its weaknesses‚ the cost principle is most often used because it is the most reliable basis of valuation. TRUE 2. The going concern assumption assumes the company will continue to operate for at least two years. TRUE 3. The economic entity assumption states that economic events can be identified with a particular unit of accountability. FALSE 4. The monetary unit assumption states that transactions that can be measured in terms of money should be recorded in the accounting records
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body that has influence over the FASB is the SEC. True · The FASB has a government mandate and therefore does not have to follow due process in issuing a standard. False FASB has a government mandate and therefore has to follow a due process system that entails steps like placing an item on the agenda‚ performing research and issuing a discussion memorandum‚ having a public hearing on the DM‚ performing more research and issuing an exposure draft‚ providing additional time to receive input from
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Historical cost accounting Advantages • Historical cost accounts are straightforward to produce • Historical cost accounts do not record gains until they are realized • Historical cost accounts are still used in most accounting systems Disadvantages • Historical cost accounts give no indication of current values of the assets of a business • Historical cost accounts do not record the opportunity costs of the use of older assets‚ particularly property which may be recorded at a value based
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1.1 Value Chain Analysis Applied to the Timber and Timber Products Industry. Exhibit 1.A below contains a depiction of the value chain. The links in the value chain are as follows: 1. Timber Tracts: Plant and maintain timber tracts (Weyerhaeuser) 2. Logging: Harvests timber (Weyerhaeuser) 3a. Sawmills: Cut timber into various grades of wood (Weyerhaeuser) 3b. Pulp and Paper Manufacturing: Grinds timber into pulp and converts the pulp into various grades of paper and
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2.Selena Company has two products A and B. The company uses activity-based costing. The estimated total cost and expected activity for each of the companys three activity cost pools are as followsThe activity rate under the activity-based costing system for Supporting Customers is closest toA.46.33B.21.67C.65.00D.18.53 Activity rate Estimated overhead cost ( Expected activity 26‚000 ( 1‚200 21.67 AACSB AnalyticAICPA BB Critical ThinkingAICPA FN MeasurementBlooms ApplyBrewer - Chapter 03 29Difficulty
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AYB 311 FINANCIAL ACCOUNTING ISSUES Semester 1 2011 Dr Amedeo Pugliese Lecture 1 AYB 311 - Dr Amedeo Pugliese Overview of AYB 311: the Teaching Team Lecturer – Amedeo Pugliese Tutors – Amedeo Pugliese – Julie Greenhalgh – Kevin Plastow – Natalee Jennings – Sharron Genrich – Tereaze Hubner AYB 311 - Dr Amedeo Pugliese Overview of AYB 311: enrolment and objectives Prerequisite: - AYB340 (formerly AYB220) Company Accounting Please notice: The unit-coordinator will not accept any
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Retrieved from Cubit Accounting: http://www.cubit.co.za/invoice.php Kaplan Kaplan. (2012-13). Using Remittance Advices. In Kaplan‚ AAT: Level 2 Basic Accounting 1 (p. 138). Berkshire: Kaplan Publishing. Kulasekaran‚ S.‚ & Shaffer‚ S. (2002). Cost efficiency among credit card banks. Journal of Economics and Business‚ 54 (6) ‚ 595-614. Leslie‚ J. (2013). Credit Debit. Retrieved from Barclays Bank plc: http://ask.barclays.co.uk/help/day2day_banking/creditdebit LexisNexis Payment Systems. (2011). Retrieved
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If you are looking for a degree that can land you a good job‚ a high degree of job security‚ and available options when it comes to finding an employer‚ an accounting degree could be a great choice for you. There is a price to be paid for the popularity of accounting roles though‚ as the work is not always easy‚ there can be a high degree of detail oriented work involved‚ and most of the duties involved require a rather sedentary style of work.Accounting is largely the understanding‚ tracking‚ and
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Detection = $ Saved Accounting Anomalies Accounting Anomalies Faulty Journal Entries Inaccuracies in the Ledgers Ledger Doesn’t Balance Doesn’ Master or Control Accounts Do Not Equal the Sum of Individual Customer or Vendor Accounts 1 Recognize Internal Control Weaknesses Lack of Segregation of Duties Lack of Physical Safeguards Lack of Independent Checks & Reviews Lack of Proper Authorization Overriding of Existing Controls Inadequate Accounting System Common Examples of
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SWOT Analysis S TRENG THS - BP is listed on London Stock Exchange and within the FTSE 100 Index‚ it is also has a listing on the New York Stock Exchange. BP is operating globally in 80 countries with different brands. - BP is 4th in the Fortune 500 and 3rd largest energy company worldwide measured by revenue. (CNN Money‚) which is also dominant in the European market. - BP also gained competitive edge because the world leading oil related technology. WE AKNESSES - BP made a huge loss in 2010 owing
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