LEASES Lessee: Operating lease or finance lease (substance over legal form). ASPE: ‘Capital’ Finance lease if meet one of the criteria (for both ASPE and IFRS): transfer of ownership/BPO‚ lease term major part of economic life (> 75%)‚ PV minimum lease payments (MLP) substantially all of FV (> 90%). If not‚ operating lease and record rent expense and disclose if committed more than one year. IFRS: additional criteria: leased asset specialized – only lessee can use without major modifications
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ACCOUNTING EXAM 2 STUDY GUIDE Chapter 5 1. Know the following terms: merchandise inventory‚ sales‚ sales returns and allowances‚ sales discounts‚ net sales‚ cost of merchandise sold‚ gross profit‚ operating expenses‚ operating cycle‚ purchase discounts‚ purchase returns and allowances‚ FOB shipping point‚ FOB destination‚ and inventory shrinkage. 2. Be able to prepare a multiple step income statement. 3. Be able to prepare the journal entries for the seller and buyer including
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Hinduism Scripture I chose Chapter 2 of the Bhagavad-Gita. This chapter is set in a battlefield where a war between the Kaurava’s and Pandava’s armies is about to take place. Just before the war begins Prince Arjuna sees that in both armies family members are present‚ both sides are made up of “fathers‚ grandfathers‚ teachers‚ brothers‚ uncles‚ sons‚ grandsons‚ in-laws and friends." Arjuna is overcome with grief and tells Krishna‚ who has taken the form of his charioteer‚ that he has no desire to
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How does Hosseini tell the story in Chapter 2? During this early stage of the novel‚ narrative is fundamental in forming the basis and definition of Amir‚ the protagonist and teller of the story. As well as this‚ several expectations for the novel are also established‚ particularly in terms of characterization and plot. Whilst the book as a whole can be described as a psychological exploration into the complexities of guilt and jealousy‚ this chapter differs in the sense that the narration deliberately
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1. Assignment for the benefit of creditors – the assignment of assets to a third party‚ in trust‚ to sell the assets and apply the proceeds to the payment of creditor claims. 2. Bankruptcy alternatives- assignments for the benefits of creditors‚ bulk sales‚ and composition agreements. 3. Bankruptcy Code- the name of the bankruptcy laws in effect in the United States since October 1‚ 1979. 4. Composition Agreement- an agreement between a debtor and multiple creditors for the repayment of
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Chapter 2 Questions 1. In what ways have changes in the social‚ economic‚ and political environment of society been reflected in correctional policies? ANSWER: gave way to the peace of society‚ using a wergild system‚ church no longer involved with the government‚ changed power in the organization of secular authority‚ Industrial Revolution came into full swing. 2. How do you suppose the developments discussed in this chapter eventually brought about the separation of children from others
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Chapter Two Worldwide Accounting Diversity Learning Objectives After reading this chapter‚ you should be able to • Provide evidence of the diversity that exists in accounting internationally. • Explain the problems caused by accounting diversity. • Describe the major environmental factors that influence national accounting systems and lead to accounting diversity. • Describe a judgmental classification of countries by financial reporting system. • Discuss the influence that culture is thought to
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Child Abuse – Chapter 1 & 2 summery Reading for October 22-2013 Chapter 1 Important terminology: 1. Child maltreatment – included both the abuse and neglect of children. 2. Child abuse – a term that is used for acts of commission – inappropriate behaviors towards children 3. Child neglect – term used for act of omission. Omission is not performing an act that is usually done or expected by a ’normal’ person. Like stopping at a scene of a traffic accident if you are a medical professional
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Chapter 2 First Farmers The Revolutions of Agriculture‚ 10‚000 b.c.e.–3000 b.c.e. Chapter Overview CHAPTER LEARNING OBJECTIVES • TO MAKE STUDENTS AWARE THAT AGRICULTURE EVOLVED INDEPENDENTLY IN SEVERAL REGIONS OF THE WORLD • To trace the development of agriculture and its local variations • To consider the social implications of the Agricultural Revolution Chapter Outline I. OPENING VIGNETTE A. In the past two centuries‚ there has been a dramatic decline in
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Soc. 3710‚ Social Policy‚ Midterm Study Guide‚ Dr. Johnson DiNitto Introduction 1. What are the conceptual characteristics of social welfare policy‚ as defined by DiNitto? 2. What are the characteristics of incremental policy making and what are its bases? 3. What is social welfare policy? 4. What are the bases and characteristics of rationalism in social policy making? 5. What would comprehensive rational policy-making be and how often does it occur? 6. What is bounded rationality? 7. What are
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