Accounting Diversity Although accounting standards and practices are the same across the board in their orgin‚ the Accounting and taxation structures of different countries around the world make them vary between countries. Different countries apply different accounting practices. This accounting diversity is the reason that one company may seem profitable while another seemstobe operating at a loss. This difference between global accounting practices can head to poor business decision-making
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accounting standards accounting standards Introduction to Accounting Standards Accounting is the art of recording transactions in the best manner possible. Accounting Standards are the policy documents issued by recognized expert accountancy bodies relating to various aspects of measurement‚ treatment and disclosure of accounting transactions and events. Every country has its own standards. Accounting Standards in India are issued by the Institute of Chartered Accountants of India (ICAI)
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CHAPTER 9 Reporting and Analyzing Long-Lived Assets ANSWERS TO QUESTIONS 1. For plant assets‚ the cost principle states that plant assets are recorded at cost‚ which consists of all expenditures necessary to acquire the asset and make it ready for its intended use. 2. In a cash transaction‚ cost is equal to the cash paid. In a noncash transaction‚ cost is equal to the cash equivalent price paid‚ which is the fair market value of the asset given up or the fair market value of the asset received
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A Case Study: Oracle Systems Corporation EXECUTIVE SUMMARY In 1977‚ Lawrence J. Ellison founded System Development Laboratories to sell a database management system he had developed in a CIA project. It was only in 1982 that the company was renamed to Oracle Systems Corporation‚ to reflect the success of their first product‚ Oracle Database. Oracle used the C programming language to create its products‚ which was a big part of
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CORPORATION Section 2 of the Philippine Corporation Code defines corporation as: “An artificial being created by operation of law‚ having the right of succession and the powers‚ attributes and properties expressly authorized by law or incident to its existence.” NATURE OF A CORPORATION 1. Artificial being – It is not a real or natural person‚ but the law assumes it as a person. It can enter into contracts‚ can own‚ and dispose properties‚ can sue or be sued in its own name‚ and has separate
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The evolution of the modern corporation: Coursework Assignment According to Bengt Holmstrom and Steven N. Kaplan in their article published in the Journal of Economic Perspectives‚ corporations during the 1980’s went through a period of merger‚ takeovers and restructuring activity. The use of leverage became a common practice as corporations financed takeovers and were made private by leveraged buyouts. These activities were characterized by the use of hostility and the emergence of raiders
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If you are looking for a degree that can land you a good job‚ a high degree of job security‚ and available options when it comes to finding an employer‚ an accounting degree could be a great choice for you. There is a price to be paid for the popularity of accounting roles though‚ as the work is not always easy‚ there can be a high degree of detail oriented work involved‚ and most of the duties involved require a rather sedentary style of work.Accounting is largely the understanding‚ tracking‚ and
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1.0 INTRODUCTION 1.1 OVERVIEW OF THE COMPANY Morelli Electric Motor Corporation manufactures electric motors for commercial use. The company produces three models assigned as standard‚ deluxe and heavy duty. The company uses a job costing system with manufacturing overhead applied on the basis of direct labour hours. The system has been in place with minimum change for 25 years. 1.2 THE CURRENT RISING ISSUE For the past 10 years‚ the company’s pricing has been to set each product’s budgeted price
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4011 APRIL 7‚ 2009 CRAIG CHAPMAN Biovail Corporation: Revenue Recognition and FOB Sales Accounting Background Late on October 9‚ 2003‚ David Maris‚ an analyst at Banc of America Securities (BAS)‚ was trying to interpret the shocking events of the previous few days and finish the write-up of his first report on the Canadian pharmaceutical firm‚ Biovail Corporation. Maris didn’t like what he saw at the company‚ but he never liked writing “Sell” recommendations. In any event‚ he wanted to make
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Business Policy & Decision Making 1. What is the study of strategies management? Ans: the study of strategies management therefore emphasizes the monitoring and evaluating of external opportunities and threats in light of a corporation’s strengths and weakness. Strategic management is that set of managerial decision and action that determine the long run performance of a corporation 2. Give the evolution of strategic management ANS: it include environment scanning (Both external and internal)
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