Tom Brown‚ the controller for MicroTech Software Company‚ is responsible for preparing the company’s financial statements. He learns that sales for the first quarter of the year have dropped so dramatically that the company is in danger of bankruptcy. As a result‚ he applies for an accounting position with another software company that competes with MicroTech. During his job interview‚ Tom is asked why he wants to leave MicroTech. He replies truthfully‚ “The company sales are down another
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with planning) TOPIC: Discuss positive accounting theory and contrast it with normative accounting theory. Provide examples where appropriate. The purpose of this essay is to provide an overview of positive accounting theory (PAT) and highlight how this theory differs to normative accounting theory. Definitions and assumptions of both theories will be considered and examples of the theories will be provided. In addition specific theories related to PAT namely agency and the efficient
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Accounting System and Financial Reporting of NGOs: Case Study of a BRAC’s Project Munima Siddika1‚ Mohammad Sarwar Jahan Rekabder2 and A.K.M. Delwar Hossain3 tawheedfj@yahoo.com Abstract: In the absence of specific accounting and financial reporting standards and diverse interpretation of certain terms under the laws of the land‚ it has become a very difficult task to follow a standardized procedure in generation and presentation of accounting and financial information of NGOs. The practices
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Joan Holtz CASE 5-3 JOAN HOLTZ (A)* (1) Electric utility bills. An electric utility company can estimate with reasonable certainty the expected revenue in a given period by taking into consideration some of the following: customer habits‚ average historical trends‚ demand and supply forecasts‚ and environmental changes. The electric utility industry effectively uses an insurance industry concept—the law of large numbers‚ to determine with certainty‚ expected revenue. The law of large numbers
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Financial Accounting 504 23-Jun-13 Professor Chung Oracle v Microsoft Final Course Project As noted in Wikipedia Oracle is headquartered in Redwood‚ California. It was founded in 1977 and is the world’s third largest soft wear developer in sales. According to Yahoo Finance Oracle is a multi-faceted operation. Oracle provides a vast amount of services for the internet and computer. It provides cloud applications‚ IT consulting services‚ licenses middleware software which includes database and
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Chapter 3 Product Costing and Cost Accumulation © 2010 McGraw-Hill Ryerson Ltd. 1 Learning Objectives 1. Discuss the role of product and service costing in manufacturing and nonmanufacturing firms. 2. Diagram and explain the flow of costs through the manufacturing accounts used in product costing. 3. Distinguish between job-order costing and process costing. © 2010 McGraw-Hill Ryerson Ltd. 2 Learning Objectives (con’d) 4. Compute a predetermined overhead rate‚ and
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Learning Log Week -2 Lecture: In this lecture I had the understanding‚ why accounting bodies are so heavily regulated by the government. After the corporate collapse‚ accounting body lost the trust of public. Our work was not transparent and therefore‚ was no longer reliable. Regulator body such as ASIC‚ AASB‚ FRC and ASX are formed after the corporate collapse. ASIC is the corporate ‘watch dog’ who monitors FRC‚ AASB and office of AASB. Why we need regulation? Because it is human nature to
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FINA 6201 - Financial Theory and Policy Note: This is the text-only version of this week’s lecture. All media (i.e. videos‚ flash presentations‚ and PowerPoints) and learning activities (i.e. assigned readings‚ assignments‚ and discussions) are accessible only through the online course. Syllabus FINA 6201 - Financial Theory and Policy Course Description Log in to the course to view introduction video Course Overview—Course Description The primary objective of this course is to build
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Statement of Cash Flows Study Objectives 1. Indicate the usefulness of the statement of cash flows. 2. Distinguish among operating‚ investing‚ and financing activities. 3. Explain the impact of the product life cycle on a company’s cash flows. 4. Prepare a statement of cash flows using the indirect method. 5. Use the statement of cash flows to evaluate a company. *6. Prepare a statement of cash flows using the direct method. Summary of Questions by Study Objectives and Bloom’s Taxonomy
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Case 3 LEADERSHIP STYLES AND MOTIVATION TO WORK Brako is a small manufacturing company that produces parts for the automobile industry. The company has several patents on parts that fit in the brake assembly of nearly all domestic and foreign cars. Each year‚ the company produces 3 million parts that it ships to assembly plants throughout the world. To produce the parts‚ Brako runs three shifts with about 40 workers on each shift. The supervisors for the three shifts (Art‚ Bob‚ and Carol) are experienced
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