CHAPTER 2 – Investing and Financing Decisions and the Balance Sheet I. THE OBJECTIVE OF FINANCIAL REPORTING‚ THE ELEMENTS OF THE BALANCE SHEET‚ AND THE RELATED KEY ACCOUNTING ASSUMPTIONS AND PRINCIPLES. A. Primary objective of financial reporting 1. To provide useful economic information about a business to help investors and creditors make good financial decisions. a. Decision makers are expected to have a reasonable understanding of accounting concepts and procedures
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When considering purchasing a boat to use for fishing in shallow waters‚ because of their similarities‚ bay boats and flats boats may come to mind. There are a few differences to consider when deciding which boat is best for your specific needs. Flats These boats are also known as skiffs‚ and are built for shallow coastal waters. Used primarily for flats fishing‚ they are great for catching tarpon‚ redfish‚ snook‚ and bonefish. They have the ability to glide across calm water silently‚ and be maneuvered
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2013/5/19 Group Five GAAP VS. IFRS US GAAP Codification Determination of Inventory Costs 330-10-30-9: Cost for inventory purposes may be determined under any one of several assumptions as to the flow of cost factors‚ such as first-in first-out (FIFO)‚ average‚ and last-in first-out (LIFO). The major objective in selecting a method should be to choose the one which‚ under the circumstances‚ most clearly reflects periodic income. May an entity elect LIFO method for inventory cost? IAS 2 Inventories
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are the similarities and differences between the political systems in U.K and U.S? When the U.S. Constitution was being drafted‚ its writers had the British Parliamentary system to base on. The British system was the system they were used to and had learnt since childhood. However‚ because the monarchy was one of the main things that the former colonists had rebelled against‚ any form of monarchy and most forms of concentrated power were avoided. The most fundamental difference between the political
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and Judaism are the main religions of the world. All of these faiths are commonly thought to be completely different. However‚ they shart a lot of similarities. For example they all have “religious monotheism- belief in one God”(Judaism Text). All three of these religions don’t have multiple entities or beings that reside over the Earth. Another similarity is all of these are Abrahamic religions. They all start from “the patriarch Abraham‚ who had migrated from Mesopotamia to the land of Canaan” (Judaism
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GAAP and IFR Convergence YOURNAME ACC 304 Winter 2012 Introduction The emergence of transnational corporations in search of money‚ not only for stimulating growth‚ but to maintain on-going activities has demanded flow of capital from all parts of the globe. This has brought millions of new investors into the capital markets whose interests are not constrained by national boundaries. Every country has its own sets of rules‚ regulations and reporting standards
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How to balance studies with work and family demands: Taking extra classes while working‚ family demands or during school has been always a challenged for a person. It is very tough to keep between balance between all of these activities as all are important for professional‚ personal and social growth. If I take example of my life‚ I think I have to adjust a lot to full fill my English Composition course during my last semester of graduate study along with my mini vacation where I
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A practical guide to segment reporting September 2008 PricewaterhouseCoopers’ IFRS and corporate governance publications and tools 2008 IFRS technical publications IFRS Manual of Accounting 2008 Provides expert practical guidance on how groups should prepare their consolidated financial statements in accordance with IFRS. Comprehensive publication including hundreds of worked examples‚ extracts from company reports and model financial statements. IFRS Pocket Guide 2008 Provides a summary
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. What is PRC GAAP? | Generally accepted accounting principles ("GAAP") of the People’s Republic of China ("PRC") come from a number of sources‚ majority of which represent the laws and regulations issued by the Ministry of Finance ("MOF")‚ and‚ listed company disclosures issued by the China Securities Regulatory Commission ("CSRC"). | | 2. What is IFRS? | International Financial Reporting Standards ("IFRS")‚ often known the original International Accounting Standards ("IAS")‚ are a set
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Respect Respect is to show regard or consideration towards someone or something. It can be defined as a positive feeling of appreciation towards a person or thing. Respect expresses the regard and consideration shown by an individual towards others. Respect cannot be demanded‚ it is an asset that has to be earned. From childhood we are taught to respect our parents‚ elders‚ teachers and the list goes on. There is a personal form of respect‚ which is well known as self-respect. If an individual
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