"Asset" Essays and Research Papers

Substantive Procedures for Asset Irregularities Student Name ACC 556 September 17, 2012 Instructor Name Introduction The following will outline the procedures and steps necessary to detect irregularities that can occur in the accounts receivable, inventory and fixed assets of Apollo Shoes. The flowcharts will show how the use of internal controls is integral to the overall success of the organization. In the accounts receivable, the sales and billing processes are an area that would require...

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Current and Noncurrent Assets Paper Johnnie Kersh September 08, 2014 ACC/400 Kylene Smith What is an asset? An asset is an item that is owned by customers and businesses. It has an economic value that can be converted into cash and help repay debts. It also tells how much a business has in value. Accounts receivables, cash, and securities are some examples of assets. Assets are equal to the sum of liabilities, common stock, preferred stock, and retained earnings that...

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Depreciation is the decline in the future economic benefits of a depreciable non-current asset through wear and tear and obsolescence. It is an allocation process. It can be calculated by two main methods, each reflecting in a distinct prospect in the way the asset is used. Depreciation is to be treated as an estimated expense that does not set aside cash for the replacement of a non-current asset. In determining the cost of acquisition of the lathes, any capital expenditure made must be added...

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 Current and Noncurrent Assets The balance sheet is actually a useful tool for companies. The balance sheet offers a rapid view at the financial position of the organization. The balance sheet shows the assets, debts, and equity of the business. More valuable, the balance sheet shows the existing assets of the organization, the noncurrent assets, and the order of liquidity. These 3 elements display interested parties the short-term investments...

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Asset efficiency ratio Asset efficiency ratios measure the efficiency with which an entity manage its current and non-current investments, and converts its investments decisions into sales dollars. There is a continuously increasing trend of asset turnover ratio for company alpha since 2009, from 3.77 times to 4.41 times. In comparison with company alpha, company beta shows a relatively slow increasing pattern from 0.90 times to 1.18 times. By contrast, it indicates that although both companies’...

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 Depreciation of Fixed Assets Depreciation A business may acquire fixed assets such as land, buildings, machinery, office equipment, delivery equipment and natural resources (e.g. a piece if mining land)to help in the process of its operations to earn revenue in order to make a profit.  Such assets, by their very nature, provide benefits to the business for more than one financial year or period.  In fact, when a business buys a fixed asset at a certain cost (say $10,000), it is actually buying...

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|Eb Assets Management Document Restrictions Proprietary and Confidential Notice: This document is intended for dissemination and use by Finance Unit having the delegated authority from EBDM Executive Management. It may not be distributed to external parties without the written approval of EBDM Executive Management. Uncontrolled Copy Notice: The controlled version of this SOP in electronic and hard copy is maintained by Finance Unit. All other copies of this document are to be considered as...

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Procedures - Asset Irregularities ACC/556 November 24, 2014 Introduction This next phase of the auditing process for Apollo Shoes Inc. (Apollo) is the designing of an audit program, which will detail substantive procedures for detecting irregularities in the accounts receivable, inventory, and fixed assets audit cycles. Fixed Assets Apollo’s irregularities in fixed assets, has caused concern for substantive procedures to be designed to audit this cycle. The most common schemes where fixed assets are subject...

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Tangible and Intangible Assets Jennifer Geolfos July 19, 2012 ACC291 Mary Larsen Tangible and Intangible Assets Tangible and intangible assets include everything listed under total assets on the balance sheet. “Assets consist of resources a business owns,” (Kimmel, Weygandt, & Kieso, 2010, p. 12). Tangible assets would include land, land improvements, buildings, and equipment. These types of asset would be classified as fixed assets. “Intangible assets are rights, privileges, and...

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to the Accounting Standards Board (UK, 2006), a heritage asset was defined as ‘an asset with historic, artistic, scientific, technological, geophysical or environmental qualities that is held and maintained principally for its contribution to knowledge and culture and this purpose is central to the objectives of the entity holding it’. It also has been defined by Canadian Institute of Chartered Accountants (1989) as ‘fixed assets that a government intends to preserve indefinitely because...

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1 What is an Asset? An asset is an item that a company owns. Assets are divided into three basic groups: capital assets, current assets and intangible assets. Capital assets are typically owned for the long term and include buildings, land, vehicles and manufacturing equipment. Current assets are items that can quickly be converted to cash, such as actual cash, accounts receivable, inventory and investments such as bonds and stocks. Intangible assets are items that cannot be physically touched...

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Net Assets Value per Units Continue Assets 1- Cash:- A- Cash in Bank. (Bank Statement from Bank All Accounts KD-USD-EURO-YEN ) . B- Cash on hand. (Any Amount takes Management Fund Real Estate Maintenance Expenses in the Building). C- Unclear Cheques. (Any Check Not Respond By Bank). 1-Total Cash 2- Investment:- A- Investment in Real Estate. (Cost Building + Evaluation...

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valuation and reporting of long-lived assets. IFRS permit the use of either the revaluation model or the cost model, while under GAAP; only the cost model is permitted. Revaluation model changes the carrying amount to fair value. But the assumption is the fair value can be measured reliably. P2 revaluation model& cost model A key difference between the two models is that the cost model allows definitely decreases in the values of long-lived assets, but the revaluation model may result...

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tax net includes the personal profit, business income, and the capital gain. Referring to Australian Accounting Standard Board (AASB) 112, the income tax expense (income) is not merely equal to current tax liability (asset), but also the function of the deferred tax liabilities and assets (Leo, Hoggett, & Sweeting, 2012). The tax which incurred to a company will depend on the company’s performance. If the company gets a positive taxable income, then the company has to pay 30% of it to the federal...

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2. __________ assets generate net income to the economy and __________ assets define allocation of income among investors. A) Financial, financial B) Financial, real C) Real, financial D) Real, real 3. Asset allocation refers to the __________. A) allocation of the investment portfolio across broad asset classes B) analysis of the value of securities C) choice of specific assets within each asset class ...

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Demand and Supply for Financial Assets Mishkin ch.5: Bonds • Motivation: - Monetary policy works primarily by manipulating interest rates. - Interest rates are determined by the demand and supply for bonds. - Demand and supply for other financial assets are determined similarly. • Perspectives on the bond market: 1. Bonds as financial assets => Determinants of Asset Demand. • Bond demand affected by relative risk, relative liquidity, and wealth. • Asset pricing (Finance) issues. Instantaneous...

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Memorandum To: Tax Manager From: Re: Bear Corporation and Transfer of Assets Facts: Alice, Bob, Carla, and Dick form Bear Corporation with help from a lawyer and transfer assets to the corporation. Alice transferred building and land with a basis of 12,000 and 38,000. Bob transfers in equipment with a basis of 25,000. Carla transfers Van with a basis of 15,000 and Dick gives his accounting services with a basis of zero. Issues: Alice, Bob, Carla, and Dick intend to form Bear...

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Q1 1. an intangible asset should be amortised and written off on a systematic basis over the asset’s economic life 2. internally generated goodwill may be carried in the statement of financial position if the value can be determined with reasonable certainty 3. internally generated brands can never be recognised as intangible assets Which of the following is consistent with IAS 38 Intangible assets? A 1 and 2 only B 1 and 3 only C 2 only D 3 only Q2 During 20x7, Research...

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to examine several issues when dealing with intangible assets. By means secondary research, relevant evidence from many sources was selected, evaluated and organized into three main points, which are research and development cost, brand valuation and the risk of intangible asset in financial statement in relation with market and book value. The evidence includes statistical data and expert opinion. The research results that intangible assets give a significant impact to the company if they are not...

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the asset demand for money. ( 5 Marks) (a) Assume that each dollar held for transactions purposes is spent on the average five times per year to buy final goods and services. If the nominal GDP is $10,000 billion ($10 trillion), what is the transaction demand? (b) The table below shows the asset demand at certain rates of interest. Using your answer to part (a), complete the table to show the total demand for money at various rates of interest. Interest rate Asset demand...

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5 Asset and Liability Management (ALM) 29. There are different organizational and governance models that guide the management of bank asset and liability activities. The models reflect fundamentally different risk philosophies that tend to evolve with the growing sophistication and depth of financial markets together with the position and activities undertaken by a bank in the market. The terms ‘ALM unit’ and ‘treasury unit’, can be confusing as they are often used by organizations who assign...

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On just about any company's balance sheet, somewhere between the 'Current Assets' and 'Current Liabilities' sections is a collection of long-lived, revenue-producing assets broken up into two categories - 'Property, Plant, and Equipment' (PP&E) and 'Intangible Assets'. PP&E often contains such non-current assets as land and buildings, motor vehicles, office equipment, computers, and plant and machinery. Intangible Assets is a much broader category including anything from copyrights and patents...

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All businesses need cash to survive • Cash is needed to: – Invest in fixed assets – Pay suppliers and employees – Fund overheads and other fixed costs – Pay tax due to the Government Managing working capital effectively is, therefore, a vital part of making sure the business has enough cash to continue INTRODUCTION Managing Current Assets and Liabilities is nothing new to us. We practice it everyday without us notice it. Let us assume you want to reward your self by buying a new car. ...

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Classification of Assets and Liabilities in a Balance Sheet We all know that Balance sheet tells us the financial position of a business at a particular point of time. The accounting equation i.e. Assets = Liabilities + Capital forms lays the foundation for the preparation of Balance Sheet. Everything that the business owns are its assets. Alternatively, whatever amounts a business owes to outsiders become its liabilities. First let us see how these assets are to be classified. Current Assets: Current...

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Assets 2 (Intangible Assets) Based on Week 4 Due Week 5 (due 25th March) NOTE: Provide references for your answers and quote where you have written something that is word-for-word from a source Textbook Questions (15 marks): Challenging Question 29 (5 marks) Inglis Ltd has a number of taxi licences that are shown in the financial statements at cost. Can these licences be revalued to fair value and, if so, do they also need to be subject to periodic amortisation? Yes, if these taxi licenses...

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trying to do this for the last couple years with no success. Although they have tried to fix themselves already, they can’t, which is why they are looking for bidders. ● In dire circumstances, Kmart could just liquidate all of Builders Square assets and use them to pay off debt. Then they could sublease out their empty buildings and use the rent revenue to continue to pay their contracted leases. 2. If Kmart's managers were to accept the Leonard Green offer, what would they receive as compensation...

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The fixed asset register is an accounting method used by businesses to identify the major resources they hold. Lindsey Lester explains what it is and how it should be used The reporting of fixed assets should comply with Financial Reporting Standard 15 (FRS 15). The aim of this reporting standard is to ensure that tangible fixed assets are accounted for on a consistent basis. It sets out the principles in making a decision as to whether a tangible fixed asset is stated at cost on a financial statement...

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A CC T1 0 0 6 CASE STUDY: TOPIC 4 - SOLUTION FINANCIAL ACCOUNTING 1 COURSE COORDINATORS: CHEE FEI CHANG PREPARED BY: SCOTT COPELAND FA 1 – PHUONG CASE STUDY: TOPIC 4 SOLUTION CASE STUDY 4 – ACQUISITION OF NON-CURRENT ASSETS AND ENTITIES At the end of his adventures in ADA Phuong had decided to purchase a new Standard Diesel Delivery Van. Phuong conservatively estimates the delivery van should provide him benefits for at least the next 5 years at which time he should be able to...

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in the form of trading, profit and loss account and balance sheet. The paramount importance function is record serve a dual purpose as evidence in the event of any dispute regarding ownership title of any property or assets of the business, which protects and safeguards business assets. It also helps prevent unwarranted and unjustified use. However, there are some limitations of financial accounting have led to the development of cost accounting: 1. Weakness not spotted out by collective results:...

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world-class business. Which student is correct? A. Both B. Student A only C. Neither D. Student B only 3. Which of the following represents the basic accounting equation? A. Owners' Equity − Liabilities = Assets B. Liabilities = Assets + Owners' Equity C. Assets = Liabilities + Owners' Equity D. Assets + Liabilities = Owners' Equity 4. Nearly a week before Hurricane Katrina reached New Orleans, Wal-Mart began moving trucks and supplies into position, as specified in the company's ________ plan. A....

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Assets, liabilities and owner’s equity are the three components that make up a company’s balance sheet. The balance sheet, which shows a business’s financial condition at any point, is based on the equation of assets equals to liabilities plus owner’s equity. This equation is also the framework track of money as it flows in and out of a company. Starting with the first penny a company earn, will be recorded in a general ledger each and every transaction using double-entry system of debits and credits...

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Summary of FRS 37: Provisions, Contingent Liabilities and Contingent Assets The Standard This standard distinguishes between provisions and contingent liabilities. A provision is included in the statement of financial position at the best estimate of the expenditure required to settle the obligation at the end of the reporting period. A contingent liability is not recognised in the statement of financial position. However, unless the possibility of an outflow of economic resources is...

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�PAGE � �PAGE �5� Current and Non-Current Assets Current and Non-Current Assets Laura Gabbard University of Phoenix ACC 400 Accounting for Decision Making Peter Ioveno April 13, 2008 Current and Non-Current Assets Current assets are items on a balance sheet. According to Investorwords, current assets equal "…the sum of cash and cash equivalents, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that could be converted to cash in less than one year...

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Non-Performing Assets of Public and Private Sector Banks The quality of Indian banks’ assets is likely to deteriorate over the next two years. This will be driven by the slowdown in the economy, and by the aging of loans made in recent years. The NPAs are considered as an important parameter to judge the performance and financial health of banks. The level of NPAs is one of the drivers of financial stability and growth of the banking sector. The Financial companies and institutions...

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P4-39 a) Net Operating profit after Taxes (NOPAT) * NOPAT2011= 2114-714-2 +(51-87)*.37 * NOPAT2011=$1389 b) Net Operating Assets (NOA)= Operating Assets- Operating Liabilities * NOA2011= (17849-1103-22) - (8663-557-441)- 1183 NOA2011= $7876 * NOA2010= (18302-1826-90) – (8978-663-35) – 1256 NOA2010= $6850 c) RNOA2011= NOPAT/ AVG NOA * RNOA2011= 1389/((7876+6850)/2) RNOA2011= 18.86% NOPM2011= NOPAT/SALES * NOPM2011= 1389/50272 NOPM=2.76% NOAT2011=...

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following situation has been identified by an impairment team. Shiplake has an item of earth-moving plant, which is hired out to companies on short-term contracts. Its carrying amount, based on cost model, is $400,000. The estimated fair value of this asset is only $250,000, with associated costs of disposal of $5,000. A recent review of its value in use based on its forecast future cash flows was estimated at $500,000. Since this review was undertaken, there has been a dramatic increase in interest rates...

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Current and noncurrent assets There are two main categories that assets can fall in, and those are current assets and noncurrent assets. Assets are valuables such as cash, inventory, trademarks, and property. Current and noncurrent assets differ from one another in several ways. The main difference among current assets and noncurrent assets is the time it takes for them to liquidate when needed. The order of liquidity is presented on the balance sheet in the order of the amount of time it...

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Accounting Standards Board issued Statement No. 121 "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of". The statement established accounting standards for the impairment of long-lived assets, certain identifiable intangibles, and goodwill related to those assets to be held and used. The statement also established accounting standards for the disposal of long-lived assets and certain identifiable intangibles. (fasb.org/stsum121) However, shortly after Statement...

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ACTG 351 HW #2 (Long-term Assets) 1. At January 1, the balances in Equipment and Accumulated Depreciation were $1,021,500 and $189,900, respectively. At December 31 after adjusting entries, the balances were $1,125,900 and $452,700, respectively. During the year, $148,500 of equipment was acquired and equipment with a book value of $25,200 was sold. What was Depreciation Expense for the year? Equipment 1,021,500 148,500 1,125,900 Plug A Accumulated Depreciation 189,900 Plug B Dep Exp 452,700 Plug...

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Intangible Assets: An intangible asset, despite not having a physical form to it, has great value to a company and is to be disclosed in the financial reports. Some companies only disclose the brand and goodwill as their only intangible assets, while others include more such as software and the company trademarks (Loftus et al. 2012). The Accounting Standard AASB 138 advises businesses on the accounting treatment of these intangible assets, but only if the specific criteria have been met for...

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ACCOUNTING 260 INTANGIBLE ASSETS QUIZ QUESTIONS 1. List two assets which would not meet the ‘identifiable’ aspect of the definition of an intangible asset. (2 Marks) Goodwill Customer loyalty 2. Intangible assets acquired via a separate acquisition are always recognised. Why? (2 Marks) The price an entity pays to acquire an intangible asset will reflect expectations about future economic benefits of the will flow to the company. This meets the probability test to identify an asset. 3. How is an intangible...

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Current and Noncurrent Assets ACC/400 Current and Noncurrent Assets Paper Accounting covers a multitude of areas, although most people think it just adding, subtracting, and receiving a total for something the company has bought or sold but of course it is not all it entails. Accounting by Merriam-Webster definition is “the system of recording and summarizing business and financial transactions and analyzing, verifying, and reporting the results” (Merriam-Webster Incorporated, 2012). Accounting...

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Asset and Liability Management Policy Review Audit Work Program Project Team (list members): Project Timing: Date Comments Planning Fieldwork Report Issuance (Local) Report Issuance (Worldwide) Audit Objectives Review the organization’s policies and procedures related to interest rate risk and Asset and Liability Management, including liquidity, derivatives, and swaps Determine if these policies and procedures are reviewed on a regular basis for effectiveness Assess the Board of Director’s...

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TABLE OF CONTENTS 1) Introduction 2) Plant Assets 3) Cost Subsequent to Acquisition 4) Valuation 5) Disposal of Plant Assets 6) Intangible Assets 7) Financial Reporting for Plant Assets 8) Conclusion 9) Bibliography and References 1) Introduction This paper includes, to the best of my knowledge and research, information pertaining the acquisition and disposal of plant assets. This includes terms, examples, descriptions and general accepted accounting principles necessary to...

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Current and Non-current Assets Without assets, businesses could not function. In order to show how much a business owns assets are used in accounting to clearly define the positive side of a balance sheet. Current and non-current assets are not only cash, but also monies which will turn into cash in the future. This includes receivables, properties, work in progress and buildings. This paper will define current and non-current assets, differentiate between the two, the order of liquidity and...

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The Company Logo—an asset or expense? As the title of this essay suggests, it must first be decided whether the company symbol or logo should be recognized as an asset or an expense. An asset is defined as something of value, such as cash, equipment, inventory, or buildings, while expense is defined as something that has a negative effect on the value of the practice, such as accounts payable. The simple question that needs to be answered is “Does the company logo contributes to or takes away from...

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structure and system? • The System is expected to reduce the amount of time and effort that is used to solve an accounting research issue. (d) What are the “topics” used in the ASC? • The General Principles • The Presentation • The Assets • Liabilities • Equity • Revenue • Expense • Broad Transactions • Industry (e) Are Securities and Exchange Commission (SEC) references included in the ASC? • Yes It is. 2. Transfer of Receivables FASC 860-10 As the new staff...

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the transaction as an asset purchase is beneficial not just to Brazos, but also to the management team. Assess this claim. The advantages of asset purchase for the management team are that they retain ownership of the shares of stock of the business because only assets and liabilities, which are specifically identified in the purchase agreement, are transferred to the buyer. They can still control the operation and employees assignment. However, the transactions of Asset purchase are generally...

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How to maintenance of liquid assets to ensure frm has adequate cash? Asking the above-referenced question without statistics makes it impossible for anyone to give you a proper answer. Generally speaking, you must limit expenses and ensure that some of your assets are in the form of short term assets. The higher your short term assets and the less your short term debt, the better your ability to pay the debt (short term liquidity ratio / liquidity ratio help you determine this). There is no...

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CHAPTER 5 REVENUES AND MONETARY ASSETS Chapter 5 is about Revenue Recognition and Monetary Assets. There are different criteria used in recognizing revenue depending on the standards the company is using. In general, revenues should be recognized when an entity has significantly performed what is required in the agreement, full ownership of goods is transferred, and services are rendered. The Securities and Exchange Commission (SEC) have identified fraudulent cases where the companies...

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and Noncurrent Assets Paper Raquel Jimenez ACC/400 December 19, 2012 Instructor: Carl Schulz Abstract The purpose of this paper is to discuss current and noncurrent assets, define the differences and similarities between the two, and address what the order of liquidity is and how it applies to the balance sheet. In business an asset is defined as a property or equipment owned by a company that has a positive economic value. There are two main types of assets: current assets and non-current...

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 Current and Non-Current Assets ACC/400 November 13, 2013 Current and Non-current Assets Current assets are usually cash or other resources that can be converted into cash easily and used up or liquidated within one year of a company operating cycle. Current assets are considered short term and include cash on hand, cash in a bank account, current debts. Current assets are items listed on the balance sheet in the order of liquidity which include cash, temporary investments...

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The United States Department of Justice's Asset Forfeiture Program is a nationwide law enforcement program that has become a powerful weapon in the fight against crime. This involves removing the proceeds of crimes used by criminals to continue activity against society. Asset forfeiture has the impact of disrupting criminal activities that would continue to function if the only tool used was conviction and incarceration of certain individuals. While the Department of Justice program applies only...

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meant be the term “intangible asset?” Intangible assets are defined as identifiable non-monetary assets that cannot not be seen, touched or physically measured, which are created through time and/or effort and that are identifiable as a separate asset. Corporate intellectual property (items such as patents, trademarks, copyrights, business methodologies), goodwill and brand recognition are all common intangible assets in today’s marketplace. Intangible assets have 3 critical attributes which...

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FOR INTANGIBLE ASSETS “WHY NOT ELIMINATE GOODWILL?” INTRODUCTION The Balance Sheet is one of the financial statements necessary to help different kinds of individuals – owners of enterprises, management of companies, analysts, creditors, inventors in making business decisions. It is a statement that tells about the financial position of the company. It encompasses the three main elements of the accounting equation – the assets, the liabilities and owner’s equity. The assets are resources controlled...

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Intangible Assets as a Source of Competitive Advantage Look No Further Managing Intangibles seems to be a smart idea. But to bet on it, one has to create a whole new organization. The concept of intangibles is not new, but across the globe, companies are slowly coming to grips with it. tury back physical, tangible assets created wealth; today, it’s intangible assets that are creating wealth. It’s a concept that packs a lot of punch but has no form as such. It questions capitalism for its emphasis...

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and Noncurrent Assets Current Assets A current asset is an asset such as cash, receivables, or inventory that can be converted into cash, consumed, or sold within a year’s time or a normal operating business cycle. These assets are listed on a company’s balance sheet as cash, unexpired insurance, accounts receivable, supplies, etc. and are expect to leave the balance sheet in the near future. Current assets get used up quickly and are used to pay current liabilities. Current assets are involved in...

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A STUDY ON ASSET LIABILITY MANAGEMENT IN BANKS ABSTRACT: In banking, ASSET AND LIABILITY MANAGEMENT (often abbreviated ALM) is the practice of managing risks that arise due to mismatches between the assets and liabilities (debts and assets) of the bank. This can also be seen in insurance. Asset liability management (ALM) is a strategic management tool to manage interest rate risk and liquidity risk faced by banks, other financial services companies and corporations. Asset-liability management...

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�PAGE � Asset Classes 1 Asset Classes Paper FIN 402 The mutual fund chosen is Merrill Lynch Global and the Dow 30 organization chosen is McDonalds. The asset classes for both the mutual fund and Dow 30 organization will be determined. The following will explain how classifications and the current investment environment impact organizational decisions concerning the composition of these portfolios. _Merrill Lynch Global_ Merrill Lynch (2006). Merrill Lynch is a company that helps individual...

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University of Hertfordshire | 6BUS1003 – Advanced Corporate Reporting | With reference to the measurement of tangible non-current assets, critically evaluate whether financial statements prepared using IFRS’s provide useful information. Use specific examples from the annual reports of FTSE 100 companies to illustrate your points. | | | 3rd December, 2012 | Word Count: 2004 | As the business environment grows and companies find new ways to expand into their respective - or even...

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