LEAN ACCOUNTING: BEST PRACTICES FOR SUSTAINABLE INTEGRATION "Costs do not exist to be calculated. Costs exist to be reduced.” – Taiichi Ohno‚ father of the Toyota Production System Lean Accounting-It is simply the application of lean principles to the accounting and associated functions within the enterprise. The idea is simple‚ but the application is not obvious within the framework of traditional accounting systems. Lean Accounting was born in the early 90’s through the experiences
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10 and 11 from Advanced Accounting‚ 11th edition Fischer‚ Taylor and Cheng. You can purchase these chapters as PDFs from: http://www.cengagebrain.com Here is some specific information about the book to help you find the chapters: Advanced Accounting‚11th Edition (do not purchase chapters 10 and 11 from the 10th ed); Authors: P. Fischer‚ Wm. Tayler‚ R. Cheng; ISBN-13: 9780538480284 1152 Pages | © 2012 • Chapters 4 and 5 from International Accounting 3rd edition‚ Doupnik and
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CH3 -The accounting treatment of goodwill impairment/ detailed two-step impairment test – apart from qualitative assessment (1) if CV of reporting unit is > than FV of reporting unit‚ take step 2; if opposite‚ stop. (2) compare CV of goodwill w/ FV of goodwill; if CV is > FV‚ there might be potential impairment. CH4 -Determine the fair value of sub/the fair value of NCI – FV allocation; FV of sub = FV of CI + FV of NCI; go by mkt price if there is; use parent if there isnt -Determine goodwill
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*Functions of Accounting Work ( Recording / Classifying / Summarizing *Accounting- “art of recording‚ classifying & summarizing in a significant matter and in terms of money; transactions and events w/c are in part at least of a financial character and interpreting the results thereof.” ( How? (AICPA – American Institute of CPA) *Science- existing body of knowledge that governs accounting practice (Accounting Theory) *Art- creative skill & ability *4 Functions of Accounting 1. Recording-
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The Legendary Iqbal Khan ACTG4160: Advanced Financial Accounting! ! Inter-Corporate Investments‚ Business Combinations and Consolidations! ! Introduction! ! - Non-strategic investments can be FVTPL or FVTOCI while strategic investments range from significant influence to joint arrangements to controlled subsidiaries! - Investments under 20% are considered passive unless clearly demonstrated otherwise! - No strategic advantage in terms of ability to influence or control the investee!
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Limitations of the income statement. F 3. Earnings management. T 4. Transaction approach of income measurement. T 5. Single-step income statement. T 6. Revenues and gains. F 7. Multiple-step vs. single-step income statement. F 8. Multiple-step income statement. T 9. Multiple-step vs. single-step income statement. F 10. Current operating performance approach. T 11. Reporting discontinued operations. F 12. Reporting extraordinary items. F 13. Irregular items. T 14. Intraperiod
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Abstract The aim of this short paper is targeted at broadening general understanding of the impact of accounting for goodwill in the Non-for-Profit environment based on its financial practicability and how a focus on the fair value of goodwill goes to the heart of the value of an Organization. Various amendments and new accounting rules; Enron and WorldCom misfortunes; Ponzi Schemes and other white collar financial frauds have brought about stricter governance and financial statement reporting responsibilities
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Accounting plays an important role in the life of organizations. There are several types of accounting such as financial‚ management and governmental accounting‚ taxation‚ audit. These types are usually focusing on different types of users that are interested in different types of information. In this essay I will examine the differences between financial accounting and management accounting. The basic difference between financial and management accounting is their target group. Management accounting
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simply repeating previous posts and agreeing. Discuss the pros and cons of accural accounting versus cash accounting methods. All discussion forums must require at a minimum: 1-Research (at least 2 citations) 2-Critical Thinking 3-Opportunity for dissent. Accrual Accounting versus Cash Accounting Ok‚ if we are to attain our career goals we need to understand these two methods of accounting. This topic is very important in almost any field that one chooses to fashion their
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types of accounting measurement to determine the profit. They are cash basis and accrual basis. Business can use either a cash basis or accrual basis to work there profit. However‚ most of the company prefers to use accrual basis instead of others. In this essay‚ I will compare the difference between cash basis and accrual basis on expense and revenue. In addition‚ how can company choose their measurement of profit will also be discussed. Cash basis & accrual basis Cash basis accounting is focus
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