2011 Semester 2 Intermediate Financial Reporting Final Exam Solution. Accounting standards (5 MARKS) 1. Explain what gives Australian accounting standards authority and how is it enforced? The Corporations Act gives the standards the force of law. ASIC administer the Corps Act. and hence enforce the standards. Failure to comply with the standards can include legal proceedings‚ goal‚ financial penalties and prevention from acting as a manager or director of a company in the future. In addition
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In 1973‚ the Financial Accounting Standards Board (FASB) was created and their mission is “to establish and improve standards of financial accounting and reporting for the guidance and education of the public‚ including issuers‚ auditors‚ and users of financial information.” (FASB.org‚ 2009a). The FASB is a private‚ not-for-profit organization whose primary purpose is to develop generally accepted accounting principles (GAAP) within the United States. The Securities and Exchange Commission (SEC)
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CHAPTER 23 Statement of Cash Flows LEARNING OBJECTIVES 1. 2. 3. 4. 5. 6. 7. 8. 9. Describe the purpose of the statement of cash flows. Identify the major classifications of cash flows. Differentiate between net income and net cash flows from operating activities. Contrast the direct and indirect methods of calculating net cash flows from operating activities. Determine net cash flows from investing and financing activities. Prepare a statement of cash flows. Identify sources of information for
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Intermediate Accounting by Spiceland 7th Edition Test Bank Contact me here sellertbsm2014@hotmail.com to download the test bank INSTANTLY!!! PRICE FOR THE TEST BANK‚ SOLUTION MANUAL AND BOOK PDF: Test Bank 20$ USD Solution Manual 20$ USD BooK PDF 30$ USD This is a sample chapter Chapter 01 Environment and Theoretical Structure of Financial Accounting True / False Questions 1. The primary function of financial accounting is to provide relevant financial information to parties
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How does accounting help in the capital allocation process? If a company’s financial performance is measured accurately‚ fairly‚ and on a timely basis‚ the right managers and companies are able to attract investment capital. To provide unreliable and irrelevant information leads to poor capital allocation which adversely affects the securities market. What is the objective of financial reporting? The objective of general purpose financial reporting is to provide financial information about the
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ACCT 2410 QUIZ 1 Chapters 11 - 14 MASTER – V1 & V2 Name: __________________________ Student #:_________________ PLEASE PRINT When you are finished please hand in your quiz at the front and QUIETLY leave the room. Class will resume at 2:00//8:00 at which time we will review the solutions to the quiz and spend the balance of the time on a student directed review session. Materials allowed–normal writing materials and approved non–programmable calculators that do not
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Question 1 Suppose Nike‚ Inc. reported the following plant assets and intangible assets for the year ended May 31‚ 2014 (in millions): other plant assets $965.8; land $221.6; patents and trademarks (at cost) $515.1; machinery and equipment $2‚094.3; buildings $974; goodwill (at cost) $193.5; accumulated amortization $47.7; and accumulated depreciation $2‚298. Prepare a partial balance sheet for Nike for these items. (List Property‚ Plant and Equipment in order of Land‚ Buildings and Equipment
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11 Balanced Three-Phase Circuits Assessment Problems AP 11.1 Make a sketch: We know VAN and wish to find VBC . To do this‚ write a KVL equation to find VAB ‚ and use the known phase angle relationship between VAB and VBC to find VBC . VAB = VAN + VNB = VAN − VBN Since VAN ‚ VBN ‚ and VCN form a balanced set‚ and VAN = 240/ − 30◦ V‚ and the phase sequence is positive‚ VBN = |VAN |//VAN − 120◦ = 240/ − 30◦ − 120◦ = 240/ − 150◦ V Then‚ VAB = VAN − VBN = (240/ − 30◦ ) − (240/ − 150◦ ) = 415.46/0◦ V
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Devon Lima-Mitchell 11/8/10 English 201A West Passionate Declarations: “The Ultimate Power” Everywhere you go you see it‚ whether it is children on the playground fighting over who uses the swings next or the evening news blaring from the television about another suicide bombing‚ violence follows us wherever we go. Throughout history violence has been socially accepted. Our ancestors used it to determine weakness and now we are using it again for the same reasons. Today the United States must
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Kaitlyn Nasino Dr. Robinson English 131 20 September 2016 The Odyssey: Chapters 11-13 Chapter 11: A Gathering Of Shades In this chapter of The Odyssey‚ Odysseus travels to the Underworld where the ghosts are gathering to drink some blood. While he’s down there he sees his mother‚ who he thought was still alive. She tells him about Telemakhos and Penelope and her suitors. She tells hims the Penelope is still faithful. He also sees one of his crew members and he weeps (again) upon seeing him. He
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