BKAF 3083 ACCOUNTING THEORY AND PRACTICE Individual Assignment 1 1. Explain 8 levels of conceptual framework Level | Elements | Explanation | 1.Border of discipline / authority | * Definition of financial reporting | It defines the financial record of the business activities. | 2. Subject | * Definition of the reporting entity | It defines the reporting entities where the users are dependent on their financial statements to make decision. | 3. Objective | * Objective | It is
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Theories and Models of Public Administration Zainab Morales University of Phoenix MGT 522 In the United States of America President Woodrow Wilson is considered to be the father of public administration. He was the first president to hire social scientists in government and as a result as other presidents came along such as Freanklin Delano Roosevelt and Lyndon B. Johnson public administration evolved to what it is today (Henry‚ 2013‚ p. 342)
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Theory of Accounts 1. The fundamental qualitative characteristic of faithful representation has the components of a. Predictive value and confirmatory value b. Comparability‚ consistency‚ and confirmatory value c. Understandability‚ predictive value‚ and reliability d. Completeness‚ neutrality‚ and freedom from error 2. The amount reported as “Cash” on a company’s balance sheet normally should exclude a. Postdated checks that are payable to the company b. Cash in a payroll account c. Undelivered
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Accounting Theory Questions 1. what is positive accounting theory? how does it differ from normative accounting theory? what was/were the major dissatisfaction(s) with normative accounting theory which led to the development of a positive theory accounting? 2. Explain the meaning of an efficient market. what is meant by the following terms: weak-form efficiency‚ semistrong-form efficiency‚ strong-form efficiency? which form is the most important to accounting research? why? 3 Explain the important
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the present age‚ accounting seems to be an indispensable tool for modern business activities. However‚ not only for the profit orientated commercial business‚ it also plays an important role in the non-profit profit organizations‚ such as public sectors. Moreover‚ due to several deficiencies and drawbacks of government accounting and financial-management systems‚ such as unclear accountability‚ poorly maintained assets and hided losses and long-term liabilities‚ reforms in the public sector have been
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ACCT3003 Issues in Accounting Theory SP5 2010 Topic 4: Heritage and biological assets. The following question has some minor changes due to amendments to AASB 141 which removed reference to ‘estimated point of sale costs” and replaced it with “costs to sell”. 9.22 In 2005‚ Nambour Limited established and commenced operation of a mango farm. The trees were planted in 2005 and began producing saleable mangoes in 2011. On 30 June 2012‚ 90% of the mangoes are sold‚ one week after they were
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UNIVERSITI TENAGA NASIONAL COLLEGE OF BUSINESS MANAGEMENT AND ACCOUNTING DEPARTMENT OF ACCOUNTING SUBJECT: ACCOUNTING THEORY AND PRACTICE PREPARE FOR: DR.NORHAYATI MAT HUSIN PREPARE BY: NUR FADZILAH BT NORIZAN (AC086628) NUR IZYAN BT MOHD ISHAK (AC086934) NURUL AQILAH BT ZAMRI (AC085167) THILAGA SEGARAN (AC086628) BACHELOR IN ACCOUNTING (HONS) CASE 1: WASTE MANAGEMENT a) Define the matching principle and explain
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Fair value or false accounting 1. How are assets and liabilities measured under IAS 39? Answer: According to IAS 39‚ Financial Instruments: Recognition and Measurement‚ financial instrument are to be stated at their ‘fair value’- defined as ‘the amount for which an asset could be exchanged‚ or a liability settled‚ between knowledgeable‚ willing parties in an arm’s length transaction’. ‘If the market for a financial instrument is not active‚ an entity establishes a fair value
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This lecture by Stiglitz is about how and why Pareto or near-Pareto improvement is hard to achieve‚ through his experience in Council of Economic Advisors for the United States government. First‚ Stiglitz writes about Adam Smith`s invisible hand theory as an explications of conditions under which market equilibrium will be Pareto efficient‚ and discusses about the importance of government intervention by writing that in presence of imperfect information or incomplete market‚ there will always be
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1121 theory Topic 1 BDA/inventory * Time period assumptions: firm would find it desirable to report their financial statements more frequently therefore the economic life could be divided into artificial time periods. * Why are adjusting entries required? The purpose of balance day adjustment is to recognise revenue and expenses in the relevant Period. * Compare and contrast the purposes of adjusting entries‚ closing entries and reversing entries The purpose of closing entry is
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