Chapter 1 A Survey of International Accounting A brief description of the major points covered in each case and problem. CASES Case 1 In this case‚ students are introduced to the difference in accounting for R&D costs between IFRS and U.S. GAAP and asked to comment on whether one method is better than the other‚ as well as whether any part of R&D should be capitalized. Case 2 (prepared by Peter Secord‚ Saint Mary’s University) In this real life case‚ students are asked
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Question 3: Paragraph 81 states that if the amount of consideration to which an entity will be entitled is variable‚ the cumulative amount of revenue the entity recognizes to date should not exceed the amount to which the entity is reasonably assured to be entitled. An entity is reasonably assured to be entitled to the amount allocated to satisfied performance obligations only if the entity has experience with similar performance obligations and that experience is predictive of the amount of consideration
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------------------------------------------------- The following questions are meant to help you practice answering multiple choice questions over the A201 material. These questions are not meant to be a substitute for a thorough review of the course material including reading the chapters‚ answering end of chapter exercises‚ and reviewing course notes. 1) Which one of the following groups of accounts contains only assets? a) Equipment‚ patents‚ accounts receivable b) Accounts
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partial communication breakdowns by other system modules‚ and that increases the robustness of human-machine interactions by speech. During oral interactions with computers‚ communication problems often arise after the occurrence of errors during the recognition phase. Sometimes these errors cannot be solved by the semantic module: the utterances containing them are interpreted by the semantic analyser‚ but with an information content different from the speaker ’s intended meaning. Detecting such miscommunications
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Governmental and Nonprofit Accounting March 2014 - CPA EXAM Quiz – Answers and Explanations [1] Net assets is an element of the financial statements of not-for-profit entities (NFPs). It A. Net assets equal the residual interest in the assets of an entity that remains after subtracting its liabilities. For a business enterprise‚ equity (the ownership interest) is the analogue of net assets. In an NFP‚ which has no ownership interest in the same sense as a business enterprise‚ the net assets
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BUSINESS ANALYSIS AND VALUATION REPORT Scheduled Class: Monday 2:00pm to 5:00pm 1. Introduction Harvey Norman is now a public company that is listed on the stock exchange‚ whose principal activities primarily consist of an integrated franchising‚ retail and property entity. It is one of Australia’s most successful retail groups‚ operating more than 150 franchised department stores‚ which focus on selling computers‚ home entertainment equipment and home appliances
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1.In general‚ ending inventory is stated at historical cost (what was paid to obtain it) but what if when the original cost of the ending inventory is greater than the cost of replacement? Thus the inventory has lost value. If the inventory has decreased in value below historical cost then its carrying value is reduced and reported on the balance sheet. The criterion for reporting this is the current market value. Any loss resulting from the decline in the value of inventory is charged to cost of
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Jeremy Barker Accounting 201-001 Prof Abavana 9/17/12 CA1-18 a) The ethical issue is the corporate reporting department is not recording the late entries and reporting incorrect numbers on purpose. b) Troy Normand is acting immorally because as a manager he is not making sure that the numbers are being recorded correctly. c) I would have done what a manager supposed to do and make sure the numbers and late entries are being recorded correctly. d) The major stakeholders are the
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1. Both criteria of basis revenue recognition are confirmed: Entity has substantially performed what is required in order to earn income and the amount of income can be reliably measured. Because of the problem which occurs by reading out the customers meters the company should estimate the revenues for the month December. It has many historical data about the electricity usage of its customers. For example it could relay on the experiences of the last December. Normally there are no high fluctuations
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Effect of revenue increase to Ford Motor Company’s working capital policy. Ford Motor Company working capital is a measurement of efficiency and health in a short term. The working capital is Current Assets less the Current Liabilities‚ and 20% increase indicates Ford Motor Company should pay off short-term liabilities. Ford Motor Company shows a 20% increase in revenue that brings the revenue up from $128‚954 to $154‚745 million. With the increase Ford Motor Company should invest in labor
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