Chapter 15 (not much on E) Thermodynamics: Enthalpy‚ Entropy & Gibbs Free Energy Thermo 2 Thermodynamics: thermo = heat (energy) dynamics = movement‚ motion Some thermodynamic terms chemists use: System: the portion of the universe that we are considering open system: energy & matter can transfer closed system: energy transfers only isolated system: no transfers Surroundings: everything else besides the system Isothermal: a system that is kept at a constant temperature
Premium Thermodynamics Entropy
Revenue Recognition: IFRS and FASB Convergence With the growth of international business there is a need to standardize financial statements globally. Presently there are “approximately 120 foreign private issuers currently that report to the Commission using IFRS financial statements.” By standardizing accounting practices investors will be able to make informed decisions based on comparability and accuracy of financial statements. The SEC released this statement in 2008‚ “We believe that
Premium International Financial Reporting Standards Generally Accepted Accounting Principles Financial Accounting Standards Board
Revenue Recognition Fraud: Methods and Reason In today’s corporate arena‚ fraud has taken its seat among the top priorities of those who make policies and set standards. The majority of large-scale fraud is perpetrated by the improper recognition of company revenues and is‚ in practice‚ generally simple. Revenue recognition fraud can be carried out by keeping the books open past the end of the accounting period‚ recording consignment goods as sales‚ improper bill-and-hold transactions‚ failure
Premium Fraud Generally Accepted Accounting Principles Finance
a) -Revenues are inflows of assets or settlements of liabilities or both. Revenues come from activities of the entity’s central operations. -Gains are increases in net assets and from peripheral or incidental transactions of an entity. -The difference between gains and revenues depend to a great extent on the typical activities of a company. For example‚ when McDonald’s sells a hamburger‚ it records the selling price as revenue. However‚ when Mc Donald’s sells land‚ it records any excess of
Premium Revenue Generally Accepted Accounting Principles Double-entry bookkeeping system
of HKFRS 15 Revenue is the gross inflow of economic benefits during the period arising in the course of business of the ordinary activities of the entity‚ other than increases relating to contributions from equity participants. It is of most significance of both the creditors and the shareholders for decision-making‚ and therefor it is attached great importance of it’s reliable and accuracy. The most crucial element of revenue‚ the criteria of Revenue Recognition Principles‚ has been the
Premium International Financial Reporting Standards Financial statements
subsequent cash receipts are included in income. The cost recovery method is used when the uncertainty of collection of the sales price is so great that even use of the installment method cannot be justified. Under the cost recovery method‚ both revenues and cost of sales are recognized at the point of sale‚ but the related gross profit is deferred until all costs of sales have been recovered. Each installment must also be divided between principal and interest‚ but unlike the installment method
Premium Generally Accepted Accounting Principles Revenue
determines income by subtracting expenses from revenues. As simple as this may seem‚ there are many complexities that arise when trying to implement this concept. For example‚ there are many activities and events that must take place to generate revenues. The accountant adopts the procedure of recognizing revenues at the time a certain critical event takes place. The sales (or accrual) basis is the most widely used method for recognizing revenues. Revenues are assumed to be earned at the time the sale
Premium Revenue Generally Accepted Accounting Principles Income statement
Wrong Number: Telecom Tricks The telecommunications industry had its own bizarre take on revenue recognition during the boom. From 1997 to 2000‚ Global Crossing took on over $7 billion of debt to lay 1.7 million miles of fiber-optic cable to transport data via the Internet. When completed in summer 2001‚ the network spanned 27 countries and 200 major cities around the globe. The company’s debt load didn’t seem to faze investors—Global Crossing’s market capitalization reached $40 billion in 1999
Premium Management Thought Marketing
correct decision about the revenue for the period. The percentage of completion method refers to the income earned by the contractor determined on the basis of progress of the contract. Under this method‚ current assets may include costs and recognized income not yet billed with respect to certain contracts. This method is most commonly used in the construction industry‚ where very long-term construction projects would otherwise keep a company from revealing any revenues or expenses on its financial
Premium Project management Balance sheet Construction
Marcet Boiler Experiment Objective To study the relationship between the saturation pressure and temperature of water/steam in the range 0 – 14 bar (gauge) and to study the change in temperature of a body when being heated or cooled. Safety The apparatus is a pressure vessel. The pressure must not exceed 14 Bar (gauge)! Background 1) In order to carry out a heat transfer experiment simultaneously with measurement of vapour pressure‚ it is required that the rates of heating and
Premium Heat Thermodynamics Heat transfer