these terms in your own words. Sarbanes-Oxley Act (SOX): This was a regulation passed by the government to prevent immoral corporate behavior. Balance sheet: A balance sheet is a financial statement that shows the assets‚ liabilities and stockholder’s equity. Income Statement: An income statement is a financial report that shows the net income or net loss by reporting the revenues and expenses. External user: External users of accounting information are investors or bankers that need accounting
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Introduction‚ Review of Accounting Process & Financial Statements Part I • Generally Accepted Accounting Principles (US GAAP) Generally Accepted Accounting Principles or U.S. GAAP refer to the standard framework of guidelines for financial accounting used in any given jurisdiction; generally know as Accounting Standards. GAAP includes the standards‚ conventions‚ and rules accountants follow in recording and summarizing‚ and in the preparation of financial statements (Wikipedia‚ n.d.). Although quite
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SFAC 6 ELEMENTS OF FINANCIAL STATEMENTS ASSETS. Probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events. LIABILITIES. Probable future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or events. EQUITY. Residual interest in the assets of an entity that remains after deducting its liabilities
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CHAPTER 17 PROCESS COSTING 17-1 Industries using process costing in their manufacturing area include chemical processing‚ oil refining‚ pharmaceuticals‚ plastics‚ brick and tile manufacturing‚ semiconductor chips‚ beverages‚ and breakfast cereals. 17-2 Process costing systems separate costs into cost categories according to the timing of when costs are introduced into the process. Often‚ only two cost classifications‚ direct materials and conversion costs‚ are necessary. Direct
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AUDITOR’S REPORT [pic] [pic] NOTES TO FINANCIAL STATEMENTS 37.3 Fair values of financial assets and liabilities Fair value is the amount for which an asset could be exchanged‚ or a liability settled‚ between knowledgeable willing parties in an arms length transaction. Notes to the Financial Statements for the year ended June 30‚ 2008 (b) Credit risk Credit risk represents the risk of a loss if the counter parties
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An Analysis of the Financial Crisis of 2008: Causes and Solutions By Austin Murphy* ________________________________________________________________________ *by Austin Murphy‚ Professor of Finance‚ Oakland University‚ SBA‚ Rochester‚ MI 48309-4493 (248-370-2125; jamurphy@oakland.edu). Electronic copy available at: http://ssrn.com/abstract=1295344 Abstract This research evaluates the fundamental causes of the current financial crisis. Close financial analysis indicates that theoretical
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Sovereignty?: Private Party Standing to Raise Tenth Amendment Claims by Katherine Connolly is the Supreme Court and State courts oscillating view of the Tenth Amendment‚ the contradictory views between circuit court of appeals on the Amendment‚ and an analysis of private party Tenth Amendment standing. “In the decades since its adoption‚ American courts have vigorously debated the substantive meaning of this Amendment.” (Connolly 1540) Many of the circuit court of appeals have had a difficult time coming
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Chapter 4 Process Costing Chapter 4 Process Costing Solutions to Questions 4-1 A process costing system should be used in situations where a homogeneous product is produced on a continuous basis. 4-2 Job-order and processing costing are similar in the following ways: 1. Job-order costing and process costing have the same basic purposes—to assign materials‚ labor‚ and overhead cost to products and to provide a mechanism for computing unit product costs. 2. Both systems use the same basic
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/3 6 4kπ sin k 3 Vm sin kω0 t dt 3 T 2T /3 = 6 k 1 − cos 4kπ 3 AP 16.2 [a] av = 7π = 21.99 V [b] a1 = −5.196 b1 = 9 a2 = 2.598 a3 = 0 a4 = −1.299 a5 = 1.039 b2 = 4.5 b3 = 0 b5 = 1.8 b4 = 2.25 2π = 50 rad/s T [d] f3 = 3f0 = 23.87 Hz [c] w0 = [e] v(t) = 21.99 − 5.2 cos 50t + 9 sin 50t + 2.6 sin 100t + 4.5 cos 100t −1.3 sin 200t + 2.25 cos 200t + 1.04 sin 250t + 1.8 cos 250t + · · · V AP 16.3 Odd function with both half- and quarter-wave symmetry. vg (t) = 6Vm t‚ T 0 ≤ t ≤ T /6; av
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IB History October 2‚ 2011 Chapter 6 “The Intimately Oppressed” Overview While reading the sixth chapter of Howard Zinn‚ I could not help but notice that the central focus was on women who rebelled against the inequalities women were given post-declaration. My AP History teacher last year‚ Mr. Hall‚ used to commonly use the saying “Now ladies… Sorry to say this but until about seventy years ago‚ you didn’t count for much.” This is a prime example of how the women in the 17th and 18th century
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