50. | 75. | 100. | THEORIES (50 items) 1. The objectives of financial reporting for business enterprises are based on a. reporting on management’s stewardship b. Generally accepted accounting principles c. the needs of the users of the information d. Accountancy Law 2. Which of the following basic elements are directly related to the measurement of financial position? a. Assets‚ liabilities‚ income b. Revenues and expenses c. Assets‚ liabilities‚ equity‚ revenues and
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REQUIREMENTS Part 1 - The Situation‚ Consolidation‚ and Interpretation This is an unusual type of corporate relationship. The first set of questions will reinforce your understanding of the relationship and provide evidence on the pros and cons of consolidation. 1. Carefully reread the information provided about the corporate headquarters and the Development Agreement. Which company is actually performing the research and development activities? Pharmco 2. Justify your response.
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fundamental accounting equation? a. Current assets + Current liabilities = Owners’ equity b. Assets + Owners’ equity = Liabilities c. Cash = Debts + Common stock d. Assets = Liabilities + Owners’ equity 2. Which one of the following best describes a balance sheet? a. A description of the entity’s operations over a period of time b. A snapshot at a point in time of an entity’s assets‚ liabilities and owners’ equity c. A reconciliation of an entity’s bank account balance d. A description
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Financial Statement Analysis: Costco Wholesale (COST) Executive Summary Costco Wholesale is recognized as the largest wholesale club operator in the US. Over the three-year time period of 2002-2004‚ this company has expanded its membership base while increasing its number of warehouses both in the U.S. and internationally. In 2004 alone‚ net sales increased 13.1% over the prior year‚ driven by an increase in comparable sales of 10% and the opening of twenty new warehouses; net income
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Chap 8 – INFORMATION SYSTEMS AUDITING STANDARDS‚ GUIDELINES‚ BEST PRACTICES ___________________________________________________________________________ Introduction BS 7799 CMM - Capability Maturity Model COBIT – IT Governance Model CoCo ITIL (IT Infrastructure Library) Systrust and Webtrust HIPAA SAS 70 – Statement of Auditing Standards for Service Organisations ___________________________________________________________________________ Introduction Growing business requires computers
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Accountancy Department College of Business and Accountancy Notre Dame University Cotabato City‚ Philippines CPA – MOCK BOARD EXAMINATION AUDITING PROBLEMS MR. RONALD GERMO MAMARIL INSTRUCTION: Select the correct answer for each of the following questions. Mark only one answer for each item by shading the box corresponding to the letter of your choice on the sheet provided. STRICLY NO ERASURES ALLOWED. Use pencil no. 1 only. CASE 1: STOCK INVESTMENT IN SAN
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INTERNATIONAL STANDARD ON AUDITING 315 IDENTIFYING AND ASSESSING THE RISKS OF MATERIAL MISSTATEMENT THROUGH UNDERSTANDING THE ENTITY AND ITS ENVIRONMENT (Effective for audits of financial statements for periods beginning on or after December 15‚ 2009) CONTENTS Paragraph Introduction Scope of this ISA .................................................................................. 1 Effective Date ....................................................................................... 2
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accounting on the company’s quality of earnings and thereby on its planned public stock offering in February 20X2. The present US GAAP (Generally Accepted Accounting Principles) revenue recognition model comprises over 100 standards and interpretations‚ many industry specific and inconsistent (PwC‚ 2010). Yet‚ the fundamental revenue recognition standards lead to the conclusion that Caltron’s accounting practices adversely impact the quality of its earnings and accounting statements. 2.
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If a company earns net income of $25 million in Year 8‚ has 10 million shares of stock‚ pays a dividend of $1.00 per share‚ and has annual interest costs of $10 million‚ then | | |[pic]|[pic]|the company would have Year 8 earnings per share of $1.50. | | |[pic]| | |[pic]|[pic]|the company’s retained earnings for
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The Carlton Polish Company Duisenberg School of Finance 04-03-2013 1. Comparable Economic Laboratory (EL) is like Carlton a leading manufacturer in chemical supplies. However this company is much bigger‚ internationally operating and directly supplying to end-users‚ mainly institutions. The product range being offered is most in line with the products offered by Carlton Polish. Another comparison is the compounded growth rate of sales: EL has a growth rate of 13% and Carlton of 14.59%
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