Legality and Ethicality of Financial Reporting Accounting professionals consider standard practices of accounting and board of accountancy rules when creating ethical standards. Accountants also consider state and federal laws. Ethics and the law works hand-in-hand therefore should be on the minds of those considering the commission of fraud. The Chief Financial Officer (CFO) of Excello‚ Terry Reed‚ was considering doing such by posting a $2.1 million transaction to raise year-end earnings.
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Introduction Financial accounting is branch of accountancy that deals with the financial statements which helps in informing public as well other concerned people who are not involved in day to day working of a company‚ about its current financial performance. Different stages involved in financial accounting are governed by certain standards set by organisations such as The International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB). The standards made by IASB
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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
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ACCT3003 Issues in Accounting Theory SP5 2010 Topic 4: Heritage and biological assets. The following question has some minor changes due to amendments to AASB 141 which removed reference to ‘estimated point of sale costs” and replaced it with “costs to sell”. 9.22 In 2005‚ Nambour Limited established and commenced operation of a mango farm. The trees were planted in 2005 and began producing saleable mangoes in 2011. On 30 June 2012‚ 90% of the mangoes are sold‚ one week after they were
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Chapter 2 CASE STUDY | The Creamy Creations Takeover THE SHOPPE Creamy Creations Ice Cream Shoppe is a small and popular ice cream parlor in a midsized southern city. In 2007‚ Creamy Creations had been open for almost two years and was gathering a loyal clientele of fami-lies and students from the local community college. Creamy Creations specialized in fancy‚ individualized ice cream confections. Customers would order their base ice cream ( or frozen yogurt) plus the toppings they wanted to make
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Case Study 8 1. List 6 risk factors for DVT. Inheriting a blood clot disorder Prolonged bed rest‚ such as long hospital stay Injury or surgery Pregnancy Birth control pills or hormone replacement Being overweight or obese 2. Identify at least 5 problems from L.J.’s history that represent his personal risk factors. Smoking history Personal history of DVT Prolonged bed rest Age of above 60 years old Sitting for long period of times (Bus Driving) 3. Something is missing from the scenario. Based on
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CHAPTER 2 Conceptual Framework for Financial Reporting ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics 1. 2. 3. 4. 5. 6. Conceptual framework– general. Objectives of financial reporting. Qualitative characteristics of accounting. Elements of financial statements. Basic assumptions. Basic principles: a. Measurement. b. Revenue recognition. c. Expense recognition. d. Full disclosure. Accounting principles– comprehensive. Constraints. Assumptions‚ principles‚ and constraints. 28‚ 29‚ 30 10 11 Questions
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University of Phoenix Material Role of Financial Accounting versus Managerial Accounting Matrix Compare and contrast financial accounting and managerial accounting by answering the following questions in the matrix provided. Cite any sources you use in accordance with APA guidelines. Term or Concept Financial Accounting Managerial Accounting What is the primary purpose of the accounting system? The main purpose of financial accounting is to prepare financial reports that provide information about
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------------------------------------------------- Chapter 7 Case Study - 1. Review the data-flow diagrams you developed for questions in the Petrie’s Electronics case at the end of Chapter 6 (or diagrams given to you by your instructor). Study the data flows and data stored on these diagrams and decide whether you agree with the team’s conclusion that the only six entity types needed are listed in the case and in PE Figure 7-1. If you disagree‚ define additional entity types‚ explain why
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FINAL PAPER: CHAPTER 8 REVIEW The chapter begins by examining the relevance of symbolic interactionism‚ not only for deepening personal understanding of social life but also for improving social policy. It then moves on to consider how interactionism has moved beyond its early focus of interpersonal observations‚ particularly by broadening its scope to include analysis of mesostructure and organizational life. It concluded by discussing some of the new voices that have gained influence in interactionism
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