1 Cost of equipment Chapter 12 Fixed tangible assets PPE: measurement Initial measurement Subsequent costs Measurement subsequent to initial recognition Derecognition PPE: initial measurement An item of property‚ plant and equipment that qualifies for recognition as an asset should initially be measured at its cost The cost of an item of property‚ plant and equipment comprises its purchase price‚ including import duties and nonrefundable
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directly comparable GAAP measure or excludes amounts that are included in the most directly comparable GAAP measure. Some common examples of non-GAAP earnings measures are cash earnings‚ operating earnings‚ EBITDA and FFO. The non-GAAP numbers impact revenue numbers without the use of subscription accounting. Companies that disclose operating income that excludes “nonrecurring” items such as restructuring expenses or impairment charges are using non-GAAP financial measures. Companies can use this to issue
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Provide information to assess performance 2. Which of the following is true regarding recognition of an item in a company’s financial statements? a. Recognition means disclosing an item somewhere in the financial statements. b. An item must be legally enforceable to be recognized as an asset. c. Recognition refers to the process of measuring and including an item in the financial statements. d. Recognition refers to the decision of whether to value an item at historical cost or fair value. e
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4. The left side of an account is always: a. the debit side. b. the credit side. c. the balance of that account. d. carried forward to the next accounting period. 5. Posting is the process of: a. preparing a chart of accounts. b. adding a column of figures. c. transferring journal entries to ledger accounts. d. recording entries in a journal. 6. Montana Inc.’s fiscal year ended on December 31‚ 2012. The balance in the prepaid insurance account as of December 31‚ 2012‚ was $34‚800 (before
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200 in sunk costs that cannot be avoided regardless of the continuation of the Craddock Cup. Subtracting these irrelevant costs from the total expenses of the tournament‚ we get $43‚338 in relevant costs. When you subtract these expenses from the revenue generated by the tournament‚ we end up with a relevant profit of $6‚502. This means that the CYSL is making $6‚502 more than it would if it eliminated the Craddock Cup. I would therefore recommend that the Craddock Cup be continued. 2. My answer
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case is the revenue recognition principle. United’s director of the southern sales division‚ Frank Campbell‚ reviewed purchase orders for the end of the year to determine if shipments could be made to customers prior to year end. Campbell looks at it that this could simply be fixed by accelerating production and shipping to increase sales revenue for the current fiscal year (Mintz & Morris‚ 2011). Campbell chooses to go ahead with the shipments that caused an increase in the revenue by 150‚000;
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fall asleep. The system may also detect whether a driver is affected by alcohol or drugs. A microphone picks up your answer and breaks it down into separate words with speech-recognition software. A camera built into the dashboard also tracks your lip movements to improve the accuracy of the speech recognition. A voice analyzer then looks for signs of tiredness by checking to see if the answer matches your profile. Slow responses and a lack of intonation are signs of fatigue. If you reply
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the software products. As a company‚ it has shown a very stable growth in terms of revenues and profits‚ thus enabling better than industry share price increase over more than a decade (1986-1999). With respect to the primary operation of software development and the task to financial reporting the two areas that were required to be established were – a) Treatment of Software Development costs. b) Revenue recognition policy. As per the statement (SFAS no 86)issued by Financial Accounting Standards
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1. ABSTRACT The Smart Note Taker is such a helpful product that satisfies the needs of the people in today’s technologic and fast life. This product can be used in many ways. The Smart Note Taker provides taking fast and easy notes to people who are busy one’s self with something. With the help of Smart Note Taker‚ people will be able to write notes on the air‚ while being busy with their work. The written note will be stored on the memory chip of the pen‚ and will be able to read in digital medium
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