to the carrying value just if there has been no change recorded in the value of the asset since acquisition. In this manner‚ the accounting report does not demonstrate genuine value of assets. Historical cost is reprimanded for its mistake since it may not reflect current market valuation. As indicated by GAAP standards‚ fixed assets ought to be at historical cost less accumulated depreciation.
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Case 1-4 Generally Accepted Accounting Principles At the completion of the Darby Department Store audit‚ the president asks about the meaning of the phrase “in conformity with generally accepted accounting principles‚” which appears in your audit report on the management’s financial statements. He observes that the meaning of the phrase must include more than what he thinks of as “principles.” Required: a. Explain the meaning of the term accounting principles as used in the audit report. (Do
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Is Authoritative Leadership more Effective than Collaborative Leadership? In life‚ the concept of leadership is brought up very often whether it is in childhood‚ adolescence‚ or adulthood. It is an extremely valuable and rare personality to possess as not many people are born leaders. By having experience as a leader‚ one gets separated from the rest of society from strength. There are two main types of leadership: authoritative leadership and collaborative leadership. However‚ authoritative leadership
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thing we see Macbeth saying which points us to believe that he killed Duncan‚ we then see Lady Macbeth telling him to take the bloody daggers and smear the blood on the sleeping grooms. This is the evidence that Macbeth really did kill Duncan. This evil is also conveyed in Act 5‚ scene 1 where the Doctor has been summoned to have a look at Lady Macbeth‚ the Gentlewoman explains Lady Macbeth’s condition to which he replies with “A great perturbation in nature‚ to receive at once the benefit of sleep
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under FIFO is $23‚150. The cost of ending inventory of 6‚000 units will be valued at the rate of purchases made at the last of the month. The 4‚000 units will be valued at the rate of $4.00 which has been purchased on 25th September and remaining 2‚000 units will be valued at the rate of $3.50 which has been purchased on 16th September. The cost of ending inventory under FIFO is $23‚000. c. Last-in‚ first-out (FIFO): under LIFO the goods purchased last is sold first. The cost of goods sold
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The Nature of Source and Evidence summary Inquiry includes • What? • How? • Who? • When? • Where? • Why? There are no simple answers to these questions. In many cases‚ there is a lot of debate about the answers. Historians examine traces of the past in order to answer these questions. These traces are called ‘sources’. Historiography • The study of how archaeologists and historians reconstruct the past‚ the sources they use and the way in which they use them. • Focuses on methodology
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CHAPTER 5 Short Exercises SE1 – SE10‚ Exercises E3 and E5‚ and Problems P2 and P3. SE1. 1. Objective 2. Qualitative 3. Objective 4. Qualitative 5. Objective SE2. 1. Full disclosure 2. Materiality 3. Cost benefit 4. Conservatism 5. Consistency SE3. 1. Property‚ plant and equipment 2. Current liability 3. Current liability 4. Not included 5. Owner’s Equity 6. Current Asset 7. Intangible Asset 8. Current Asset 9. Investment
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a) Which accounting standards or Generally Accepted Accounting Principles (GAAP) are used in preparing the financial statements of the company (International‚ local or US GAAP standards)? Where did you find that information? For our accounting analysis we found the key accounting policies and related them to our identified key success factors. McDonald’s most important factors include consolidation‚ financial statement estimates‚ revenue recognition‚ advertising costs‚ compensation from stocks
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Accountants follow professional guidelines for measurement and disclosure of financial information. These are called generally accepted accounting principles (GAAP). In the United States‚ the Financial Accounting Standards Board (FASB) formulates GAAP. The International Accounting Standards Board (IASB) sets global or International Financial Reporting Standards (IFRS)‚ the two basic types of external providers of capital include investors (who exchange cash for stock) and creditors (who loan cash)
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Success has been a way to measure how well someone is doing in life. Everyone wants to be successful. Parents especially want their children to be successful. Ax a result‚ there are many different parenting styles that claim that their way will help make children more successful. The three main types of parenting styles are authoritarian‚ permissive‚ and authoritative. Authoritarian parenting has high demands and low responsiveness while permissive parenting has low demands and high responsiveness
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