International Management Review Vol. 5 No. 2 2009 The Value Relevance of Fixed Asset Revaluation Reserves in International Accounting Gyung Paik Brigham Young University‚ Provo‚ Utah‚ USA [Abstract] The Securities and Exchange Commission (SEC) of the U.S. has recently proposed that all U.S. firms be required to issue financial statements in accordance with IFRS by 2014. Under IFRS‚ the rules for measurement of fixed assets are presented in IAS 16‚ which allows firms to choose either
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Accounting today is used by most people in the world in one way or another. Accounting is a system for identifying‚ reading‚ measuring‚ and interpreting the results of economic activities. Accounting is not only used in the business world but rather it is used by everyone in all types of situations. For example‚ trying to get a bank loan or trying to apply for a credit card the applicant must provide the company with their personal accounting information to get approved. Personal accounting information
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the value of a job in relation to other jobs in an organization. It tries to make a systematic comparison between jobs to assess their relative worth for the purpose of establishing a rational pay structure. Job evaluation needs to be differentiated from job analysis. Job evaluation begins with job analysis and ends at that point where the worth of a job is ascertained for achieving pay equity between jobs. 2. Two purposes of implementing the job analysis are for compensation management and for performance
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organisational plan and all the related measures that an entity adopts to: * safeguard assets * encourage adherence to company policies * promote operational efficiency * ensure accurate and reliable accounting records. It is either an administrative control or an accounting control Characteristics of an effective internal control system include: * Competent‚ reliable‚ and ethical personnel * Assignment of responsibilities * Proper authorisation * Separation of duties
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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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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 of goods. – 7 Accounts payable (E) Amounts due from customers
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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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Content 1 Introduction 1 1.Task one 2 The models and concepts affecting the pricing decisions taken by organisations‚ critically reflecting upon their usefulness 2 2‚ Task two 6 The role of standard costing and variance analysis in management accounting and a critically discussion of the value and limitations of variance analysis as a means of identifying key areas which have contributed to the overall profit figure. 6 3‚ The advantages and disadvantages of introducing an Activity Based Costing
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For each answer‚ clearly circle your choice from the options provided (a‚ b‚ c‚ d‚ etc.). Dont make me guess‚ I wont award credit if it isnt obvious. 1. What type of data is found in the general ledger a.a chronological record of all transactionsb.the balance of each account in the chart of accountsc.budget records for each account in the chart of accountsd.subsidiary details supporting a control account 2. Which steps in the Financial Accounting Process are in the correct sequence based on
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The Two Faces of the Tea Party The Tea Party movement of the late 18th century has been reinvented by a different group of political figures in today´s society. Both movements have similar intentions but are protesting and campaigning for very different reasons. This paper will look at today´s Tea Party and compare the protesters and their reasons for protesting with those of the Boston Tea Party all those years ago. The first movement called ´´The Boston Tea Party´´ began in 1773. It represented
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