ACCOUNTING SUBSTANCE OVER FORM Substance over form is an accounting concept where the entity is accounting for items according to their substance and economic reality and not merely their legal form. It is one of the key determinants of reliable information. For most transactions there will be no difference and in some cases however‚ the two diverge and the choice of how to present the transactions can give very different results. This differences occurs when an asset or liability is not recognized
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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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Selena Vargas Engl 099 Judy Hansen W2D2 Voice Within As I closed my eyes and parted my lips‚ the voice deep within came out and filled the auditorium. The tune brought water to people’s eyes while others were left not knowing what to think. I listened to the voice‚ made sure that it was in tune and wondered what surprises it would bring. I believe that singing isn’t just words sung with notes; it’s a way of expressing emotions from deep within. My passion for singing comes from my heart and
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Introduction to Accounting Accounting is a profession used to make financial and business decisions. Billions of dollars exchange hands every day‚ in millions of separate business transactions. These are recorded and reported on using a comprehensive set of guidelines‚ referred to as Generally Accepted Accounting Principles (GAAP). Brief History of Accounting Accounting was born before writing or numbers existed‚ some 10‚000 years ago‚ in the area known as Mesopotamia‚ later Persia‚ and today the
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A Hero Within Albert Camus’ The Stranger follows the life of Meursault‚ an Algerian man‚ who is also the protagonist and narrator of the novel. Divided into two parts‚ the narrative offers a comprehensive‚ albeit detached‚ account of Meursault’s life before and after he commits a senseless‚ apparently unprovoked slaying. As Meursault starts off as removed‚ emotionless man without a care for his friends and family aspects of Camus’s philosophy of the “absurd” can be uncovered. On the surface
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MAA103 & MAAP103 - Accounting for Decision Making ASSIGNMENT – TRIMESTER TWO‚ 2011 (Relates to Topic 4) Represents 20% of the assessment for this unit DUE DATE: ASSIGNMENT PLANNER: MONDAY 1 AUGUST‚ BY 5.00pm FINAL ASSIGNMENT: THURSDAY 8 SEPTEMBER‚ BY 5.00pm NOTE the following general submission points: 1. 2. 3. 4. 5. Assignment can be completed in groups of no more than THREE students. Students CAN NOT complete assignment with students from other lecturers classes. Only ONE hardcopy of
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CHAPTER 3 THE REPORTING ENTITY AND CONSOLIDATED FINANCIAL STATEMENTS ANSWERS TO QUESTIONS Q3-1 The basic idea underlying the preparation of consolidated financial statements is the notion that the consolidated financial statements present the financial position and the results of operations of a parent and its subsidiaries as if the related companies actually were a single company. Q3-2 Without consolidated statements it is often very difficult for an investor to gain an understanding
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Abstract The observance of international accounting standards is playing an increasingly significant role in dynamic regulatory developments and presents several challenges‚ which may necessitate a variety of procedural and technical data processing changes. Regulatory consolidation under the influence of international accounting standards The observance of international accounting standards is playing an increasingly significant role in dynamic regulatory developments. On the one hand‚ publicly
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The Monster Within By Ramsha Tofique "We stopped looking for monsters under the bed‚ when we realized they were inside us." The much famous quote of The Joker‚ who is considered to be one of the most spine-chilling villain of Christopher Nolan’s "The Dark Night." Looking under the bed seems to be the most petrifying action for most of the part of our childhood. The different stories told by our parents in order to make us sleep‚ made us believe that something might hold our legs‚ pull us
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Article Analysis From Enron to Tyco‚ accounting scandals have always been a worrisome issue in accounting. Regardless of how many internal controls there are‚ there will always be a chance for unethical practices in accounting. Where and when do these problems arise? This paper will analyze an article listing situations that lead to those unethical practices and behavior that lawmakers try to prevent. In his article “What Are the Causes of Ethical Lapses in Accounting‚” Jagg Xaxx writes that business
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