How should goodwill‚ properly recorded on the books‚ be written off in accordance with generally accepted accounting principles? Goodwill is recorded in the accounts only under the circumstances that is is acquired through a purchase of another business or combination of businesses. According to Generally Accepted Accounting Principle under these circumstances where goodwill is acquired through a purchase by another business that it is recognized as having indefinite
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Accounting for Managers Discuss the strengths and weaknesses of the accounting concepts and conventions and of the regulatory framework (SSAPs and FRSs) that govern published financial statements. Do the criticisms of the concept and the regulatory framework mean that published financial statement do not provide investors with useful information? Introduction Strengths Weaknesses Information needs of investors Conclusion Discuss the strengths and weaknesses of the accounting concepts and conventions
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Explain the Platonic concept of Forms. Plato believed that reality is more than what we sense around the world (e.g. taste‚ smell‚ hear‚ see and touch)‚ he believed that behind these physical realities lies a perfect version of them in which he called Forms and that the greatest thing we can learn is to have knowledge and understanding of them. Plato’s theory means that what we can sense around us (for example a chair) is just a mere shadow of the perfect version which exists in the world of Forms
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Case 1-4 Generally Accepted Accounting Principles At the completion of the Darby Department Store audit‚ the president asks about the meaning of the phrase “in conformity with generally accepted accounting principles‚” which appears in your audit report on the management’s financial statements. He observes that the meaning of the phrase must include more than what he thinks of as “principles.” Required: a. Explain the meaning of the term accounting principles as used in the audit report. (Do
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Explain Christian concepts of love The idea of Christian love as presented in the Bible is mainly based upon the concept of agape love. Agape is the epitome of Christian love. It is an unconditional love for others which expects nothing in return‚ it is both a chosen and committed love. This concept appears in the Bible when Jesus said‚ "By this all will know that you are My disciples‚ if you have love for one another" (John 13:35). This shows us that agape love is the unconditional and abundant
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P1 Explain the principal sociological principles Functionalism: Functionalism (or structural functionalism) is the perspective in sociology according to which society consists of different but related parts‚ each of which serves a particular purpose. According to functionalism‚ sociologists can explain social structures and social behaviour in terms of the components
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five competing concepts by which firms and business are guided in their marketing effort. The first three concepts production‚ product and selling‚ focus all on the product. The last two concepts marketing and societal marketing‚ focus on the customer. However‚ the commonality in all five philosophies is that they all have the same goal which is organizational profit. The choice as to which concept or philosophy to adopt depends on the circumstances of the situation The first concept‚ the production
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Basic Accounting Concepts and Business Structures Rose Latifi ACC 537 November 10th 2012 Professor Joh David Basic Accounting Concepts and Business Structures Generally Accepted Accounting Principles (GAAP) and Related Hierarchy The common set of standards and procedures is called generally accepted accounting principles (GAAP). Four organizations are instrumental in the development of financial accounting standards (GAAP) in the United States: 1- Securities and Exchange Commission (SEC)
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a) Explain the concept of ‘Irreducible Complexity’. [25marks] The concept of Irreducible Complexity comes from the argument about Intelligent Design. The argument refers to certain features that are present within the universe and within living organisms and where they possibly came from. Those who argue irreducible complexity say that these features are too complex to not have come from design‚ whereas those who argue against irreducible complexity say that it is possible for these complex features
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’How do the writers of the bible explain the concepts of God as creater?’ In the bible there is two main creation stories; genesis one and genesis two. Each of these are very different concepts of God as creater. In genesis one the world is created by God in six days‚ and on the seveneth day God rests. On the first day God created light‚ on the second day God created day and night‚ on the third day God created earth‚ on the fourth day God created sky‚ on the fifth day God created sea and fish
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