be conducted with the related parties & treated like normal transactions - May contain special terms that are not disclosed that inflate revenue & assets - Used in round –tripping revenue recognition where one item such as a piece of land has been sold to related parties‚ the back to the entity‚ & then back to the related party (b) FR (c) Contracts should be examined to indicate the existence/terms of related party dealings & ensure proper note disclosure 2. Industry dominance (a)-Client has
Premium Auditing Audit Internal control
Insurance may be describedas a social device to reduce or eliminate risk of life and property. Under the plan of insurance‚ a large number of people associate themselves by sharing risk‚ attached to individual. The risk‚ which can be insured against include fire‚ the peril of sea‚ death‚ incident‚ & burglary. Any risk contingent upon these may be insured against at a premium commensurate with the risk involved. Insurance is actually a contract between 2 parties whereby one party called insurer
Premium Insurance
Article Analysis From Enron to Tyco‚ accounting scandals have always been a worrisome issue in accounting. Regardless of how many internal controls there are‚ there will always be a chance for unethical practices in accounting. Where and when do these problems arise? This paper will analyze an article listing situations that lead to those unethical practices and behavior that lawmakers try to prevent. In his article “What Are the Causes of Ethical Lapses in Accounting‚” Jagg Xaxx writes that business
Premium Sarbanes–Oxley Act Corporate governance Enron
for us to increase the field industrialization. SJIBL is playing a vital role in developing industry of the country and putting the national economy competitive with world economy. The focus point of this report is to understand the activities of General Banking of Shahjalal Islami Bank Ltd. Part One Orientation of the report |Origin of the report
Premium Bank Deposit account Banking
Accounting Homework Individual Chapter 7 Question 1&2 1. (a) What are generally accepted accounting principles (GAAP)? In the U.S.‚ generally accepted accounting principles‚ commonly abbreviated as US GAAP or simply GAAP‚ are accounting rules used to prepare‚ present‚ and report financial statements for a wide variety of entities‚ including publicly-traded and privately-held companies‚ non-profit organizations. (b)What bodies provide authoritative support for GAAP
Premium Generally Accepted Accounting Principles Balance sheet Asset
of the times‚ people find it difficult to understand the various accounting Concepts. In this coursework‚ I shall analyze these concepts and explain them. First of all I shall discuss the materiality concept. WHAT IS MATERIALITY? Authoritative accounting bodies in the USA such as Financial Accounting Standard Board (FASB)‚ Securities and Exchange Commission (SEC)‚ General Accounting Office (GAO)‚ American Institute of Certified Public Accountants
Premium International Financial Reporting Standards Balance sheet International Accounting Standards Board
a diverse selection of courses to develop well rounded‚ responsible individuals‚ but in turn creates added pressure upon students. Is it the job of secondary education to start developing all inclusive students who have been familiarized with a broad range of subjects? Is it fair that some children are able to afford private education and expensive tutoring with a one on one basis? The government needs to step in on this matter because the children who are growing up now are going to be this
Premium University Education College
Accounting software is a computerized version of old-fashioned accounting ledgers and journals. Rather than using paper ledgers to record information‚ accounting software allows us accountants to maintain electronic much needed records of financial transactions. The world of financial management has been completely transformed by the addition of computer accounting software. The greatest advantage of computer accounting software is that these applications create a much higher degree of accuracy and
Premium Accounts payable Accounts receivable Microsoft
What was the purpose for the Mexican American war? Well many people have their sides to what happened and if the U.S was justified or unjustified with going to war with Mexico.What was the war about? Who did it involve? The war was against the U.S and Mexico for disputed territory which is now Texas and the Western part of the United States.Who fired the first shots to start the war? It was Mexico‚ but why did they do it? I think it was unjustified to go to war with Mexico‚ for many reasons. Slavery
Premium United States Mexico Mexican–American War
Xilinx’s annual report). i. ii. Explain‚ in your own words‚ how this plan works. What incentives does this plan provide for Xilinx employees? Explain briefly the following terms used in Note 3: grant date‚ exercise price‚ vesting period‚ expiration date‚ options granted‚ options exercised‚ and options forfeited. b. Note 3 (page 47 of Xilinx’s annual report) indicates that in fiscal 2007‚ Xilinx adopted a new accounting method for its stock options and other stock-based compensation as required by
Premium Balance sheet Stock Corporate finance