supportive evidence is needed to determine whether apparent misstatements are actually material. e. Describe a situation in which confirmation will be considered highly reliable and another in which it will not be reliable. Confirmation of bank balances is considered highly reliable whereas confirmation of a department store charge account is often not considered reliable. Banks are accustomed to confirmations from auditors and
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Balance Sheet Items presented on the face of the statement of financial position represents an entity’s assets‚ liabilities‚ and equity (net assets) at a given point in time‚ a specific date. These items should be sufficiently detailed to enable identification of material components under US GAAP. In contrast the Financial Instruments and Exchange Act requires Japanese GAAP to present items in a more detailed manner compared to IFRS and US GAAP. Thus Bridgestone‚ following JP GAAP have more accounts
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CHAPTER 2 – Investing and Financing Decisions and the Balance Sheet I. THE OBJECTIVE OF FINANCIAL REPORTING‚ THE ELEMENTS OF THE BALANCE SHEET‚ AND THE RELATED KEY ACCOUNTING ASSUMPTIONS AND PRINCIPLES. A. Primary objective of financial reporting 1. To provide useful economic information about a business to help investors and creditors make good financial decisions. a. Decision makers are expected to have a reasonable understanding of accounting concepts and procedures
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Current Balance of Payment Situation of Bangladesh: The economic performance of a country is reflected in its balance of payment (BoP) The balance of payment (BOP) refers to a method countries use to monitor all international monetary transactions at a specific period of time. Usually‚ the BOP is calculated every quarter and every calendar year. All trades conducted by both the private and public sectors are accounted for in the BOP in order to determine how much money is going in and out of
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Tucker Company In 1978 the Tucker Company underwent an extensive reorganization that divided the company into three major divisions. These new divisions represented Tucker’s three principal product lines. Mr. Harnett‚ Tucker’s president‚ explained the basis for the new organization in a memo to the board of directors as follows: The diversity of our products requires that we reorganize along our major product lines. Toward this end I have established three new divisions: commercial jet engines‚
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people who need to participate as a part of member in numerous group meetings every day‚ here is a new technology for meeting environment‚ the Electronic Meeting System (EMS). The definition of meeting includes people gathering together whether at the same place at the same time‚ or in different place at different time. The primary goal of this new technology system is making the group discussion more productive and efficient through directly impacting and changing the behaviors in the groups no matter
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Electronic Data Processing Systems Chapter 6 Learning Objective 1 Describe how application controls are used in data processing systems to ensure accuracy and integrity. Manual Input System In some computerized accounting systems‚ inputs to the system are based on handwritten or typed source documents. These documents are then collected and forwarded to computer operations for error checking and processing. Preparation and Completion of the Source Document Source documents‚ such as customer
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Associate Program Material* Discrimination Worksheet *Modified [SKR] Part I Define the following terms: Term Definition Discrimination A unfair and unjust prejudice action based upon a category of a person or thing. Institutional discrimination Discrimination based upon ones actual or assumed membership within a group. Relative deprivation Is one being deprived of things that one thinks they are entitled to. Absolute deprivation Defines the poverty line‚ deems what is
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together to help the flow of the government move easily. Some policies are changing and some are new. Then there are those that have been in effect since the early colonial times. The division of the government into three branches‚ the checks and balances policies and amending the constitution are examples of three of these policies. The three branches of the government are imperative to keeping the powers combined between the states. There is the Judicial Branch which consists of the Supreme
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How Does Equity Fulfill the Common Law Common Law Equity fulfils the common law‚ although it does not endeavour to displace it with a moral code. In order to be influential‚ the law is to be professed as both certain and predictable‚ and also flexible and fair. Specifically‚ it needs clear rules on the one hand‚ but flexibility on the other to produce exceptions to cases that lead to apparently incongruous or unjust conclusions if the rules are
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