment but has not been received by Pong. There
Premium Generally Accepted Accounting Principles Balance sheet
CASE STUDY 1—THE COMPLETE ACCOUNTING CYCLE Name: ______________ The entire Case Study is due Sunday at midnight mountain time at the end of Week 3. This Case Study is worth 100 points or 10% of your final course grade. This Case Study relates to TCOs D and E and Chapters 3 and 4. MAKE SURE TO COMPLETE ALL REQUIREMENTS WHICH ARE LISTED BELOW. There are 10 sheets in the Workbook including this one. All of the Information you need for the project is located in this Workbook. Requirements
Premium Generally Accepted Accounting Principles Balance sheet Income statement
ACCOUNTING 592 Financial Accounting & Reporting Seminar Spring 2010 Instructor: Office Hours (subject to adjustment): Teresa Gordon Office Hours: W 8:30–11:00 AM Albertsons Bldg. 118 and T‚W‚Th 1:15 - 3:00 PM 885-8960 or by appointment E-mail: tgordon@uidaho.edu Course web page: http://www.cbe.uidaho.edu/Acct592 ------------------------------------------------- MASTER OF ACCOUNTANCY – LEARNING GOALS ------------------------------------------------- -------------------------------------------------
Premium Accountancy Financial Accounting Standards Board Accountant
Financial Theories and Strategies Paper FIN 554 February 15‚ 2005 Introduction Financial theories are the building blocks of today ’s corporate world. "The basic building blocks of finance theory lay the foundation for many modern tools used in areas such asset pricing and investment. Many of these theoretical concepts such as general equilibrium analysis‚ information economics and theory of contracts are firmly rooted in classical Microeconomics" (Oaktree‚ 2005) This paper will define
Premium Financial markets Investment
1121 theory Topic 1 BDA/inventory * Time period assumptions: firm would find it desirable to report their financial statements more frequently therefore the economic life could be divided into artificial time periods. * Why are adjusting entries required? The purpose of balance day adjustment is to recognise revenue and expenses in the relevant Period. * Compare and contrast the purposes of adjusting entries‚ closing entries and reversing entries The purpose of closing entry is
Premium Marketing Management Health care
Financial Statement Case Analysis Upon review of John’s income statement the vertical analysis above shows how each account compares to the total Sales for each year. When looking at the figures you can automatically see differences in amounts and can come to a conclusion about what areas to look at more closely. By applying the analysis technique for review of the income statement we have detected some areas of concern that need further analysis. Cost of goods sold shows an increase of
Premium Accounts receivable Balance sheet Generally Accepted Accounting Principles
Reading 1.2 - Accounting theory and development Accounting Theory Construction with Inductive and deductive approach Deductive approach vs. Inductive approach in accounting theory construction Deductive reasoning entails a valid argument in which it is impossible to assert the premises and to deny the conclusion without contradicting oneself. Deductive approach to accounting theory construction begins with establishing the objective of accounting. Once identified‚ definitions and assumption
Premium Scientific method Logic Reasoning