Deferred Tax Assets There are a few accounting differences between tax (IRS) accounting and US GAAP accounting. Some differences cause deferred tax asset which is a future tax benefit. For example‚ say a firm currently is offering a special onetime 2-year warranty when a customer purchases its product. The firm estimates that over a 2-year period it is likely to spend a total of $200‚000 in warranty repairs. The following presents the reported income for this 2-year period using US GAAP rules:
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Governmental Financial Reporting Presented by David R. Koeppen‚ Ph.D.‚ CPA Department of Accountancy Boise State University dkoeppen@boisestate.edu Topics • • • • • Introduction Reporting Basics Fund Accounting Government-wide Financial Statements Summary and Conclusion Introduction • • • • Purpose of Financial Reporting Generally Accepted Accounting Principles Characteristics of Governmental Entities Effects of Characteristics on Financial Reporting Purpose of Financial Reporting • Private
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Hughes’ Harlem - A Dream Deferred Sometimes his poetry is simplistic and degenerates into a nothing more than whining‚ but other times he waxes quite profound‚ and in all cases he is worth studying. A poem that students often encounter in their classes is “Harlem: A Dream Deferred‚” from his Montage of a Dream Deferred. The following discussion analyzes Hughes’ “Harlem: A Dream Deferred” in terms of theme and literary devices; then it offers a commentary to help the student understand some of
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Analysis of a Dream Deferred by Langston Hughes This poem by Langston Hughes is a very complicated. In it the speaker paints a picture of what might happen to someone’s dream if it is postponed too long. This idea is the overall theme of the poem and it is what unifies and connects each line to the poem as a whole. There are also indirect references that this is not only the dream of an individual‚ but an entire race’s struggle to achieve peace and liberation. This poem consists of a series
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differences in the amount of income and expenses reported for GAAP and income tax purposes. The objective for GAAP reporting is to report the economic activities of the entity. The objective for income tax purposes is for the government to raise revenue. There are two terms that identify the types of income subject to tax under each reporting system. Firstly‚ pretax financial income is determined using GAAP. It is the amount of income on which income tax is computed for financial statement purposed
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Governmental Agency on Prison Health Care Phyllis M. Williams HCS/430 November 26‚ 2012 Christie Artuso‚ EdD‚ RN‚ CNRN Governmental Agency on Prison Health Care Within this paper‚ there will be an explanation of the role and impact of a governmental agency that regulates prison health care. In order to understand the full velocity of prison health care‚ one must first understand the definition of health care regulatory agencies. Health care regulatory agencies were established to monitor
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fall-out of Accounting Period concept. This concept requires that expenses incurred for a particular accounting period should be reckoned in the same period‚ irrespective of the fact whether these expenses have been paid in cash or not in that year. The same holds true for revenues‚ i.e.‚ revenues earned in a specific accounting period are construed as incomes of the same period‚ irrespective of their receipts. This concept is also known as the accrual theory of accounting or accrual accounting. This
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Revenue Recognition: Case Study on Caltron Computers‚ Inc. Julie Mong April 17 ‚ 2010 1. In general‚ evaluate Caltron’s revenue recognition policy and the quality of Caltron’s earnings. Caltron Computers‚ Inc.‚ a computer hardware company‚ is publicly held with market capitalization amounting to over $450 million. Carlton’s system designs enable their mini-computer systems to measure up to the power of mainframes with small cost outlays. The accounting practices
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A non-governmental organization (NGO) is a type of non-profit organization that works to promote human good while operating separately from any national government. The definition of an NGO varies slightly from nation to nation‚ but most NGOs fall within this framework. Because of the somewhat nebulous definition‚ the total number of NGOs worldwide is unknown‚ with a wide range of estimates available. Some NGOs work with governments and the United Nations to accomplish their ends‚ with certain
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Non-governmental organization From Wikipedia‚ the free encyclopedia "NGO" redirects here. For other uses‚ see NGO (disambiguation). Valdis Dombrovskis‚ then Prime Minister of Latvia‚ meeting an NGO representative A non-governmental organization (NGO) is the term commonly used for an organization that is neither a part of a government nor a conventional for-profit business. Usually set up by ordinary citizens‚ NGOs may be funded by governments‚ foundations‚ businesses‚ or private persons. Some
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