Moffitt‚ PhD Course Name: ACCT 3001 v1.0 (Section 3) Module 1: Financial Accounting & Accounting Standards 1. Differentiate broadly between financial accounting and managerial accounting. -Financial accounting measures‚ classifies‚ and summarizes in report from those activities and that information which relate to the enterprise as a whole for use by parties both internal and external to a business enterprise. Managerial accounting also measures‚ classifies‚ and summarizes in report form enterprise
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Running head: LEASE VERSUS PURCHASE Lease versus Purchase Lease versus Purchase As business owners‚ or even working in accounting for a business‚ it is imperative to know the facts about making an informed business decision when it comes to purchasing or leasing equipment. Every company wants to maximize revenue and profit‚ and a decision such as whether to lease or purchase equipment could potentially make a significant difference. Pros to leasing Financially the needs of the company will
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1. You use a perpetual inventory system and value the inventory using FIFO. Prior to making adjusting year-end entries you valued the inventory at the lower-of-cost or-market. Justify why you valued the inventory at lower-of-cost or-market. FASB ASC CITATION: Adjustments to Lower of Cost or Market 330-10-35-1 A departure from the cost basis of pricing the inventory is required when the utility of the goods is no longer as great as their cost. Where there is evidence that the utility of goods‚
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To: Supervisor CC: Client From: Cayce Harris Date: 1/13/2014 Re: Client Request As requested‚ the following information was pulled directly from the FASB’s website in regards to Direct Financing leases and Sales-Type leases from a lessors prospective. The following describes what the lessor is responsible for when entering into and obtaining each type of lease. In order for the lessor to establish the lease as one of the above‚ the lease must meet one
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special purpose entity‚ operating leases and joint ventures. Question 2: 2A4-LS34 Which of the following costs‚ when subtracted from total revenue‚ yields economic profit? *Source: Retired ICMA CMA Exam Questions. Variable costs. Recurring operating costs. Fixed and variable costs. Opportunity costs of all inputs. Total revenue minus opportunity costs of all inputs = economic profit. Question 3: 2A4-LS10 SFAS 52 permits two different methods for converting the financial statements of foreign subsidiaries
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7101AFE Financial Accounting Theory and Practice Tutorial Questions for Tutorials 1- 6: Semester 1 2015 TUTORIAL 1 - Semester 1 2015 Deegan Topic 1: Introduction to financial accounting theory QUESTION 1 – Question 1.2: If you developed a theory to explain how a person’s cultural background influences how they prepare financial statements‚ would you have developed a positive theory or a normative theory? The first of all‚ it is important to understand the mean by a ‘theory’. According to Contemporary
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Since the nursing practice begun‚ there have been many issues affecting this practice some of the issues are negative while others are positive. Current issues provide opportunities for debates about matters affecting nurses currently. The current issues help in providing forums to examine the contradicting views on the demands and difficulties that the nursing field is facing which affect the delivery of healthcare. The debating of current critical issues encourages independent thinking whereby
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Question 1 of 35 1.0 Points 1. A gross lease is where tenants pay all expenses True False Answer Key: False Question 2 of 35 1.0 Points 2. The term “usable area” is typically synonymous with “leaseable area.” True False Answer Key: False Question 3 of 35 1.0 Points 3. Expense stops protect the lessee from unexpected changes in market rents. True False Answer Key: True Question 4 of 35 1.0 Points 4. The sales comparison approach to appraisal is preferred because it
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not been authorized. *Accounting estimate—An approximation of a monetary amount in the absence of a precise means of measurement. This term is used for an amount measured at fair value where there is estimation uncertainty‚ as well as for other amounts that require estimation. Where ISA 540 2 addresses only accounting estimates involving measurement at fair value‚ the term “fair value accounting estimates” is used. *Accounting records—The records of initial accounting entries and supporting
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A & AUDIT international accounting CCOUNTING ING Accounting for Small Businesses: The Role of IFRS By Nancy Christie‚ John Brozovsky‚ and Sam Hicks F or decades‚ U.S accountants in all fields have recognized a need for a simpler set of financial reporting standards for small businesses‚ but regulators have not been willing to provide a second set of standards. Now‚ for the first time‚ there may be an answer for small firms desiring relief from the onerous reporting requirements
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