Q1: explicit costs and implicit costs concepts Explicit Cost Explicit cost is defined as the direct payment which is supposed to be made to others while running business. This includes the wages‚ rents or materials which are due in the contract. The explicit cost is the expense done in business which can easily be identified and accounted for in the business at any stage. The explicit cost represents the out flows of cash in clear and obvious terms. When any out flow of credit occurs in a business
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Charles M. Schulz wrote the first Peanuts comic strip on October 2nd‚ 1950. In 1950 Schultz sold his first comic to the United States. The name that was given to the comic before the US changed it to Peanuts‚ was Li’l Folks. Schulz himself didn’t like the new name. Charlie Brown and his two young friends‚ Shermy and Patty‚ were in the first strip that had 4 panels. "Discover the Original Title for the Peanuts Cartoon Strip." About.com Education. N.p.‚ n.d. Web. 08 Apr. 2016. 1951 The first color
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following terms used in Note 3: grant date‚ exercise price‚ vesting period‚ expiration date‚ options granted‚ options exercised‚ and options forfeited. b. Note 3 (page 47 of Xilinx’s annual report) indicates that in fiscal 2007‚ Xilinx adopted a new accounting method for its stock options and other stock-based compensation as required by SFAS 123R. How does Xilinx now account for stock options? How does this differ from the method Xilinx used before
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inggLecturer’s Guide Accounting for Non-accounting Students Sixth edition J R Dyson ISBN 0 273 68301 2 © Pearson Education Limited 2004 Lecturers adopting the main text are permitted to download the manual as required. Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies around the world Visit us on the World Wide Web at: www.pearsoned.co.uk First published in Great Britain under the Pitman Publishing imprint in 1997 Second edition published
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they can move up in one or two years‚ or else you start to lose good people." 1. Determine how Trader Joe’s uses the management process (planning‚ organizing‚ leading‚ and controlling) to develop its employees. Potential Managers are sent to Trader Joe Univerity to learn the company. With this training they are able to run the store according to Trader Joes guidelines. They Have an intense loyalty to the company. Managers are able to teach part-time employee how to handle their customers and give
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professional conduct is clear that an accountant should follow all the six principles so that a healthy work environment could be created in the interest of the company‚ society and nation. The second discussion is focused on evaluation of ethicality of accounting activities. Manipulating the financial statements for personal interest or for loyalty towards company or its executives is unethical and the person responsible for such act will be punishable. Misstatement of financial statements is ethically wrong
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the World Series because of bribery. It revolved around a major New York gangster named Arnold Rothstein‚ who supplied the money to all of the players that were involved in the throwing. One particular player out of the starting nine was “Shoeless” Joe Jackson‚ an all star and a future Hall of Famer. He was one of the first players in the court case who pleaded guilty for taking money to intentionally lose the 1919 Baseball World Series. After the court ruling‚ Jackson told reporters‚ “The jury could
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is provided for general guidance only and on the understanding that it does not represent‚ and is not intended to be‚ advice. Whilst care has been taken in its preparation‚ it should not be used as a substitute for consultation with professional accounting‚ tax‚ legal or other advisors. Before making any decision or taking any action‚ you should consult with an appropriate specialist or professional. No warranty is given to the correctness of the information contained in this document‚ or its suitability
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FACT In examining the costs of pension plans‚ Leah Hutcherson‚ CPA‚ encounters certain terms. The components of pension costs that the terms represent must be dealt with appropriately if generally accepted accounting principles are to be reflected in the financial statements of entities with pension plans. DIRECTION AND REQUIREMENTS In this simulation‚ you will be asked various questions regarding basic pension plan terminology. 1. Discuss the theoretical justification for accrual recognition
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Case Study Inventory The Cost of Inventory The general principle for cost inclusion into inventory for US GAAP and IFRS is similar but not exactly the same. First let us look at US GAAP. The basis of accounting for inventories is “cost‚” which is explained in ASC 330-10-30 paragraph 1 as “the sum of the applicable expenditures and charges directly or indirectly incurred in bringing an article to its existing condition and location.” These costs are divided into two different categories‚ the
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