3101AFE Accounting Theory and Practice Tutorial Questions for Tutorials 1- 6: Semester 2 2014 TUTORIAL 1 - Semester 2 2014 Deegan Topic 1: Introduction to financial accounting theory QUESTION 1 - Question 1.8: What is the difference between developing a theory by induction and developing a theory by deduction? QUESTION 2 - Question 1.9: Is the study of financial accounting theory a waste of time for accounting students? Explain your answer. QUESTION 3 - Question 1.26: Would you
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within maintaining the integrity of the profession; * Having in place a robust disciplinary system for those who fail to comply with this standards BY-Laws; * To enhance the status of members. Question 2: Briefly explain the following users of accounting information: Question 2(a): Shareholders (2marks) Answer 2(a): Any person‚ company‚ or other institution that owns at least one share in a company
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American Accounting Association DOI: 10.2308/acch.2010.24.2.279 Accounting Horizons Vol. 24‚ No. 2 2010 pp. 279–296 COMMENTARY The American Accounting Association’s Financial Reporting Policy Committee’s Response to the Preliminary Views on Financial Statement Presentation The Financial Reporting Policy Committee of the Financial Accounting and Reporting Section of the American Accounting Association Mark Bradshaw‚ Carolyn Callahan‚ Jack Ciesielski‚ Elizabeth Gordon‚ Mark Kohlbeck
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clearly the accounting changes Harnischfeger made in 1984 as stated in Note 2 of its financial statements. In 1984‚ the Corporation has computed depreciation expense on plants‚ machinery and equipment using the straight-line method for financial reporting purposes. Prior to 1984‚ the Corporation used principally accelerated methods for its U.S. operating plants. 2. What is the effect of the depreciation accounting method change on the reported income in 1984? How will this change affect profits
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Accounting information – Coursework Some academics believe that there is a direct relationship between accounting information systems and organisations. It is thought there is a two-way system whereby organisations shape their accounting information systems but are also shaped by them. This report will look at the highlighted relationship and in the context of the information literacy and management skills that are needed by an accountancy graduate in the 21st Century. The report will also cover
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differences between the two‚ go over risk for companies as well as ways for companies to prepare. | IFRS and GAAP and what convergence means. In financial surprise accounting the objective for financial reporting are to provide useful information for potential investors and creditors‚ assessing cash flow‚ and about claims and changes to company resources. The problem with this is that‚ without standards each company would set their rules‚ and readers of financial reports would have to learn every
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JB Accounting Fraud‚ the Investor and the Sarbanes Oxley Act Throughout the past several years major corporate scandals have rocked the economy and hurt investor confidence. The largest bankruptcies in history have resulted from greedy executives that “cook the books” to gain the numbers they want. These scandals typically involve complex methods for misusing or misdirecting funds‚ overstating revenues‚ understating expenses‚ overstating the value of assets or underreporting of liabilities
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question asked. 1. You must include a screen shot of the query (or queries) created and a screen shot of the results for each question. 2. Be sure you include the question and label your queries as 4-4.x (where x=question letter). 3. Paste all screen shots into a Word document and save the word document as WK2_Lab_LastName_FI.docx. 4. Place your completed lab in the dropbox. Grading for this assignment will be as follows: Answer the following questions based on query results
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investment in a subsidiary; none of this income had been received in cash. 4. The year-end balance in Deferred Income Taxes was $17‚548 lower than it was at the start of the year. 5. New property‚ plant‚ and equipment purchases totaled $260‚075‚ all paid for with cash. Disposals of fixed assets generated $33‚162 cash proceeds. 6. Acquisition of another company that was made for cash resulted in additional depreciable assets of $31‚691 and goodwill of $102‚030. 7. Cash dividends were
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En. Razi not mention any copy of PO being sent to vendor‚ Recieving Department and AP. c) The Materials Resource Planning‚ Cik Lim should not update AP. The liability should be recorded by another clerk from Finance Department. - In this case‚ all matters regarding finance will be done by En. Razi. In order to have a good flowchart of purchasing process‚ the company should have a good segregation of duties and not rely on En. Razi. d) The Finance Clerk‚ Encik Faris should not prepare cheque
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