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
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Methodology Conclusions and Recommendations Bibliography ABBREVIATIONS USED D ADS: American Depository Share CBDT: Central Board of Direct Taxes (of India) FASB: Financial Accounting Standards Board (of the USA) FCCB: Foreign Currency Convertible Bond FIFO: First in‚ first out (a method used in inventory valuation) FSA: Financial Services Authority (of the UK) GDR: Global Depository Receipt IASB: International Accounting Standards Board IASC: International Accounting
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to suppliers. Liability (D) Bonds payable. Liability (E) Amount earned from selling a product. Revenue (F) Cost of advertising. Expense Part 2 Ex 1-8 (A) An expression about whether financial statements conform with generally accepted accounting principles. – 8 Auditors opinion (B) A business that raised money by issuing shares of stock. – 1 Cooperation (C) The portion of stockholders’ equity that results from receiving cash from investors. – 6 Common Stock. (D) Obligations to suppliers
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CONCLUSION Leisure and recreational activities engaged in by the majority of adults‚ teenagers and children were generally passive or non-active‚ and tended to occur in the home. There is‚ however‚ a desire for more variety‚ particularly for activities outside the home. Shortage of time and money limited leisure opportunities for both adults and teenagers‚ along with the shortage of entertainment venues and transport difficulties reported by teenagers. Choices about leisure and recreation‚ the type
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conceptual framework This topic forms most of Section A (and has an influence on Section B) of the syllabus for Paper F7‚ Financial Reporting. A conceptual framework is important to the understanding of the many principles and concepts that underpin International Financial Reporting Standards (IFRS) and is an often-neglected part of candidates’ studies. Questions from these areas regularly appear in Paper F7 exams – usually as Question 4 – and I often comment in my examiner’s report that they are the least
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ACC 556 – Financial Accounting for Managers Chapter 1 Homework Due Week 1 and worth 10 points Directions: Answer the following four questions on a separate document. Explain how you reached the answer or show your work if a mathematical calculation is needed‚ or both. Submit your homework assignment using the homework assignment link in the course shell. E1-1 Here is a list of words or phrases discussed in this chapter: 1. 2. 3. Corporation Creditor Accounts receivable 4. 5. 6. Partnership Stockholder
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Merchandise inventory is generally valued at the price for which the goods can be sold. reported under the classification of Property‚ Plant‚ and Equipment on the balance sheet. reported as a current asset on the balance sheet. often reported as a miscellaneous expense on the income statement. Items waiting to be used in production are considered to be finished goods. merchandise inventory. raw materials. work in progress. In a manufacturing business‚ inventory that is ready for sale is called store
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Accounting Standard Board Tracy L Duran ACC/541 February 23‚ 2015 Leslie Crews Accounting Standard Board Introduction Accounting was created thousand years ago. Many companies use accounting system to record‚ maintain and report‚ and analyze business financial transactions. Because managers and investors make their business decisions base on the Financial Statement‚ the information that obtained from the Financial Statement must be concise and reliability. Budgets and performance reports provide
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relevance with regards to previous and future accounting industry standards. Findings The IASB’s (International Accounting Standards Board) Conceptual Framework is a set of rules and standards that the accountancy industry‚ within the Global market‚ adheres to in order to produce clarity across the board when producing financial statements and information for users of those statements. IASB will replace the standards set by the FASB (Financial Accounting Standards Board) in which the UK accountancy
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SHANGRI-LA You are partner in charge of the audit of Shangri‑La‚ Inc. The company is a real estate developer‚ specializing in luxury vacation areas. The company’s operations have been profitable‚ although not spectacular. Most of the development property is pledged as collateral for bank loans; there is a reasonable stockholders’ equity of about $10‚000‚000. Shangri‑La has a substantial
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