Section A Under Case Study (Newspaper) HB Global 1. Types of audit opinion Qualified opinion * A qualified opinion report can result from a limitation on the scope of the audit or failure to follow generally accepted accounting principles Adverse opinion * It is used only when the auditor believes that the overall financial statements are so materiality misstated or misleading that they do not present fairly the financial position or results of operations and cash flows in conforming
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3101AFE Accounting Theory and Practice Tutorial Questions for Tutorials 1- 6: Semester 2 2014 TUTORIAL 1 - Semester 2 2014 Deegan Topic 1: Introduction to financial accounting theory QUESTION 1 - Question 1.8: What is the difference between developing a theory by induction and developing a theory by deduction? QUESTION 2 - Question 1.9: Is the study of financial accounting theory a waste of time for accounting students? Explain your answer. QUESTION 3 - Question 1.26: Would you
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also violates the GAAP. its affects because they have to record the things in balance sheet or income statement in the correct time period 2. State two generally accepted accounting principles that relate to adjusting the accounts. Matching Principles is where the expenses could be coordinated with revenues. Revenue Recognition Principle states that an accountant should acknowledged revenue because it is the principle that deals with what has been earned in the accounting period. 3. Rick Marsh
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CLASSIFICATION OF ACCOUNTS & ACCOUNTING EQUATION • By end of lecture 2‚ all students should be able to:(a) Understand the five categories of accounts and able to classify them into the respective categories (b) Understand the accounting equation and the relationship between assets‚ liabilities and owner’s equity. Classifications of accounts • • 1. 2. 3. 4. 5. An account is used to record all information regarding an item. The five major categories of account Revenues Expenses
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To what extent is the YCJA fair and equitable to youth? Established on April 1‚ 2003‚ the Young Criminal Justice Act (YCJA) was created to replace the Young Offenders Act (YOA). Along with replacing the YOA‚ the YCJA was created to be fair and equitable to youth. Fair and equitable means for everyone to receive the same punishment if the same crime was committed‚ regardless of gender‚ race or‚ to a certain extent‚ age. If two people are near the same age and have committed the same crime‚ they should
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Accounting Homework Individual Chapter 7 Question 1&2 1. (a) What are generally accepted accounting principles (GAAP)? In the U.S.‚ generally accepted accounting principles‚ commonly abbreviated as US GAAP or simply GAAP‚ are accounting rules used to prepare‚ present‚ and report financial statements for a wide variety of entities‚ including publicly-traded and privately-held companies‚ non-profit organizations. (b)What bodies provide authoritative support for GAAP
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Comparing Accounting Software Programs to Manual Accounting Manual accounting uses several paper ledgers to record financial transactions. It is very time consuming to record each single transaction onto paper‚ being very cautious not to make an error. There are several ledgers for each part of the accounting system‚ such as accounts payable‚ accounts receivable‚ and revenue accounts. Combining these ledgers into one general ledger‚ provide the balance for each ledger. The general ledger
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not be concerned about what happens in Birmingham.". King also says that there can’t be justice when there is injustice. He agrees with St. Augustine‚ “An unjust law is no law at all” and “ If you live in a country built on freedom then you should never be considered an outsider regardless of your skin tone. In paragraph 18‚1 “I must make two honest confessions to you my Christian and Jewish brothers” King compares what Adolf Hitler did to Jews in Germany and that it was legal such as is with the
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boom‚ Amazon.com was by far one of the biggest success stories that is still relevant to this day. In 1995‚ Jeff Bezos read the statistics that the internet was growing at 2300% and founded Amazon.com‚ primarily as an online book seller. Authors Bolcher et al. (2013) point out an important aspect of value-chain analysis is that “the firm should carefully study each step in its operations to determine how each step contributes to the firm’s profits and competitiveness” (p. 12). Value-chain analysis
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Chapter 11 balance sheet hedge. Reducing foreign exchange (FX) exposure by varying the mix of a firm’s foreign currency assets and liabilities. Economic exposure. The effect of FX rate changes on a firm’s future costs and revenues. Exposure management. Structuring a company’s affairs to minimize the adverse effects of exchange rate changes on earnings. net exposed asset position. An excess of exposed assets over exposed liabilities (also called a positive exposure). net exposed liability position
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