disclosure of financial information. These are called generally accepted accounting principles (GAAP). In the United States‚ the Financial Accounting Standards Board (FASB) formulates GAAP. The International Accounting Standards Board (IASB) sets global or International Financial Reporting Standards (IFRS)‚ the two basic types of external providers of capital include investors (who exchange cash for stock) and creditors (who loan cash) to the entity to be useful‚ information must have the fundamental
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a) Which accounting standards or Generally Accepted Accounting Principles (GAAP) are used in preparing the financial statements of the company (International‚ local or US GAAP standards)? Where did you find that information? For our accounting analysis we found the key accounting policies and related them to our identified key success factors. McDonald’s most important factors include consolidation‚ financial statement estimates‚ revenue recognition‚ advertising costs‚ compensation from stocks
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explains why managerial accounting is important to the future careers of all business students. It answers three questions: (1) What is managerial accounting? (2) Why does managerial accounting matter to your career? and (3) What skills do managers need to succeed? It also discusses the importance of ethics in business and corporate social responsibility. I. What is managerial accounting? A. Examine the difference between Financial and managerial accounting • Financial
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you’ll be bringing the fellas’ home‚ or some of you guys may also be bringing the fellas home as well. Before you even touch that sponge to your face‚ make sure your face is rid of that yucky morning eye matter; better known as “eye boogers.” If you apply make-up with to gunk‚ you might as well join the freakin’ circus or stand on that corner with your thumb sticking up‚ looking for a good time. If there is one thing that is disgustingly unattractive is boulders of slimy booger material in the corner
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2010-023X Information Technology roles in Accounting Tasks – A Multiple-case Study Maria do Céu Gaspar Alves accounting‚ the relationship between IT and accounting has been studied relatively little” (Granlund‚ 2007:3). Based on a literature review of earlier research and empirical studies we conclude that there is a very limited knowledge about the impact of the most recent IT developments in the accounting field (Granlund‚ 2007). Although IT clearly plays an important role in accounting (Efendi
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Recently‚ fair value accounting suffers heated debate because the financial crisis. The purpose of this article is to evaluate and understand fair value both in literature analysis and practice. This paper emphasizes the advantages and disadvantages of the fair value measurement. Proponents believe that fair value can provide timely information that reflects current financial market conditions‚ and information supplied is reliable. On the other hand‚ critics argue that fair value accounting results the
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Chapter 1 E1-4. The Role and Environment of Managerial Finance 11 Agency Costs Answer: Agency costs are the costs borne by stockholders to maintain a governance structure that ensures against dishonest acts of management‚ and gives managers the financial incentive to maximize share price. One example of agency costs is stock options‚ which are used to provide an incentive for managers to work diligently for the benefit of the firm. Tips are similar to stock options in that they
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Managerial Accounting Study Guide Chapter 2 Differences between financial and managerial accounting Managerial accounting provides information to managers‚ the people inside the organization who direct and control its operations. Financial accounting provides information to stockholders‚ creditors‚ and others who are outside the organization. Managerial accounting = inside the organization Financial accounting = outside the organization Exhibit 2-2 Comparison of Financial and Managerial Accounting
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There are many accounting concepts which underpin GAAP such as the accruals and going concern concepts in particular. Going concern-it is assumed that the organisation will continue to operate indefinitely. This just means that when we draw up financial summaries‚ we do not assume the organisation is in severe financial difficulties. Accruals concept-when calculating the profit or loss of an organisation‚ all income and related expenditure for a specified period should be included‚ not simply
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Many traits are required in order to apply for an executive position. Leadership‚ integrity‚ and intellectuality; all of these are basic traits of a strong leader. One must not be lazy nor cowardly when in such a position of power. One must be prepared to make decisions that may not benefit oneself directly‚ but result in a more efficient and organized company. In the following excerpt you will read about the traits that provide for not only essential chief executive‚ but a successful one as well
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