Choose one of the 3 main theories that explain the politic process of accounting standard setting and regulatory process in Australia. Explain critically the main elements of this theory and illustrate with examples. How does this theory operates in the real world. Public interest theory holds that regulation is supplied in response to the demand of the public as a result of inefficient or inequitable market practices. Initially it is assumed to benefit society as a whole rather than particular
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Nature of Accounting and the Accounting Standard Background Accounting is an important part for business and it is dubbed “language” of business activities conducted by firms. People think it is used to communicate business transactions per se to all stakeholders. However‚ some people argue that the functions of accounting are not that easy. Except the communication tool‚ accounting acts as many other difference roles in business. When doing accounting‚ different standard may be used. There are
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Cost Accounting -- MIDTERM 1 1) Pointed Pencil company incurs the following costs in its manufacture of pencils. Classify each one of them according to one of the value chain functions: Functions: A) Research and Development B) Design of products‚ services‚ and processes. C) Production D) Marketing E) Distribution F) Customer Service G) Strategy and Administration ____ 1) Cost of wood used in manufacture of pencils. ____ 2) Cost of wood used in packing cartons to ship pencils. ____
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Accounting Principles: A Business Perspective‚ Financial Accounting (Chapters 1 – 8) A Textbook Equity Open College Textbook originally by Hermanson‚ Edwards‚ and Maher Fearless copy‚ print‚ remix(tm) www.textbookequity.com www.opencollegetextbooks.org ISBN-13: 978-1461088189 ISBN-10: 1461088186 License: CC-BY-NC-SA p. 1 of 433 About This Publication Simply put‚ you may copy‚ print‚ redistribute‚ and re-purpose this textbook or parts of this textbook provided that you give attribution
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role accounting and financial information plays for a business and for its stakeholders. I. THE ROLE OF ACCOUNTING INFORMATION A. Financial information is the HEARTBEAT OF COMPETITIVE BUSINESS MANAGEMENT. 1. You have to know something about accounting if you want to understand business. 2. You need to learn basic accounting terms and understand basics of how accounts are kept. 3. To run a business effectively you need to be able to read‚ understand‚ and analyze accounting reports
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Values and Principles assignment Part I The Public Administrative Act 2004 demonstrates what people in the public sector can and can’t do. The purpose of it is to provide a framework for good governance in the Victorian public sector and in public administration generally in Victoria. The values of the public sector code of conduct include responsive service‚ integrity‚ impartiality‚ confidentiality‚ accountability‚ providing high quality services‚ respect‚ leadership and using powers responsibly
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Individual Assignment week 3 Rose Breedlove Merced ACC291 Accounting Principles II May 23‚ 2012 Prof. David Vega Individual Assignment week 3 Exercise E10-6 According to the accountant of Ulner Inc.‚ its payroll taxes for the week were as follows: * $198.40 for FICA taxes‚ * $19.84 for federal unemployment taxes‚ * $133.92 for state unemployment taxes. Instructions Journalize the entry to record the accrual of the payroll taxes. Solution: Payroll Tax Expense
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Problem 1: You are the Senior Accountant for the Patty Corporation which has several divisions. They each keep their own accounting books and have chosen the appropriate method of revenue recognition based on their operations. | | | | Pat’s Electronics Division | | | | | Pat’s Electronics Division sells computers through agents in various cities. Agents send orders and down payments to our company. The division then ships the goods F.O.B. shipping point directly to
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Intro to accounting Business Activites Financing Investing Operating Types of Financing Equity investors: Stockholders Hope to receive dividends or increase in stock price—no guarantees! Public versus private company Debt investors: Creditors of the business Expect principal and interest payments SEC (Securites and exchange commission) Established in 1933 Requires of public companies: Form 10-K (annually) Form 10-Q (quarterly) Audited financial statements (annually) by an “independent
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Proprietorship: For this entity‚ from a legal perspective‚ the business is the proprietor. An entity that has less than 2 owners. Faithful representation： also called the objective principle States evidence is objective Asserts that data are complete‚ neutral and free from material error. Partnership: Business organization of 2 or more partners with mutual agency. Joins 2 or more individuals as co-owners. Possess mutual agency. Stock: The corporate charter specifies how
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