Ratios‚ margins and financial leverage The following figures are taken from the latest 12 months of data available‚ in this case for the latest 12 months ending in September 2010. For Microsoft‚ the quick ratio is defined as “cash and equivalents plus receivables‚ divided by current liabilities†(Forbes‚ 2010) is 2.1. A company with a Quick Ratio of less than one is unable to pay back their current liabilities. The current ratio‚ total current assets divided by total current liabilities
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21. General-purpose financial statements are the product of a. financial accounting. b. managerial accounting. c. both financial and managerial accounting. d. neither financial nor managerial accounting. 22. Users of financial reports include all of the following except a. creditors. b. government agencies. c. unions. d. All of these are users. 23. The financial statements most frequently provided include all of the following
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Bibliography: Accounting Focus (2011) Condorsement on the Horizon Available:http://accounting.eller.arizona.edu/docs/focus/AccountingFocus_Fall2011.pdf AccountingWeb. (2012). The IASB conceptual framework - an introduction. Available: http://www.accountingweb.co.uk/topic/financial-reporting/iasb-conceptual-framework-introduction. Last accessed 1 March 2013. Adela‚ D. (2011). Principles and Rules Based Accounting Debate - Implications for an Emerging Country. Available: http://anale.steconomiceuoradea
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Accounting 3314 International Assignment #1 IASB stands for International Accounting Standards Board; it is the independent board charged with the standard setting of the IFRS. The IASB is important because it develops and publishes the IFRS as well as provides rulings on interpretations of the IFRS. The IASB consist of 15 fulltime multinational members; the current chairman is Hans Hoogervorst from the Netherlands. IFRS stands for International Financial Reporting Standards and is the organization
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P2-q1a Convergence between IFRSs and US GAAP The IASB and the US Financial Accounting Standards Board (FASB) have been working together since 2002 to achieve convergence of IFRSs and US generally accepted accounting principles (GAAP). A common set of high quality global standards remains a priority of both the IASB and the FASB. In September 2002 the IASB and the FASB agreed to work together‚ in consultation with other national and regional bodies‚ to remove the differences between international
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Accounting Standards Board (IASB) was formed with the purpose of developing a set of high quality global accounting standards. Although a majority of developed markets have adopted the international standards‚ the United States has not. One reason for the delay in adoption is that many of the standards are very similar. However‚ there are also several key differences between the two. Presently‚ the United States Financial Accounting Standards Board (FASB) and the IASB have committed to work together
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performance. Different stages involved in financial accounting are governed by certain standards set by organisations such as The International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB). The standards made by IASB are known as International Financial Reporting Standards (IFRS) and by FASB is known as Generally Accepted Accounting Principles (GAAP). IFRS is applicable in international level and GAAP is used mainly in the United States. What is meant by a ‘conceptual
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Dye‚ R. and Sunder‚ S. (2001). ’Why not allow the FASB and IASB standards to compete in the US? ’ Accounting Horizons‚ 15:257-271. Easterbrook‚ F. and Fischel‚ D. (1984). ’Mandatory disclo- 272 sure and the protection of investors ’. Virginia Law Review‚ 70: 669-715. FASB (1998). Statement of Financial Accounting Standards No. 133‚ Accounting for Derivative Instruments and Hedging Activities. Norwalk‚ CT: Financial Accounting Standards Board. FASB (2003). Statement of Financial Accounting Standards
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1. 1.1 EUROPEAN UNION (EU) The European Union is an exclusive economic and political affiliation between twenty-eight countries that cover almost the whole of Europe. The European Union came into existence after the 2nd world war. Its first main aim was to implement economic cooperation between countries. This was done so that the countries can carry out business with one another and become more economically free and at the same time‚ this would also avoid any type of conflict between them. Thus
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Financial Accounting Standard Board (FASB)‚ private non-profit organization responsible for developing and interpreting the (GAAP) in the United States but it is not affiliated with US government. Two committees were created by the AICPA in 1971. The Wheat committee was in charge of determining how the accounting principals were to be established. This committee suggested that the original accounting principal board be eliminated and it was replaced with the FASB “this new board was to comprise representatives
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