Generally Accepted Accounting Principles Amy Santus RN BSN HCS/571 October 3‚ 2011 Debra Vaughn Increasing pressures of cutting costs and improving the quality of care in health care services influences the management of the health care organization to implement the generally accepted accounting principles (GAAP) within their daily routines. Generally accepted accounting principles (GAAP) are a set of uniform accounting guidelines health care organizations follow
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comments by February 10‚ 2012 Preliminary Analytical Review Briefly describe the results of your analytical procedures. Print this memo as an outline‚ then compose your answers as attachments in your wordprocessor. Describe any unusual or unexpected relationships that suggest risk of material misstatement? Percent of change in sales for 2011 are up from last year but still less than industry average. Inventory’s percent of change has increased to 19.6% from 2011 to 2010. This is 8.2% above the
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plus some money borrowed from banks. Naturally‚ the new investors and creditors require more organized and detailed financial statements than Tad has previously prepared. At the urging of his investors‚ Tad has hired financial analyst Paula Wolfe to evaluate the performance of the company over the past year. After rooting through old bank statements‚ sales receipts‚ tax returns‚ and other records‚ Paula has assembled the following information: Sunset Boards currently pays out 50 percent of net income
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IFRS for U.S. Timber Industry INTRODUCTION This memorandum will address issues raised by the transformation from U.S. Generally Accepted Accounting Principles (US GAAP) to International Financial Reporting Standards (IFRS) in the timber industry. I will cover the following topics: different accounting treatment under U.S. GAAP and IFRS‚ the influence on investment decisions‚ Plum Creek’s reason for the opposition against transformation‚ and conclude with my preferred accounting treatment under
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Period concept. This concept requires that expenses incurred for a particular accounting period should be reckoned in the same period‚ irrespective of the fact whether these expenses have been paid in cash or not in that year. The same holds true for revenues‚ i.e.‚ revenues earned in a specific accounting period are construed as incomes of the same period‚ irrespective of their receipts. This concept is also known as the accrual theory of accounting or accrual accounting. This concept applies equally
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(10 min.) E 1-23 Req. 1 The owner’s equity increased during the year by $4‚000. Beginning owner’s equity: $19‚000 – $9‚000 = $10‚000 Ending owner’s equity : $27‚000 – $13‚000 = $14‚000 Change in owner’s equity: $14‚000 – $10‚000 = $4‚000 Req. 2 Owner’s equity can change three ways: Owner’s equity can increase through: Owner contributions and/or Net income Owner’s equity can decrease through:
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1.. A company earned $3‚960 in net income for October. Its net sales for October were $22‚000. Its profit margin is: 1.8%. 18%. 180%. 556%. $18‚040 2. On June 30 of the current calendar year‚ Apricot Co. paid $8‚200 cash for management services to be performed over a two-year period. Apricot follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. The adjusting entry on December 31 for Apricot would include: A debit to an
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Exposure Draft Accounting Standard (AS) 10 (revised) Tangible Fixed Assets (Last date for Comments: February 28‚ 2006) The Institute of Chartered Accountants of India Issued by Accounting Standards Board Exposure Draft Revised AS 10‚ Tangible Fixed Assets Contents INVITATION TO COMMENT [Exposure Draft] Accounting Standard AS 10 (revised) Pages 4-5 Tangible Fixed Assets OBJECTIVE SCOPE DEFINITIONS RECOGNITION Initial Costs Subsequent Costs MEASUREMENT AT RECOGNITION Elements
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transfer the balance to retained earnings? 8. What type of account has an opposite balance to the normal balance of its associated account? 9. Recording the appropriate part of a journal entry to the affected account is known as what process? 10. A listing of all general ledger accounts and their respective balances to ensure that debits equal credits is known as what? Exercises E7.1 The following events occurred during the first month of business at a local marketing company. Indicate
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SOLUTIONS TO EXERCISES EXERCISE 4-1 BRISCOE COMPANY Worksheet For the Month Ended June 30‚ 2008 Account Titles Trial Balance Adjustments Adj. Trial Balance Income Statement Balance Sheet Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Cash 2‚320 2‚320 2‚320 Accounts Receivable 2‚440 2‚440 2‚440 Supplies 1‚880 1‚580 300 300 Accounts Payable 1‚120 1‚120 1‚120 Unearned Revenue 240 140 100 100 Common Stock 3‚600 3‚600 3‚600 Service Revenue 2‚400 140 2‚540 2‚540 Salaries Expense 560 280 840 840
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