“The theories we use to help us understand standard-setting in national arenas (such as Australia) don’t work so well at the international level where the . . . International Accounting Standard Board (IASB) is taking a leading role. We will have to modify them or expand our theoretical repertoire” Discuss the above statement‚ clearly indicating your agreement or otherwise about the basis for your views. Abstract: The theories that are presented in this paper all assume the importance of a
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383 CHAPTER 17 APPENDICES A‚ B‚ C REVIEW QUESTIONS 1. Welch Company purchased a put option on Reese common shares on January 7‚ 2010 for $215. The put option is for 300 shares‚ and the strike price is $51. The option expires on July 31‚ 2010. On March 31‚ 2010‚ the market value of Reese stock was $48 per share and the time value of the option was $120. The put option is not designated as a hedge. If the company has to prepare financial statements on March 31‚ 2010‚ what would the entry be? A
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Scoring level | The depth and quality of the research undertaken by you | The application of the research to the WIL task | The ability to apply appropriate accounting theories to the context of the task | The ability to synthesise information into a coherent and engaging report | The ability to correctly acknowledge sources using the Harvard Referencing system | Score | | 8 marks | 6 marks | 6 marks | 6 marks | 4 marks | | 4- AccomplishedHigh Distinction | * Materials referred to are
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Financial Statement Analysis Financial Statement Analysis The financial health of an organization can be evaluated using ratio analysis. A comprehensive review of Landry’s Restaurants‚ Inc using their 2003 Annual Report will use seven different ratios calculated from Landry ’s financial statements. The ratio analysis will test the profitability‚ liquidity‚ and solvency of the company. Liquidity ratios measures the "short-term ability of the enterprise to pay its maturing obligations
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FINANCIAL ACCOUNTING FOR MANAGEMENT o 6. I 7. J 8. SANJAY INDUSTRIES LTD. Balance Sheet and Income Statement The following is the trial balance bf Sanjay Industries Ltd. as on 31 st March 2006. 1. 2. of Rs. 10 each) Mal IntE Pre Further information 1. Outstanding rent amounted to Rs. 7‚200 while outstanding salaries Rs. 8‚100 at the end Ca: 2. 3. 4. 5. the year. Make a provision for doubtful debts amounting to Rs. 4‚590. Stock on 31st March 2006 was valued
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Chapter 6: Revenue RecognitionRead: Chapter 6 and partly 13 on warrantyIn-class exercises: BE6-7‚ EX6-11‚ EX6-9‚ EX6-16‚ EX6-18 Practice exercises: EX6-7‚ BE6-11‚ P6-1‚ P6-2‚ E13-17 There are two main conceptual views on how to account for revenues/sales: Earnings approach Contract-based approach Earnings Approach Revenues are recognized when the following criteria are met: 1. Performance is achieved: a. risks and rewards transferred and/or earnings process substantially complete‚ and b
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Accounting Tutorial Question Topic 2 Week 5 Question 1 Encik Abbul has a sundry shop business registered under the name of Prudential Enterprises. The following is the summarised version of the bad debts‚ doubtful debts and the A/Receivables accounts of his business start in 2011. (The accounting period of the business is similar to the normal calendar year) Year | Account Receivables | Bad debts already written off during the year | Allowance for doubtful debts (percentage of outstanding
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Theory Accounting Case 8.1 Simon Romario (023121023) Purwanto Gozali (02312132) Endah Puspitasari (023121065) 1. The article states that the US standard setter FASB requires companies to record a provision in relation to environmental cost of retiring assets (to reserve environmental liabilities) if its fair value could be reasonably estimated. How do you think companies would go about estimating such a provision? Estimation (or estimating) is the process of finding an estimate
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9 CHAPTER 9 An Analysis of Conflict 9.1 Overview 9.2 Understanding Game Theory 9.3 A Non-Cooperative Game Model of Manager-Investor Conflict 9.3.1 Summary 9.4 Some Models of Cooperative Game Theory 9.4.1 Introduction 9.4.2 Agency Theory: An Employment Contract Between Firm Owner and Manager 9.5 Manager’s Information Advantage 9.5.1 Earnings Management 9.5.2 Controlling Earnings Management 9.6 Discussion and Summary 9.7 Agency Theory: A Bondholder-Manager
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Chapter 1 Financial Accounting and Accounting Standards Intermediate Accounting‚ 15th Edition Kieso‚ Weygandt‚ and Warfield 1 Financial Statements and Financial Reporting • Goals or purpose of (financial) accounting – Identification‚ measurement‚ and communication of financial information about – An economic entity to – Interested Parties (internal and external) • Creditors‚ managers‚ unions‚ government agencies Financial reports (statements) & notes 2 Financial Statements
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