Objective 1. Determine the total considerations transferred. 2. The land and buildings should be recorded on the premise of “in-use” or “in-exchange”. 3. Determine the fair value recorded for the intangible assets. Applicable accounting pronouncement ASC 805-20-25 Business Combinations-Identifiable assets and liabilities and any non controlling interest-Recognition Recognition Conditions 25-2 To qualify for recognition as part of applying the acquisition method‚ the
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pharmaceutical companies to give to patients. This practice is common and is not illegal. However‚ when the doctor agrees to prescribe a particular medication or refer a particular specialist doctor and in exchange for a return‚ this is where the illegal process begins. In the Amgen 2009 case‚ the biotech company offered kickback to medical providers to boost sales. Pharmaceutical representatives influenced physicians to bill Medicaid for the anemia drug Aranesp‚ which were given free. The company made a
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individual batch time that’s why they didn’t utilize the total capacity of production. 4.What is the impact of losses in the process in Inspection and Final Test ? The impact of the losses in the system is quite extensive. It is stated that 15% of the board are typically rejected during an early processing inspection along with an additional 5% rejected during the final testing. This results in a production order increase of 25%. 5.What recommendations would you make for a short-term solution to CBF’s
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History of Accounting The name that looms largest in early accounting history is Luca Pacioli‚ who in 1494 first described the system of double-entry bookkeeping used by Venetian merchants in his Summa de Arithmetica‚ Geometria‚ Proportioni et Proportionalita. Of course‚ businesses and governments had been recording business information long before the Venetians. But it was Pacioli who was the first to describe the system of debits and credits in journals and ledgers that is still the basis of today’s
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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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Intro to accounting Business Activites Financing Investing Operating Types of Financing Equity investors: Stockholders Hope to receive dividends or increase in stock price—no guarantees! Public versus private company Debt investors: Creditors of the business Expect principal and interest payments SEC (Securites and exchange commission) Established in 1933 Requires of public companies: Form 10-K (annually) Form 10-Q (quarterly) Audited financial statements (annually) by an “independent
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Public Accountability: The Philippine Experience Introduction Under a democracy such as in the Philippines‚ the people’s fundamental faith in the integrity of political institutions is what holds the system together even under the most difficult times. The present situation in the Philippines is a test of this principle. Whether or not the test is passed with success is a matter yet to be seen. However‚ at this stage‚ what could be gainfully learned from present experience is the knowledge
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similarities and differences between the two‚ go over risk for companies as well as ways for companies to prepare. | IFRS and GAAP and what convergence means. In financial surprise accounting the objective for financial reporting are to provide useful information for potential investors and creditors‚ assessing cash flow‚ and about claims and changes to company resources. The problem with this is that‚ without standards each company would set their rules‚ and readers of financial reports would
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September 10‚ 2013 The Ins and Outs of Accounting The primary focus of this text is to educate and inform readers about what it is like to live and function in the world of Accounting. Although we deal with numbers every day of our lives we often overlook what all goes into becoming a skilled Accountant. The significance of accounting plays a vast role in the financial health of an organization‚ its failure and or growth and development‚ the stock market‚ and the financial future of our lives
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investigate the major I have chosen‚ Accounting. Because my goal is to become a Certified Public Accountant (CPA)‚ I would like to know more of what it entails. Dealing with numbers‚ and recording and projecting the earnings of a company‚ accountants are placed with the responsibility of keeping track of the moneys of a business. God has blessed me with skills in the areas of mathematics and organization‚ which caused me to look for an occupation that utilizes both. Accounting seemed a logical choice since
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