Theory Accounting Case 8.1 Simon Romario (023121023) Purwanto Gozali (02312132) Endah Puspitasari (023121065) 1. The article states that the US standard setter FASB requires companies to record a provision in relation to environmental cost of retiring assets (to reserve environmental liabilities) if its fair value could be reasonably estimated. How do you think companies would go about estimating such a provision? Estimation (or estimating) is the process of finding an estimate
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Case 1-1: Ribbons an’ Bows‚ Inc. Note: This case is unchanged from the Twelfth Edition. Approach This is an introductory case and it should be taught as an introductory case. There will be plenty of time in the course for the students to learn the correct form of financial statements and details of accounting standards. In short‚ the instructor should be prepared to allow a variety of formats for the financial statements and tolerate some “not quite correct” accounting. The instructor
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Buddh International Circuit | PJM Project | | Roland 12FRN-244 Benjamin 12FRN-245 Table of Contents 1. Formula 1 As a Sport………………………………………………………………2 2. History of Formula 1 Race in India…...…………………………………………
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I. Case Summary/Introduction This case study is about is about an Internet Company named Google. Google is a well known search engine that wants to step up an operation in China. Because of the strict laws and government in China the executives are finding it very difficult to launch this service within the country. II. Identification & Analysis of Issues The issues identified in this case study are the controversy with Google promoting the website in China and unhappy stakeholders (business
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Corporate Case Study: Apple Inc. Article One: Apple’s Secret Plan for Its Cash Stash In 2012‚ Forbes Magazine published an article that discusses what Apple Inc. plans to do with the large amounts of money it has acquired over the years. The sum reaches up to $100 billion‚ making the company one of the most profitable in history. However‚ the company has around $64 billion of their cash stuck oversees. If Apple were to choose to move the money back to the United States they would be hit with a
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customer`s ability to pay off the debt is valuation assertion. The primary objective for performing year-end sales cutoff tests is to review year-end purchases‚ sales‚ and investment revenue made to ensure that transactions were recorded in the proper accounting period. By performing year-end cutoff test‚ the auditor’s tries to test completeness or occurrence assertion; depending on the direction of testing. The auditor should look very carefully at the year-end transaction especially if it is substantial
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small businesses too. Sew What? Inc. lacked the knowledge of the support IT could give to their business and contribute to the overall operational processes of tracking. Recognizing the importance of information technology for their operations‚ business organizations continue to invest in IT infrastructure and management (George & Khoja‚ 2012) Once it was brought to the attention of Megan Duckett‚ she realized how important it was for her company to expand their
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Introduction to Accounting Accounting is a profession used to make financial and business decisions. Billions of dollars exchange hands every day‚ in millions of separate business transactions. These are recorded and reported on using a comprehensive set of guidelines‚ referred to as Generally Accepted Accounting Principles (GAAP). Brief History of Accounting Accounting was born before writing or numbers existed‚ some 10‚000 years ago‚ in the area known as Mesopotamia‚ later Persia‚ and today the
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A co-op store is a store which is owned and controlled by members of a cooperative‚ rather than a single store-owner or corporate entity. The cooperative tradition dates back to the 1700s in Great Britain‚ when workers began organizing in cooperatives in an attempt to get around usurious prices for basic goods‚ housing‚ and other services. Today‚ cooperative stores can be found all over the world‚ and some of these stores are extremely successful business entities. The idea behind a co-op store is that
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Introduction Florida Food Mart is a medium size grocery store located in Tampa‚ Florida. The store and management offices are housed in a 20‚000 square foot facility on the North West side of Tampa. There are approximately 45 employees consisting of 20 Cashiers‚ 10 Stock Clerks‚ 8 Bagging Associates‚ 3 Shipping and Receiving Clerks‚ 3 Store Managers‚ 1 Technician‚ 2 Purchasing Agents‚ 1 Accountant‚ 1 Marketing Director‚ 1 Vice President‚ and 1 President. The Database Team has been assigned the task
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