Name: Section: University of Toronto At Mississauga Financial Accounting Theory & Policy I MGT 224 Mid-Term October 23‚ 2006 6:10-7:40 p.m. Instructions: 1. This is a ninety minute examination. 2. The test consists of two short exercises and one case. Please show your calculations. For the case analysis‚ use the case analysis framework as discussed in class. 3. You are allowed to use only a non-programmable calculator. No other aids are allowed. 4. You may
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Vishal SachdevApril 19‚ 2013Harnischfeger Corporation 1. Describe clearly the accounting changes Harnischfeger made in 1984 as stated in Note 2 of its financial statements. Harnischfeger made two accounting changes from which one made its net sales increase‚ and the second change made its net income increase. For the net sales increases‚ they included sales from certain foreign subsidiaries which increased their net sales. Also‚ in the past when having sold equipment generated from their supplier
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CORPORATION FORMATION DEFINITION An artificial being created by operation of law‚ having the right of succession and powers‚ attributes and properties expressly authorized by law or incident to its existence” (New Corporation Code) CHARACTERISTICS * separate legal entity – an artificial being with a personality separate from that of its individual owners * created by operation of law – mere agreement of the parties cannot give rise to a corporation * right of succession – continues
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NON-MERCHANDISE PAYABLES Adding New Vendors Must attach copy of invoice (coded with account and cost centre‚ signed by authorizing manager‚ and stamped by finance rep) Exceptions: FLEX‚ SORD‚ and utility invoices Check vendor ID in PeopleSoft to ensure that it does not already exist For proper names (i.e. John Doe)‚ use the first three letters of the last name and then the first three letters of the first name for the vendor ID (i.e. DOEJOH) Complete and mark all applicable fields on the
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1. Describe clearly the accounting changes Harnischfeger made in 1984 as stated in Note 2 of its financial statements. Prior to 1984‚ the Corporation used principally accelerated methods for its U.S. operating plants. The cumulative effect of this change‚ which was applied retroactively to all assets previously subjected to accelerated depreciation‚ increased net income for 1984 by $11.0 million or $.93 per common and common equivalent share. The changes as defined in Note 2 are as follows:
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1. Identify all the accounting policy changes and accounting estimates that Harnischfeger made during 1984. Estimate as accurately as possible the effect of these on the company’s 1984 reported profits. 1. Products purchased from Kobe Steel were included in net sales‚ as opposed to only reporting the gross margin on Kobe equipment. These net sales amounted to $28 million in 1984‚ although the amount was insignificant on net income. 2. Financial statements of some foreign subsidiaries
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Schedules to the Financial Statements for the year ended March 31‚ 2011 15. Significant accounting policies and notes on accounts Company overview Infosys BPO s.r.o. is a leading provider of business process management services to organizations that outsource their business processes. Infosys BPO s.r.o. is a majority owned and controlled of Infosys BPO Limited. The Company leverages the benefits of service delivery globalization‚ process redesign and technology and thus drives efficiency
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613 Chapter 3: Harnischfeger Case 1. Identify all the accounting policy changes and accounting estimates that Harnischfeger made during 1984. Estimate‚ as accurately as possible‚ the effect of these on the company’s 1984 reported profits. Harnischfeger made the following accounting policy changes and accounting estimates during the year 1984. There was a change in the recognition of some types of sales. This resulted in a change in sales calculation. Harnischfeger incorporated products
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Accounting Policies Introduction Within the financial statements there is a section that discloses the accounting policies used by the company for the financial year. The purpose of this will be discussed in this assignment while being applied to Morrison’s final accounts. The IASB will also be discussed; the discussion will include legislation which will show the legal requirements that the company has to keep to. It will then go on to explain why they may use those policies and who do they
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and judgments in applying accounting policies are two important requirements in financial reporting‚ although these are the most subjective and complex areas‚ they are of significance in making business decisions to users of financial statements. This paper compares our company ’s current accounting practice with the requirements in respective accounting standards in relation to disclosure of sources of estimation uncertainty and judgments in applying accounting policies with the aim the identify
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