Accounting Homework Individual Chapter 7 Question 1&2 1. (a) What are generally accepted accounting principles (GAAP)? In the U.S.‚ generally accepted accounting principles‚ commonly abbreviated as US GAAP or simply GAAP‚ are accounting rules used to prepare‚ present‚ and report financial statements for a wide variety of entities‚ including publicly-traded and privately-held companies‚ non-profit organizations. (b)What bodies provide authoritative support for GAAP
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Bakery Business Plan Ericson Bakery (EB) Executive Summary Introduction Ericson Bakery (EB) is a start-up coffee and bakery retail establishment located in the heart of Eldoret Town. EB expects to catch the interest of a regular loyal customer base with its broad variety of coffee and pastry products. The company plans to build a strong market position in the town‚ due to the entrepreneur’s industry experience and mild competitive climate in the area. EB aims to offer its products at a competitive
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Advancement of Accountancy Profession in Nigeria: A Collaborative Effort of Practicing Accountants and the Academia By Abubakar Salisu B. Sc‚ M.Sc‚ MBA‚ ACA‚ AMNIM Lecturer‚ Department of Accounting‚ Ahmadu Bello University‚ Zaria. ABSTRACT The Nigerian environment of accountancy profession has found it difficult to bring together accountants in the academics and in practice for the advancement of the profession. Whereas the accountants in practice are viewed as the real professional
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known amounts of cash and a.is acceptable as a means to pay current liabilities. b.has a current market value that is greater than its original cost c.bears an interest rate that is at least equal to the prime rate of interest at the date of liquidation. d.is so near its maturity that it presents insignificant risk of changes in interest rates. 26.Bank overdrafts‚ if material‚ should be a.reported as a deduction from the current asset section. b.reported as a deduction from cash. c.netted
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Table of Contents Case 1 Introduction Jill’s business is expanding while the up going GST prevent her from gaining more profits. The idea of replacing the labor with the help of new equipment will bring about an unprofitable break-even point. However Jill still insist on borrowing from bank to invest in the equipment regardless of the CVP analysis result‚ which raised some ethical issues. Analysis Question 1 Defining the stakeholders There are 5 major stakeholders arising
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define accounting. What are the three main characteristics of accounting? Is accounting static or dynamic? Accounting collects‚ analyzes‚ measures and records financial information about an organization and reports that information to stakeholders and decision makers. Accounting has 3 essential characteristics. Accounting is the (1) identification‚ measurement‚ and communication of financial information about economic entities to interested persons. Like social sciences‚ accounting is largely
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References: Warren‚ C.‚ Reeve‚ J.‚ and Duchac‚ J (2007). Accounting. 23rd ed South-Western‚ cengage learning in thousands except share data | January 3‚ 2009 | December 29‚ in thousands except share data | December 29‚ 2007 | December30‚
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SHANGRI-LA You are partner in charge of the audit of Shangri‑La‚ Inc. The company is a real estate developer‚ specializing in luxury vacation areas. The company’s operations have been profitable‚ although not spectacular. Most of the development property is pledged as collateral for bank loans; there is a reasonable stockholders’ equity of about $10‚000‚000. Shangri‑La has a substantial
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Accounting Ethics Accounting Ethics‚ Second Edition. Ronald Duska‚ Brenda Shay Duska‚ and Julie Ragatz © 2011 John Wiley & Sons‚ Ltd. Published 2011 by John Wiley & Sons‚ Ltd. ISBN: 978-1-405-19613-0 Foundations of Business Ethics Series editors: W. Michael Hoffman and Robert E. Frederick Written by an assembly of the most distinguished figures in business ethics‚ the Foundations of Business Ethics series aims to explain and assess the fundamental issues that motivate interest in each of
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whom are fed up with the system either because they find that the system that is bias and supports the rich‚ or it goes against their personal values and ideals‚ upon other reasons. This led to people wanting to shape politics through elections‚ interest groups‚ and social movements. The United States pride itself on giving its citizens the right to choose their representatives and leaders. However‚ under the electoral college and the two-party system‚ many people questioned whether or not they
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