1. Which of the following entities may not use the cash method of accounting? Answer: A C corporation that is substantially owned by its employees and whose business is selling goods with annual gross receipts in excess of $5 million for all tax years since its inception. Explain your answer! The corporation in this question could not apply the cash method due to the fact they have in excess of $5 million average in gross receipts annually. The exception to this would be if it was a personal service
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PRINCIPLES OF ACCOUNTING 1 ACCOUNTING THEORY NOTES (a) International Accounting Standards and International Financial Reporting Standards. The foreword to accounting standards defines Accounting Standards as Authoritative statements of how particular types of transaction and other events should be reflected in financial statements. Accounting Standards are developed to achieve comparability of financial information between and among different organizations. International Accounting Standards (IAS’s)
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8 Accounting theory and conceptual frameworks After studying this chapter you should be able to: & explain what accounting theory is & describe the main attempts at constructing an accounting theory & appraise current developments in the area & describe and discuss the contents of the IASB Framework & appraise the quality and usefulness of the IASB Framework in the context of its self-declared purposes & describe and discuss the parts of IAS 1 relating to accounting concepts and policies & appraise
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American Accounting Association DOI: 10.2308/acch.2010.24.2.279 Accounting Horizons Vol. 24‚ No. 2 2010 pp. 279–296 COMMENTARY The American Accounting Association’s Financial Reporting Policy Committee’s Response to the Preliminary Views on Financial Statement Presentation The Financial Reporting Policy Committee of the Financial Accounting and Reporting Section of the American Accounting Association Mark Bradshaw‚ Carolyn Callahan‚ Jack Ciesielski‚ Elizabeth Gordon‚ Mark Kohlbeck
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Introduction Traditionally‚ cash basis of accounting has been used in the public sector; however‚ in recent years extensive debates have emphasised whether a move to accruals basis of accounting would be more feasible. The proponents argue for such a change due to the benefits accruals basis has to offer. There are still heavyweight supporters for cash basis such as IFAC – a body that issued 21 IPSAS based on IMF‚ EU Commission‚ and IFRS / IAS (Jorge Faustino‚ 2008). Moreover‚ there are several organisations
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Accounting Standards Boards Paper University of Phoenix ACC 541—Accounting theory and Research Professor: Cecil B. Lucy Lien Bach October 26‚ 2010 Introduction Accounting was created thousand years ago. Many companies use accounting system to record‚ maintain and report‚ and analyze business financial transactions. Because managers and investors make their business decisions based on Financial Statement‚ information obtained from Financial Statement must be concise and reliable. Budgets
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Milgram’s aim was to research how far people would go in obeying an instruction if it involved harming another person. Milgram was interested in how easily ordinary people could be influenced into committing atrocities‚ for example‚ Germans in WWII. (McLeod 2007) The first ethical dilemma with Milgram’s experiment is deception. The experimenter deceived the participants‚ who were made to believe that they were truly inflicting pain on the learners and were purposely put in a position of high stress
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Introduction * Meaning of Standard Costing: Standard costing is simply the name given to a technique whereby standard costs are computed and subsequently compared with the actual costs to find out the differences between the two. These differences are then analyzed to know the causes thereof so as to provide a basis of control. * Standard Costing: According to BROWN and HOWARD “Standard costing is a technique of cost accounting which compares the standard cost of each product or service
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requirement‚ we are assigned the topic “Carbon Accounting” by our course teacher for accomplishing our report. 1.2 Objectives of the report To attain the skill of report writing. To achieve deep knowledge about Carbon Accounting. To fulfill the partial requirement of our course of Accounting for Managers. 1.3 Methodology of the report This study was a descriptive research where we have been analyzed mainly secondary data to understand the Carbon Accounting and its application. All the data has
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MCQs in lecture from ch 2 1. Accounting theories should be A. Inductive B. Deductive C. Descriptive D. None of the given options is correct 2. Which of the following statements is true about accounting measurements such as profits and assets? A. They are subject to professional judgment B. They would not vary if prepared by different accountants‚ providing they were based on the same set of accounting standards C. They are based on hard‚ objective‚ evidence
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