Chapter 08 Business Income‚ Deductions‚ and Accounting Methods SOLUTION MANUAL Discussion Questions 1. [LO 1] What is an “ordinary and necessary” business expenditure? “Ordinary” and “necessary” imply that an expense must be customary and helpful‚ respectively. Because these terms are subjective‚ the tests are ambiguous. However‚ ordinary is interpreted by the courts as including expenses which may be unusual for a specific taxpayer (but not for that type of business) and necessary is
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A STUDY ON “INVENTORY MANAGEMENT” [pic] “H.P.C.L VISAKHA REFINERY‚ VISAKHAPATNAM” With Reference To Hindusthan Petroleum Corporation Limited‚Visakhapatnam For The Partial Fulfillment of the Requirements For The Award of the Degree Of “MASTER OF BUSINESS ADMINISTRATION” Under the esteemed guidance CH.TRINADH RAO Submitted By K.SHANTHI REGD NO: 116C1E024 MIRACLE EDUCATIONAL GROUP OF INSTITUTIONS (Affiliated To JNTU‚ KAKINADA ) BHOGAPURAM
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Balance Sheet Items presented on the face of the statement of financial position represents an entity’s assets‚ liabilities‚ and equity (net assets) at a given point in time‚ a specific date. These items should be sufficiently detailed to enable identification of material components under US GAAP. In contrast the Financial Instruments and Exchange Act requires Japanese GAAP to present items in a more detailed manner compared to IFRS and US GAAP. Thus Bridgestone‚ following JP GAAP have more accounts
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giving less use to their machinery‚ and that would cause less wear and tear to the machinery justifying and increase on the useful life of the asset. 5. In Note 7‚ Harnischfeger describes the effect of LIFO inventory liquidation on its reported profits in 1984. Describe what is meant by LIFO
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Current Value Accounting and Its Influences on Accounting Environment Wei Cui Abstract Current Value Accounting is one of the hot spots of accounting researches. Three prevailing current value accounting methods are present value method‚ current entry price method and current exit price method. All these methods aim at adjusting the book value of assets and liabilities so that the information will not be distorted by the changing prices
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Prepaid Expenses vs. Unearned Revenue ACCT 212 Week 2 DQ2 Accrual vs. Cash Accounting ACCT 212 Week 3 DQ1 Ethical Business Decisions ACCT 212 Week 3 DQ2 Trade Credit – Accounts Payable ACCT 212 Week 4 DQ1 Inventory Management ACCT 212 Week 4 DQ2 LIFO ACCT 212 Week 5 DQ1 Non-current Assets and Related Liabilities ACCT 212 Week 5 DQ2 Raising Capital (Cash) ACCT 212 Week 6 DQ1 Stockholders Equity ACCT 212 Week 6 DQ2 Net Income vs. Net Operating Cash ACCT 212 Week 7 DQ1 Financial Statement Analysis
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Revenue Recognition: IFRS and FASB Convergence With the growth of international business there is a need to standardize financial statements globally. Presently there are “approximately 120 foreign private issuers currently that report to the Commission using IFRS financial statements.” By standardizing accounting practices investors will be able to make informed decisions based on comparability and accuracy of financial statements. The SEC released this statement in 2008‚ “We believe that
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BUS/475 Capstone Final Exam part 2 Study Guide 1. The market opportunities most relevant to a particular company are those that Answer: offer the best growth and profitability. 2. Printing Equipment (NPE) produces equipment that helps to print newspapers and magazines. The company sells directly to printers and through wholesalers. Its salespeople negotiate prices with individual customers and often have to match competitors’ prices. NPE has a new product‚ the Gutenberg NP201‚ with some competitive
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[pic] Copyright © 2011by University of Phoenix. All rights reserved. School of Business Course Syllabus ACC/290 Principles of Accounting I Course Start Date: 06/20/2013 Course End Date: 07/25/2013 Miami Learning Center 11410 NW 20 Street Miami‚ FL 33172 (305) 428-4910 Thursday Evenings – 6 PM to 10 PM June 20‚ 2013 June 27‚ 2013 July 11‚ 2013 July 18‚ 2013 July
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CGA-CANADA FINANCIAL ACCOUNTING 4 EXAMINATION December 2005 Marks Time: 4 Hours Notes: 1. 2. 3. 4. 5. 6. 7. 30 All calculations must be shown in an orderly manner to obtain part marks. Round all calculations to the nearest dollar. Narratives for journal entries are not required unless specifically requested. Assume a December 31 fiscal year-end unless specifically stated otherwise. Assume all amounts are material unless directed otherwise. Assume all companies are public
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