companies throughout America. Because of the Sarbanes-Oxley Act‚ the era of low standards and false profits are over. References Kimmel‚ P.D.‚ Weygandt‚ J.J.‚ & Kieso‚ D.E. (2010). Financial accounting: Tools for business decision making (5th ed). Hoboken‚ NJ: John Wiley &
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today‚ “countries all over the world have begun to outsource rulemaking to bodies consisting of people familiar with the subject. For that reason‚ policymakers rely on private entities to establish financial accounting and reporting standards” (Donald Kieso‚ 2003‚ Intermediate Accounting). The two most influential standard-setters are the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). FASB & IASB are currently working jointly to establish a single
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because increases in volume tend to produce more costs and unfavorable variances. The flexible budget-based performance evaluation provides a remedy for this phenomenon. References: Kimmel‚ P.‚ Weygandt‚ J.‚ & Kieso‚ D. (2003). Essentials of
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and for personal finances. Accrual Basis consists of in house financing available. Accepted Accounting Principle References Kimmel‚ P. D.‚ Weygandt‚ J. J.‚ & Kieso‚ D. E. (2011). Financial accounting: Tools for business decision making (6th ed.). Hoboken‚ NJ: John Wiley & Sons.
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Instructions for the Microsoft Excel Templates by Rex A Schildhouse | | Be advised‚ the template workbooks and worksheets are not protected. Overtyping any data may remove it. | | | Extensive detail and information is contained within the help function of Microsoft Excel and in the provided text. | | You should enter your name‚ date‚ instructor’s name‚ and course into the cells at the top of the page. This information will be printed on the top of each page if the template requires
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References: Frequently Asked Questions about the AICPA. (2006-13). Retrieved on January 12‚ 2013 from http://www.aicpa.org Kimmel‚ P. D.‚ Weygandt‚ J. J.‚ & Kieso‚ D. E. (2007). Financial accounting: Tools for business decision making (4th ed.). Hoboken‚ NJ: Wiley. Schroeder‚ R. G.‚ Clark‚ M. W.‚ & Cathey‚ J. M. (2011). Financial accounting theory and analysis: Text readings and cases (10th ed.). Hoboken
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received for short term‚ less than a year therefore; it does not get included within the costs of assets. References: Weygandt‚ J. J.‚ Kimmel‚ P. D.‚ & Kieso‚ D. E. (2010). Financial accounting (7th ed.). Hoboken‚ NJ: John Wiley & Sons.
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a) Discuss how the budgeting process employed by Peters Corporation contributes to the failure to achieve the president’s sales and profit targets. The first problem would be that the president established targets for the total dollar sales and net income before taxes for the next year. Then the president gave the sales target to the marketing department. By starting at the top and working its way down the chain of command causes problems because not all of the departments are involves in
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one over the other‚ what is your rationale? It depends on Maria Alvarez perspective. For explaining the rationale of this introduction‚ I would like to explain the meaning of debit and credit first. As stated Chapter 2 (Weygandt&Kimmel&Kieso‚ 2010‚ P.49) the terms debit and credit are directional signals and entering an amount on the left side of an account is called debiting the account‚ making an entry on the right side is crediting the amount. We also record increases in cash as debit
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occur despite the previous attempts to govern corporate responsibility to the public. This act specifically tried to reduce unethical corporate behavior and increase public confidence in the financial reporting of corporations (Kimmel‚ Weygandt‚ & Kieso‚ 2011). This paper will address if the requirements of SOX will be enough to prevent future fraud in the corporate environment. Regulatory Environment Several laws and regulations have been developed to attempt to control business practices. Corporations
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