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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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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Touro University International Angelica Johnson MGT501 Case Study #3 Dr. Peter Haried Introduction The purpose of this case study is to first define leadership then contrast leadership and management. I will describe the three most important differences between a leader and manager and summarize the conclusions of trait theories of leadership while describing the differences between past and recent theories. I will explore the central tenets and limitations of behavioral theories
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Module 3 Test: Chapter 3 Question 1 1. In order to minimize backlash by majority males against diversity efforts‚ trainers and managers should a) emphasize that employees are free to believe whatever they wish‚ but they must behave with respect toward all the individuals with whom their work brings them into contact. b) terminate the worst of the discontented majority males‚ as their attitudes will be difficult to change and will poison the climate of the organization. c) stress that
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TUI Travel PLC Market overview 2 business models: individualization and commoditization (best serve to changing needs). But How Does a Service Become a Commodity? Traditionally‚ services cannot be commoditized‚ as there are numerous variables that account for differences between the type and level of service offered by each provider. The commoditization of hotels started many years ago with the first rating systems. Companies like the American Automobile Association (AAA) and Mobil (now Forbes)
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HT513 PRINCIPLES OF ACCOUNTING FOR TOURISM AND HOSPITALITY 1. Document used after business transaction 2. Book of prime entry INTRODUCTION OF BUSINESS • The purpose of a business is to make a profit for its owner(s) • A business is a separate entity from its owner. • Every financial transaction has a dual effect. • Double entry bookkeeping accounts for the dual aspect of financial statement transactions. INTRODUCTION OF FINANCIAL STATEMENT • Information from a trial balance is used to prepare
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There are many accounting concepts which underpin GAAP such as the accruals and going concern concepts in particular. Going concern-it is assumed that the organisation will continue to operate indefinitely. This just means that when we draw up financial summaries‚ we do not assume the organisation is in severe financial difficulties. Accruals concept-when calculating the profit or loss of an organisation‚ all income and related expenditure for a specified period should be included‚ not simply
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The main objective of the paper is to critically analyse the operational activities in travel and for that reason the chosen company is Tui Travel. The paper will explain the operational activities of Tui Travel. Tui Travel is basically a British travelling group that was started in 2007. Tui Travel has now merged with TUI AG in order to become TUI group. This group is a company of opportunities for the customers‚ employees‚ and shareholders. Since the company is under one roof‚ all the companies
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virtual teams. Self-Directed Team Working in a bank as part of the finance group‚ team work is essential in the day to day function as well as periodical reporting. The team consists of 12 persons assigned to different areas of work like financial accounting & reporting‚ financial analysis‚ regulatory reporting‚ MIS and accounts payables. The controller oversees the entire finance function and is essentially part of all core groups within the finance team. The prime responsibilities of this team are
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MBK – Lab Report Name: ____________________ Section: ___________________ Module 3‚ Experiment 3: Aseptic Technique & Culturing Microbes Part 3: Generating Microbial Cultures: Observe your culture tubes after 24 hours to assess the growth patterns of all tubes. If there is no observable growth allow the tubes to incubate an additional 24 hours. Record your observations here. Attach a picture of you incubator in this space. Questions: A. What is
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