QUESTION 1 a. Outline the objective and the principles of a theory that prescribes fair value accounting. Fair value accounting is to measure selected assets at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The objective of fair value accounting is linked with the objective of ‘decision usefulness’ of general purpose financial reporting. That is‚ to provide relevant information that
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Faculty of Commerce Faculty of Commerce - Accounting & Finance Working Papers University of Wollongong Year The Critique of Accounting Theory M. Gaffikin University of Wollongong‚ gaffikin@uow.edu.au This working paper was originally published as Gaffikin‚ M‚ The Critique of Accounting Theory‚ Accounting & Finance Working Paper 06/25‚ School of Accounting & Finance‚ University of Wollongong‚ 2006. This paper is posted at Research Online. http://ro.uow.edu.au/accfinwp/41 06/25 University
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approaches to accounting theory‚ 1. Deductive recur sing or “approach going from the general to the specific.” 2. Inductive approach ‘Going from the specific to the general.’ 3. The ethical approach of accounting theory places emphasis on the concept of justice‚ truth & fairness. This is particularly true of the ethical approach‚ for defining it of the separate approach does not necessarily imply that other approaches do not have ethical content‚ not does it imply that ethical theories necessarily
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Following is an income statement calculated based on the different equity theories of accounting. Entity Theory Proprietary Theory Orthodox Unorthodox Residual Equity Theory Revenues $ 1‚000‚000 $ 1‚000‚000 $ 1‚000‚000 $ 1‚000‚000 Less: Operating Expenses Cost of goods sold $400‚000 $400‚000 $400‚000 $400‚000 Depreciation $100‚000 $100‚000 $100‚000 $100‚000 Salaries and Wages $200‚000 $200‚000 $200‚000 $200‚000
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BKAF 3083 ACCOUNTING THEORY AND PRACTICE Individual Assignment 1 1. Explain 8 levels of conceptual framework Level | Elements | Explanation | 1.Border of discipline / authority | * Definition of financial reporting | It defines the financial record of the business activities. | 2. Subject | * Definition of the reporting entity | It defines the reporting entities where the users are dependent on their financial statements to make decision. | 3. Objective | * Objective | It is
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DEVELOPMENT OF ACCOUNTING THEORY IN MALAYSIA LECTURER: DR. ROSMILA SENIK GROUP MEMBERS: AHMAD SABRI IZZAT BIN RAMLI 134918 ROSMALINDA BT ISMAIL 135047 MOHD SHUKRY BIN MD TAIB 134820 ILY IRYANI ISTIHAR 135272 Introduction Studies of accounting development in Malaysia more focus on the politics of
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`Accounting 6135‚ Advanced Accounting Theory Arthur G. Hendricks‚ Ph.D.‚ CPA professor BU 410 Thursday 7:10 PM to 10:00 PM Required Texts 1. Scott‚ W.R.‚ Financial Accounting Theory‚ 5th edition‚ Prentice Hall (Pearson Education Canada‚ Ltd) 2009 (ISBN 978-0-13-207286-1) 2 Concepts Statement #7‚ Using Cash Flow Information and Present Value in Accounting Measurements‚ FASB‚ February 2000. 3. Optional; The Wall Street Journal. You are expected to read the financial pages of the news media
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Accounting Standards Board University of Phoenix Accounting Theory and Research Jun 13‚ 2009 Accounting Standards Board To address the increasing challenges of legislating those governs our society 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
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Summary 1 Introduction 2 Theories of Accounting 2 Public Interest Theory 2 Private Interest Theory 2 Regulatory Capture Theory 3 Is accounting Needed (GPFR)? 3 What does the financial department (accounts) do? 3 Why public disclosure became so serious? 4 Principal Agent Outlook 4 Agency Cost- Critical Reason for accounting frauds 6 Three Essential Accounting Areas 7 Capital Budgeting 7 Investments 9 Capital Structure 11 Trade off theory 12 Conclusion 13 References:
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Slide 1 ACCOUNTING THEORY & CONTEMORARY ISSUES (AT1) MODULE ONE Slide 2 ACCOUNTING UNDER IDEAL CONDITIONS Part 1 - Foundation items re the course Part 2 - Present value accounting under certainty Part 3 - Present value accounting under uncertainty Part 4 - Reserve recognition accounting Part 5 - Examination question examples Part 6 - Historical cost accounting Lecture by: Dr. A. L. Dartnell‚ FCGA Year 2009 - 2010 2 Slide 3 PART 1 Foundation Items re the Course Different Course
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