Assignment 4-2: Week 4 Analysis Write-Up Kylie Keener ACCT715-Q1WW Financial Accounting Theory Michael Miller 13 June 2012 1. Chapter 4: Problem 8 (GM) The article “GM to Take Charge of $20.8-Billion” here reproduced from The Globe and Mail (February 2‚ 1993) describes the potential impact of SFAS 106‚ “Accounting for Postretirement Benefits Other Than Pensions‚” on General Motors and Ford. For example‚ it appears that General Motors will be required to record a liability of $20.8 billion
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2) 1) D 2) A 3) D 4) B 5) A 3) b) The types of risk indicated by this situation are systems risk‚ and legal and regulatory risks. c) I would recommend background checks on employees‚ segregation of duties‚ and physical security. 6) A. Conducting surprise cash counts- safeguarding assets B. Creating a policy manual-encouraging compliance C. Creating separate departments for purchasing inventory a d receiving inventory-promoting operational efficiency D. Deleting and employee’s
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Chapter 12 Fundamentals of Management Control Systems Solutions to Review Questions Accounting assigns costs and revenues to “responsibility centers” that correspond to the decision authority of managers. This allows the firm to measure performance based on the results of decisions by the manager. An effective corporate cost allocation system separates the results of decisions by corporate managers from those of business unit managers. Although there are well-developed standards for many
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CHAPTER 7 Transaction No. 11 |FEDERAL DEPOSIT INFORMATION WORKSHEET | | | | |Employer | | |Identification Number 31-0450660
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Intermediate Accounting 1 Exam 1 Spring 2010 1. What are the statements of financial accounting concepts (sfac) intended to establish? a. Generally accepted accounting principles in financial reporting by businesses. b. Generally accepted accounting principles for businesses‚ not for profit c. The objectives and concepts for use in developing standards of financial accounting and reporting. d. The hierarchy of sources of generally accepted accounting principles. 2. During
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Chapter 7 Accounting for Financial Management ANSWERS TO BEGINNING-OF-CHAPTER QUESTIONS 7-1 The balance sheet shows the assets‚ along with the sources of funds used to acquire the assets‚ at a point in time‚ say 12/31/07. The income statement shows the sales and profits that were produced during an interval of time‚ say the year 2007. An individual would have assets‚ and a net worth‚ and a balance sheet would detail these holdings. The individual would also have income and expenses‚
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CHAPTER 1 FINANCIAL ACCOUNTING AND ACCOUNTING STANDARDS Multiple Choice—Conceptual Answer No. Description d 1. Users of financial reports. d 2. Identify the major financial statements. a 3. Financial reporting entity. d 4. Efficient use of resources. d 5. Capital allocation process. c 6. Financial statement information. c 7. Objectives of financial reporting. b 8. Common set of standards and procedures. c 9. Role of SEC. c 10. Powers of the SEC. d 11. SEC enforcement
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Intermediate Accounting 1 (3367) -- Fall 2012 Research Assignment Questions Directions: Type your answer starting on the line after each question. 1. FASB Accounting Standards Codification FASC a. When did the FASC Codification become effective? The FASC became effective for interim and annual periods ending after September 15‚ 2009 even though the authoritative version of the Codification was released on July 1‚ 2009. b. Did the FASC change prior GAAP? The FASC did not change prior
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Chapter 3-1 The Accounting Information System Chapter 3-2 Financial Accounting‚ Fifth Edition Study Objectives 1. Analyze the effect of business transactions on the basic accounting equation. 2. Explain what an account is and how it helps in the recording process. 3. Define debits and credits and explain how they are used to record business transactions transactions. 4. Identify the basic steps in the recording process. 5. Explain what a journal is and
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Intermediate sanctions tend to overlap the issues that arise when a criminal is released back into society from incarceration. Most often‚ the offenders‚ once released‚ return back to prison within 1-5 years (Fagin‚ 265). The reasons vary‚ but most likely it’s because the offender has not had proper preparation on how to ease back into society after being locked up for so much time. Intermediate sanctions are criminal penalties that do not include jail time or probation. Rather‚ intermediate sanctions
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