I. Introduction Computer hacking is the practice of modifying computer hardware and software to accomplish a goal outside of the creator’s original purpose. People who engage in computer hacking activities are often called hackers. Since the word “hack” has long been used to describe someone who is incompetent at his/her profession‚ some hackers claim this term is offensive and fails to give appropriate recognition to their skills. Computer hacking is most common among teenagers and young adults
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(15 pts) (07 pts) Read the text carefully and do the activities COUNTERFEITING means copying an original item‚ especially consumer products‚ with the intent of deceiving or defrauding the buyers. Unfortunately‚ counterfeiting has become so pervasive in Nigeria that it involves every consumer product in the market place‚ ranging from household items
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would prove helpful for many affected. In the United States‚ the Securities and Exchange Commission (SEC) and the Financial Accounting Standards Board (FASB) have worked tirelessly to create a system that works; our Generally Accepted Accounting Principles (GAAP) provide guidelines that we can trust. The International Accounting Standards Board (IASB) seeks to accomplish the same mission on a global scale through the International Financial Reporting Standards (IFRS). The goal of IFRS and US GAAP
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CHAPTER 1 FINANGIAL ACCOUNTING AND ACCOUNTING STANDARDS OVERVIEW Accounting is the language of business. As such‚ accountants collect and communicate economic information about business enterprises or other entities to a wide variety of persons. To be useful‚ financial statements must be clearly understandable and comparable so that users may compare the performance of one business with the performance of the same business for a prior period or with the performance of another similar business
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reinvent the wheel. FASB and the IASB expect a common Conceptual Framework to promote the convergence of U.S. GAAP and International Financial Reporting Standards (IFRS)‚ ultimately leading to a single set of high-quality global accounting standards. Additional information regarding the joint conceptual framework project can be found at www.fasb.org and www.iasb.org. Auditors took the leading role in developing GAAP for business enterprises. 2008‚ the FASB issued the FASB Accounting Standards
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Structure This memo includes research on leases and lease structure. Through intensive research on the Financial Accounting Standards Board (FASB)‚ three sub-types of leases were found for lessors to account for the leases. The three sub-types are direct financing‚ sales-type‚ and operating leases. The international accounting standards board (IASB) and FASB are proposing a draft for lease accounting. The critics are disputing some of the concerns with operating lease financial reporting. This memo
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A Converged Conceptual Framework In October 2004‚ the FASB and IASB added to their agendas a joint project to develop an improved‚ common conceptual framework that builds on their existing frameworks (that is‚ the IASB’s Framework for the Preparation and Presentation of Financial Statements and the FASB’s Statements of Financial Accounting Concepts). Rationale for the Project and Project Objective A conceptual framework is basically a foundation serving as a guide to standard setters to help them
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Need for a Conceptual Framework Why do we need a conceptual framework? First‚ to be useful‚ rule-making should build on and relate to an established body of concepts. A soundly developed conceptual framework thus enables the IASB to issue more useful and consistent pronouncements over time‚ and a coherent set of standards should result. Indeed‚ without the guidance provided by a soundly developed framework‚ standard-setting ends up being based on individual concepts developed by each member of the standard-setting
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Accounting Standards ASSIGNMENT CLASSIFICATION TABLE Topics 1. 2. 3. 4. 5. Subject matter of accounting. Environment of accounting. Role of principles‚ objectives‚ standards‚ and accounting theory. Historical development of GAAP. Authoritative pronouncements and rulemaking bodies. Role of pressure groups. Ethical issues. Questions 1 2‚ 3‚ 29 4‚ 5‚ 6‚ 7 8‚ 9‚ 10‚ 11 12‚ 13‚ 14‚ 15‚ 16‚ 17‚ 18‚ 19‚ 20‚ 21‚ 22‚ 23 23‚ 24‚ 25‚ 26‚ 27‚ 28 30 Cases 4 6‚ 7 1‚ 2‚ 3‚ 5 8 3‚ 9‚ 11‚ 12‚ 13‚ 14‚ 16‚ 17 10‚ 19
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Example Test Questions Chapter 1 Multiple Choice: 1. Which of the following bodies has the ultimate authority to issue accounting pronouncements in the United States? a. Securities and Exchange Commission b. Financial Accounting Standards Board c. International Accounting Standards Committee d. Internal Revenue Service Answer a 2. What historical evidence of the business operations of the private estate of Apollonius was discovered early inthe20th century? a. The Iliad b. Plato ’s Republic
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