Homework Week 2 Exercise E1-1 SEC – K Audit – G Sole Proprietorship – I Corporation – E Accounting – A Accounting Entity – D Audit Report – J Cost Principle – F Partnership – C FASB – L IASB – H Unit of Measure – B GAAP – N IFRS – M E1-2 Accounts receivable – Asset Cash and cash equivalents – Asset Net sales – Revenue Notes payable – Liability Taxes payable – Liability Retained earnings – Stockholders’ Equity Cost of products sold – Expense Marketing‚ administrative
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CHAPTER 2 21. Generally accepted accounting principles a. are fundamental truths or axioms that can be derived from laws of nature. b. derive their authority from legal court proceedings. c. derive their credibility and authority from general recognition and acceptance by the accounting profession. d. have been specified in detail in the FASB conceptual framework. 22. A soundly developed conceptual framework of concepts and objectives should a. increase financial statement users’
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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
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will I am sure be of interest not only to our student audience but as a refresher to those of you in practice that may be required to deal with this concept. In most businesses debtor balances represent an important element of working capital. Accounting principles dictate that the supply of goods or services is accounted for as sales‚ at the point at which the buyer has a legal obligation to pay for them. Total debtors represent the value of credit sales for which payment has yet to be received
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Ed Boone is the antagonist in the novel called the curious incident of the dog in the night-time. Does him being the antagonist make him the villain in this novel. Christopher John Francis Boone‚ Ed’s son started thinking he was the bad guy from the second half of the book because he found out that his father lied to him about his mother’s death and from everything Christopher tells us about his father‚ he does seem like a bad guy. But then again are things always as they seem? In the beginning
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Why should Shakespeare be taught in the 9th grade curriculum? Shakespeare has written 38 plays‚ poems‚ and sonnets. Shakespeare translated his work into 75 different languages. Shakespeare should not be taught in the 9th grade curriculum because one could say it is hard to handle‚ it is outdated‚ and Shakespeare is meant to be heard not read. First Shakespeare should not be taught in the 9th grade curriculum because it is hard to handle and manage. According to Deblasis‚ he said “Shakespeare’s work
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by the Government Finance Officers Association? What is the significance of this award? Yes‚ it is significant because it is the highest form of recognition in the area of governmental accounting and financial reporting‚ and its attainment represents a significant accomplishment by a government and its management. (Page 13) b) What are the key issues addressed in the letter of transmittal? Major initiatives in the city of Charlotte are General Government‚ Water and Sewer‚ Aviation‚ Charlotte
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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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correct picture on the firm’s financial performance and financial position. We have to recognize all transaction occurring in that accounting period‚ irrespective of whether cash has been received or paid. The ultimate objective of adjusting entries is to ensure that the revenues (income) earned in the accounting period are matched by all costs incurred for that same accounting period (Monash College‚ 2011). Prepayment There are two types of adjusting entries‚ prepayments and accruals. Prepayment is
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Social inclusivenessNote: Commitment to diversity management is important. Reality of diversity A changing world (different groups living together) Aboriginal people’s demands (rights‚ political communities etc.) Quebec’s demands (nation status‚ not a province) Racialized minorities’ demands (an inclusive Canada) Government (re) actions: Canada responds to the demands of marginalized groups Good: A global pacesetter in diversity management Citizen ship Acts: 1947‚ 1967 Bill of Rights: 1960
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