Task 1 Horizontal analysis Horizontal analysis allows side by side comparisons on a year to year basis to determine the performance from one year to the next. The company decides on standards to compare the results of the analysis. Standards are researched by checking competitors‚ internet research of general industry guidelines or standards created from past experience in the company. The Company states in the summary that they attribute the net sales decrease in sales to the economy. The
Premium Inventory Balance sheet Internal control
Intermediate Accounting Paper The Financial Accounting Standards Board (FASB) is a private‚ not-for-profit organization whose primary purpose is to develop generally accepted accounting principles (GAAP) within the United States in the public ’s interest. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the U.S. It was created in 1973‚ replacing the Accounting Principles Board and the Committee
Premium Certified Public Accountant Finance Public Company Accounting Oversight Board
1. Which of the following statements is true about hedge accounting under U.S. GAAP? a. If a derivative qualifies as a cash flow hedge‚ a company may choose to account for it as a fair value hedge. 2. When a currency is allowed to increase or decrease in value relative to other currencies‚ the currency is said to: a. Float 3. What has occurred when one company purchases the right to buy a foreign currency some time in the future at an exchange rate quoted today? a. the company has acquired
Premium Balance sheet Exchange rate United States dollar
Question 1 The differences between managerial accounting and financial accounting can be distinguished through 5 aspects: a) Primary Users of Reports In managerial accounting‚ the information will be use within the organization‚ by the employees and managers‚ where else in financial accounting‚ the information in the reports will be used by external parties such as banks‚ creditors and shareholders. b) Types and frequency of the reports. In managerial accounting‚ the information is
Premium Balance sheet Management Control
Financial Accounting: Introductory Section Pretest Introduction Welcome to the pre-assessment test for the Financial Accounting Online Course: Introductory Section. This test will allow you to assess your knowledge of basic and advanced financial accounting. All questions must be answered for your exam to be scored. Navigation: To advance from one question to the next‚ select one of the answer choices or‚ if applicable‚ complete with your own choice and click the “Submit” button. After submitting
Premium Balance sheet Generally Accepted Accounting Principles
Accounting Analysis | RealD Inc vs. IMAX Corp. | | EXECUTIVE SUMMARY RealD Inc is a leading global licensor of 3D technologies while IMAX Corp specializes motion picture technologies and presentations. While the two markets may seem mutually exclusive‚ they are not‚ and with indications of both parties having intentions to foray into broader market segments‚ the competition between both parties could not be more intense than it is now. Even though it may seem that IMAX is performing
Premium Balance sheet Generally Accepted Accounting Principles Financial ratios
1. The existence of a limited liability company means the: I. company’s members are liable for only a limited amount of business debts II. company has a legal existence distinct from its owners III. company may raise large amounts of funds by issuing shares. | I only | | I and II only | | II and III only | | I‚ II and III | 2. The two main types of companies permitted to be registered under the Corporations Act are: | a private company‚ and a proprietary company
Premium Financial statements Balance sheet Corporation
Financial Accounting Theory (BBAC502) Group Assignment (Group of Four) 25% (Due Session 5.2) “Australia has long recognised that its accounting standards need to be harmonised with standards elsewhere in the world. To ensure consistent application of IFRSs‚ CLERP No. 9 recommended that Australia adopt‚ from January 2005‚ official interpretations of IFRSs issued by the IASB’s International Financial Reporting Interpretations Committee (IFRIC). As noted by CLERP No. 9‚ the comparability
Premium International Financial Reporting Standards Balance sheet Financial statements
SOME OF THESE ANSWER ARE NO LONGER VALID AFTER THE END OF 2008. THOSE ITEMS ARE NOT ON OUR EXAM TOMORROW. 1. An audit of a government‚ conducted in accordance with generally accepted auditing standards (GAAS)‚ includes A. A determination of efficiency and effectiveness. B. An examination of financial statements and underlying records for conformance with generally accepted accounting principles (GAAP). It does this as well as generally accepted governmental auditing standards C. Tests
Premium Tax Financial audit Audit
1.Methyl mercaptan is used to give natural gas its distinctive odor. 2.Yes they can regenerate since there are stem cells (i.e. basal cells) present. These are the only neurons that commonly regenerate. 3.Dan will not be able to taste normally if the olfactory epithelia are damaged‚ just as a cold reduces taste sensation. Input from the nasal receptors enhances flavor analysis. 4.Although debris did not enter his eyes during the explosion‚ there was intense light and heat from the explosion that
Premium Olfaction Eye Epithelium