Study Guide Liabilities – Probable debts or obligations that result from past transactions Current Liabilities – Are due within one year of the balance sheet date Liquidity – The ability to pay current obligations Working capital – Current assets minus current liabilities Accrued Liabilities – Expenses that have been incurred but have not been paid at the end of the accounting period Deferred Revenues – Revenues that have been collected but not yet earned‚ they are liabilities until the goods
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contract period) which were payable by the Citylink to the State government. The case was heard in 20thh July 2006 at the High Court of Australia. Basically‚ the law falls under section 8(1) of the Income Tax Assessment Act regarding the general provision for income deductions. In similar to other cases like Arthur Murray and J Rowe & Son‚ the case raises the question on when income is supposed to be recognized for taxation and how deduction are to be allocated to their respective years of income
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Memorandum-to-the-File Re: Contingent Liabilities in a Section 351 Transfer Case Facts: An accrual basis taxpayer Charles Cho engages in a Section 351 transaction with the newly-formed Patten Corporation. In the transaction‚ Cho transferred his gas station to Patten‚ in exchange for the stock of Patten and assumption of the contingent environmental liabilities. The land underneath the gas station has potential environmental problems but Cho did not take any remediation to fix environmental problems
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Current Liabilities Current liabilities are defined as: “Debts due to be paid with cash or with goods and services within one year‚ or within the entity’s operating cycle if the cycle is longer than a year.” (Hongren‚ Harrison & Oliver‚ 2012) These liabilities fit into three categories: Current liabilities of known amount; current liabilities that must be estimated; and contingent liabilities. According to the matching principle of accounting‚ expenses and revenues need to be reported during
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N HOW TO USE THIS STUDY GUIDE rU INTRODUCTION INTRODUCTION AND OVERVIEW OF REPORTING ENVIRONMENT TOPIC 2: PRESENTATION OF THE FINANCIAL STATEMENTS TOPIC 3: OTHER DISCLOSURE ISSUES TOPIC 4: EQUITY TOPIC 5: LIABILITIES TOPIC 6: TOPIC 7: ACCOUNTING FOR LEASES ACCOUNTING FOR INCOME TAX TOPIC 8: PROPERTY‚ PLANT AND EQUIPMENT
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Capital 0 0 0 0 Reserves -55.13 -60.76 -59.76 -58.81 Revaluation Reserves 0 0 0 0 Networth -40.79 -46.42 -45.42 -44.47 Secured Loans 42.63 49.47 49.47 49.8 Unsecured Loans 1.43 0.56 0.56 0.56 Total Debt 44.06 50.03 50.03 50.36 Total Liabilities 3.27 3.61 4.61 5.89 Mar ’13 Mar ’12 Mar ’11 Mar ’10 Application Of Funds Gross Block 13.98 13.98 13.97 13.97 Less: Accum. Depreciation 9.96 9.41 8.86 8.31 Net Block 4.02 4.57 5.11 5.66 Capital Work in Progress 0.13 0.13 0.13
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the historical cost convention on the accrual basis except for certain financial instruments which are measured at fair values. GAAP comprises mandatory accounting standards as prescribed by the Companies (Accounting Standards) Rules‚ 2006‚ the provisions of the Companies Act‚ 1956 and guidelines issued by the Securities and Exchange Board of India (SEBI). Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing
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may‚ in any particular instance‚ include verification of the commercial rationale for the acquisition‚ planning the integration of the acquisition‚ understanding accounting principles‚ assessing the quality of assets and seeking to quantify contingent liabilities.” Analysts of Future Venture Capital Firm must assess the viability of investing in the LTC Landscaping and Tree Trimming Newco Project. The analysts will examine and identify investment issues via a legal due diligence checklist. The
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desirable that any such reserve may first be transferred to General Reserve before capitalisation. Reserves like Export Reserve and profits not transferred to any Reserve are free reserves eligible for Capitalization. 5. Contingent Liabilities. All contingent liabilities disclosed in Audited Accounts which have bearing on the net profits‚ shall be taken into account in the calculation of the residual reserves. 6. Residual Reserve Test. The residual reserves after the proposed capitalization shall
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Compendium of Accounting Standards (including Interpretations as on July 1‚ 2006) THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA NEW DELHI COPYRIGHT © THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA All rights reserved. No part of this publication may be translated‚ reprinted or reproduced or utilised in any form either in whole or in part or by any electronic‚ mechanical or other means‚ including photocopying and recording‚ or in any information storage and retrieval system‚ without
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