(a) Briefly explain what prompted some countries over the world to strongly advocate harmonization of accounting. The important reasons which necessitate harmonization of accounting practices are well contained in the observation made by Saudagaran. “While the initial efforts at harmonization were mainly championed by political bodies and professional accounting organizations‚ current pressures to harmonize are driven by investor groups who use financial statements‚ multinational companies which
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the sale to Haika was $490‚000. The machine had an estimated remaining useful life of seven years on the date of the intercorporate sale. * At December 31‚ 20X5‚ Haika had goods in its inventories that had been purchased from Selina at $60‚000 profit to Selina. During 20X6‚ Haika purchased
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Chapter 5 Accounting for Merchandising Operations Chapter Summary Merchandising Operations • A merchandising company is an enterprise that buys and sells goods to earn a profit. • Measuring net income for a merchandising company is the same as for a service company through matching of expenses with revenues. • In a merchandising company‚ the primary source of revenue is the sale of merchandise‚ which is called sales revenue or sales. • Expenses for merchandising
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Chapter 2—The External Environment: Opportunities‚ Threats‚ Industry Competition‚ and Competitor Analysis TRUE/FALSE 1. The health-related concerns in the general environment facing Philip Morris International are part of the physical segment. ANS: F PTS: 1 DIF: Medium REF: 36 OBJ: 02-01 TYPE: comprehension NOT: AACSB: Ethical & Legal understanding | Management: Ethical Responsibilities | Dierdorff & Rubin: Managing the task environment 2. The external environment facing business stays relatively
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external users 4. FASB – responsible for GAAP (accounting principles) 5. Accounting Equation 6. Know the 3 activities that business engage in and give examples of each activity. (These 4 questions also relate to Chapter 12‚ The Statement of Cash Flows) 7. The International Accounting Standards Board is responsible for developing a single set of worldwide accountings standards (IFRS). 8. These standards will help companies to reduce accounting costs‚ make it easier to acquire foreign companies
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ACC206: Principles of Accounting II Final Paper Instructor: Emmett Denham March 25‚ 2013 ABC Company could reach $3 million in annual sales within 3 years if the company used shingle scrap material to build cedar dollhouses. The new product would add additional costs but would project an aggressive growth in revenue for the company. In the following reports I will show you how beneficial the cedar dollhouses would be to ABC Company. [ABC Company] | Cash Flow Satement | | | | Date:
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times but all he had were daughters when he wanted a son. He wanted to divorce his wife and marry someone else for a son. He went to the church to ask but the priest said that Catholics do not divorce. Henry got mad and took over/created his own church. After he had taken over the church‚ he changed the rules and finally divorces his wife. After a while‚ he got married for the sixth time and finally had a son. His son‚ Edward VI‚ was only nine years old when Henry passed away. Even though he was
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as you like. ~Mark Twain. In The Adventures of Tom Sawyer‚ the main character Tom Sawyer changes throughout the book. Like Tom Sawyer‚ I have also changed academically and socially throughout seventh grade. The main character Tom Sawyer changed throughout the book. He came more thoughtful like at the start he would steal and apple from Aunt Polly. The end of the book he would help his friends like Becky when she need help in the cave. His attitude changed a lot he was very mischievous at the start
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When we change how we communicate‚ we change who we are. Communication can be used to alter a persona‚ depending on how they carry themselves by the language they use. Language can be easily manipulated by concealment or exaggeration‚ to create an ideal character. Similarly‚ words that wield power have a great effect on the user when used in appropriate contexts. On the other hand‚ those who are limited by language are incapable of modifying their identity. When used to your benefit‚ communication
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ACCOUNTING CONCEPTS What are the Account Concepts? In order to maintain uniformity and consistency in preparing and maintaining books of accounts‚ Certain rules or principles have been evolved. These rules/principles are classified as concepts and conventions. These are foundations of preparing and maintaining accounting records. “Accounting concept refers to the basic assumptions and rules and principles which work as the basis of recording of business transactions and preparing accounts
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