Module 1 E 1-1 1 a 2 c 3 d 4 c 5 b 6 c 7 d 8 a 9 b 10 c P 1-1 a. Wages Interest Add Equip 6‚000‚000 500‚000 900‚000 7‚400‚000 b. Wages Interest 6‚000‚000 500‚000 6‚500‚000 c. Bonds Wages Interest 6‚000‚000 500‚000 10‚000‚000 16‚500‚000 E 1-2 b b d b b c c b a b d. The cash basis of accounting requires the company to expense the entire $10 million of equipment in year ten. The taxpayers of the tenth year incur the entire expense rather than depreciating $1 million per year. P 1-2 1. The fact that
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accepted accounting principles (GAAP). Additionally‚ the government accounting standards board (GASB) codification §2200 requires CAFR to include an “introductory section‚ management’s discussion and analysis (MD&A)‚ basic financial statements‚ required supplementary information other than MD&A‚ combining and individual fund statements‚ schedules‚ narrative explanations‚ and statistical section” (Copley & Engstrom‚ 2011‚ p. 20). Also there are variant differences between governmental financial
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International Accounting Standards Contents A. Introduction & Objective.……………………………………………………………….3 B. Why Harmonization of international accounting standards required……………..4 C. Factors influencing any Country’s Accounting Standards…………………………..6 D. Role of International Accounting Standard Board (IASB)……………….…………..8 E. Moving towards Harmonized International Accounting Standard………………….9 F. Obstacles and Benefits of the harmonization of International Accounting………..10
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Question Type: # Of Questions: # Correct: Multiple Choice 5 4 Many Multiple Choice 1 1 Matching 1 1 Essay 1 N/A Grade Details - All Questions 1. Question : (TCO 3) You have been approved for a $70‚000 loan toward the purchase of a new home at 12% interest. The mortgage is for 30 years. How much are the approximately annual payments of the loan? Hint: Assume you pay yearly. Student Answer: $2613 CORRECT $8690 $5740 None of the above Instructor Explanation: (Chapter
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variables such as foreign exchange risk‚ political‚ economic‚ cultural diversities‚ etc. that need to be taken into deliberation in making investment judgment. A significant variable in the analysis of foreign securities is various accounting standards. The accounting standard of United States (US) and United Kingdom (UK) and identifies the major differences that materially impact the Tangible Assets‚ Goodwill‚ Inventory‚ Auditing‚ and financial statements. The study is helpful in evaluating the financial
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Classes caravi1234.blogspot.in ACCOUNTING STANDARDS "Accounting standards are written policy documents‚ issued by regulatory authority (ICAI)‚ covering the aspects of recognistion‚ treatment‚ measurement‚ presentation & disclosure of transactions &events in the financial statements" ‐ Issued by; ICAI ‐ Institute of Chartered Accountants of India. ‐ Total Number of Accounting Standards issued till date = 32 ‐ Total Number of effective/applicable Accounting Standards till date = 28 (AS‐8‚ AS‐30‚ AS‐31 & AS‐32 not applicable)
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IFRS – One World One Accounting Introduction to IFRS Currently‚ more than 100 countries requires or adopt IFRS and it is expected that by 2012‚ more than 150 countries will adopt IFRS. India has also taken the step towards convergence of Indian Accounting Standards with IFRS. This article details the need for harmonization of local GAAP with IFRS‚ challenges for Corporate India etc. 1. Importance of Accounting Standards 2. Accounting Standards Across the world 3. Need of Harmonization
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many components have shaped the way a country develops itself both economically and financially. To fully understand a country’s accounting standards one must explore such environmental factors as the history‚ demographics‚ economy and the legal system of a country. South Africa is a dynamic country full of diversity. It is hard to understand the structure of the accounting profession without first learning how South Africa developed into the country it is today. The history of South Africa
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2011‚ the Accounting Standards Review Board (ASRB) ceases to exist in New Zealand. 1. What is the ASRB to be replaced with‚ and what will be the statutory authority of this new organisation? The current authoritative accounting board is Accounting Standard Reporting Board (ASRB). This board reviews and approves financial reporting standards and their amendments‚ give directions as to authoritative support of accounting policies and encourage development of financial reporting standards. This
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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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