management of the health care organization to implement the generally accepted accounting principles (GAAP) within their daily routines. Generally accepted accounting principles (GAAP) are a set of uniform accounting guidelines health care organizations follow to determine the financial position of an organization. According to Finkler‚ Kovner‚ and Jones (2007) the most common and important GAAP are as follows: (a) Entity concept‚ (b) Going-concern concept‚ (c) Matching principle and cash versus
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Substantive Procedures for Asset Irregularities Student Name ACC 556 September 17‚ 2012 Instructor Name Introduction The following will outline the procedures and steps necessary to detect irregularities that can occur in the accounts receivable‚ inventory and fixed assets of Apollo Shoes. The flowcharts will show how the use of internal controls is integral to the overall success of the organization. In the accounts receivable‚ the sales and billing processes are an area that would require
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branch office in China. It needs to show its investors the consolidated statements as per US GAAP so that US investors could easily understand the outcome of their China branch. However‚ due to different rules and accounting policies applicable as per Chinese laws‚ they need to work twice on the same financial statements as they have to prepare the statements once in China and then consolidate them as per US GAAP rules. This puts immense amount of pressure over the accounting team as well as makes the
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Assignment #1: You Are an Entrepreneur Student life does not generally afford a great deal of free time to pursue your personal interests; however‚ at one point‚ you may have considered turning a personal interest or hobby into an official enterprise. Today‚ you have finally decided to turn that hobby into a business but have realized that you need start-up capital from a lender or investor. To obtain funding‚ you need to convince a lender / investor that your business is more than a hobby. You need
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Page of Contents Introduction ………………………………………………… 02 TASK 01 ………………………………………………... 03 – 22 T1.1 ………………………………………………... 03 - 11 T1.2 ………………………………………………… 12 -22 TASK 02 ………………………………………………… 23 - 36 T2.1 ………………………………………………… 23 - 27 T2.2 …………………………………………………. 28 - 31 T2.3 …………………………………………………. 32 - 36 TASK 03 ......................................................................... 37 - 47 T3.1 …………………………………………………. 37 - 43 T3.2 …………………………………………………. 44 - 47 TASK
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ACCOUNTING CONCEPT AND CONVENTIONS In drawing up accounting statements‚ whether they are external "financial accounts" or internally-focused "management accounts"‚ a clear objective has to be that the accounts fairly reflect the true "substance" of the business and the results of its operation. The theory of accounting has‚ therefore‚ developed the concept of a "true and fair view". The true and fair view is applied in ensuring and assessing whether accounts do indeed portray accurately the business
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serve two purposes: to identify and vote on proposed modifications and exceptions to U.S. GAAP for private companies as well as advise the Financial Accounting Standards Board (FASB) on private company considerations for the FASB’s projects. The overarching intent of the PCC is improve the process of setting accounting standards for private companies by modifying Generally Accepted Accounting Principles (GAAP) to better accommodate private companies and the users of their financial statements.
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above 3. The accounting for fair value hedges records the derivative at its a. amortized cost. b. carrying value. c. fair value. d. historical cost. e. None of the above 4. Which of the following is a financial instrument under U.S. GAAP? a. a consolidated investee b. an equity method investment c. buildings and land d. treasury stock e. None of the above 5. How are derivative financial instruments valued on the balance sheet? a. historical cost b. amortized cost
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Activity-based costing (ABC) is a costing method that assigns value to each activity resource to all products and services according to the cost of its usage. it gives indirect costs (overhead) into direct costs so that an organization can correctly estimate the cost of its individual products and services to identify and eliminate the unprofitable and lower the prices of the overpriced. Normally‚ it is used as a tool for understanding product and customer cost and profitability. But ABC has also
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| US | JAPAN | CHINA | GERMANY | NETHERLAND | FRANCE | PROFESSIONALISM | Regulation environment:1. accounting is regulated by private-sector body(FASB)‚ but government underpins the authority of its standards. 2. no legal requirement for the publication of FS3. each state has its own corporate statutes and not rigorously enforced. Reports rendered to local agencies are often unavailable to the public4. only listed companies have compulsory requrirements for FR at the federal level as specified
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