criterion that they be available. 7. Sales tax should be recognized in the period in which the underlying sales transaction occurred. Sales tax originates from an underlying economic event‚ which are sales transactions. It is appropriate to recognize revenue at the time of the event. 8. Reimbursement grants are payments that are intended to reimburse specific types of expenditures for designated purposes or activities. Entitlements are payments that usually come from a higher level of government. A
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the news article published by The Philippine Daily Inquirer‚ which had the opportunity to have a copy of the statements filed by ABC Development Corp. (TV)‚ was used. (All in Appendix 1) There is an industry wide decline in terms of advertising revenue in 2011 compared to 2010. This is due to high advertising spending in 2010 brought by political airtime purchased by the candidates of 2010 Presidential Election (ABS-CBN Annual Report 2011).To give a detailed and more meaningful comparisons about
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Discretionary Revenues as a Measure of Earnings Management Stephen R. Stubben The University of North Carolina at Chapel Hill ABSTRACT: This study examines the ability of revenue and accrual models to detect simulated and actual earnings management. The results indicate that revenue models are less biased‚ better specified‚ and more powerful than commonly used accrual models. Using a simulation procedure‚ I find that revenue models are more likely than accrual models to detect a combination of revenue and
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issue is the way Live Well Inc. deal with consignment and the recognition of revenue. As Live Well Inc. sells products through another party‚ being the sales coordinators‚ they cannot recognize revenue as the consignment of goods does not constitute a sale. They can only identify the revenue when the consignee sells the goods to a third party. This rule applies to both ASPE and IFRS standards. They currently recognize revenue upon shipment‚ however under the new IFRS 15 guidelines‚ this approach cannot
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the truth is that Ebix has not generated lasting cash flow since 1999. 3) Financial frauds and Aggressive accounting issues. Apparently‚ Ebix is good at manipulate financial statements. By using several accounting gimmicks‚ Ebix can boost up its revenue and show good numbers in margin and growth rate‚ which caught the eyes of the impatient investors who don’t see the
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BSG Quiz 2 Answers The highlighted red answers are the ones that are correct. The simplest way of navigating through this document is to press find and put down a very unique quote from the question on BSG. For example to find the answer for the question below would be the find the quote “companies can expect to sell”. Make sure it is 100% the same question and answers and you will do very well on this quiz. Some questions have similar wording and the question may be further down the document. Another
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1. Introduction Wal-Mart Wal-Mart was founded by Sam Walton on 1962 and it is the largest retailer in the world. The company has three major operations which are Wal-Mart Stores U.S.‚ Sam ’s Club‚ and Wal-Mart International. On 2007‚ Wal-Mart used this new slogan” Save Money Live Better”. However‚ there are some critics about their employee life. Wal-Mart exploits their employee’s salary for setting low price to customer. They resisted their worker to build union organization because they tried
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Michel Kripalani and Oceanhouse Media: Journey of a Serial Entrepreneur Jodi Watson Describe Michel Kripalani’s entrepreneurial journey to date. What are the lessons from this journey for entrepreneurs? Michel Kripalani’s entrepreneurial journey began after he graduated from UCSD with a degree in visual arts media. Kripalani’s first startup was “MOOV Design‚ a computer graphics firm.” He founded Presto Studios in 1991‚ was the CEO and created the Journeyman Project series
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transactions on a given asset‚ liability‚ equity‚ revenue‚ or expense account. * Double-entry accounting system (two-sided effect). * Recording done by debiting at least one account and crediting another. * DEBITS must equal CREDITS. AED = LRC | | | | | | | | | | After eating dinner‚ lets read comics (AED=LRC) ASSETS = LIABILITIES + EQUITY 3. Financial Statements and Ownership Structure Income Statement: Revenues – Expenses Net Income (Loss) Retained
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company’s rent‚ telephone‚ and miscellaneous expenses are paid in cash. e. No cash has been collected on the $14‚000 consulting fees earned. Income ststement REAL ANSWERS Income Statement For Month Ended October 31 Revenues Consulting fees earned $14‚000 0 0 Total revenues $14‚000 Expenses Rent expense (3‚550) Salaries expense (7‚000) Telephone expense (760) Miscellaneous expenses (580) 0 0 Total expenses (11‚890) Net income $2‚110 Statement of retained earnings REAL ANSWERS
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