CHAPTER 2: REGULATION IN FINANCIAL ACCOUNTING Chapter 2 regulation in Financial accounting LEARNING OUTCOMES Upon completion of this chapter you should be able to understand: • The difference between management and financial accounting. • Why accounting regulations are important and required. • The need for and the structure of professional regulation‚ company law‚ stock exchange legislation and EU Directives. • How the different aspects of regulation work together
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Chapter 1: Overview—The Financial Statements Chapter 1 introduces the four financial statements--Income Statement‚ Statement of Retained Earnings‚ Balance Sheet‚ and Statement of Cash Flows. Accounting as the language of business is discussed along with an introduction of the various users of accounting information. Financial and Managerial accounting are compared. The four ways to organize a business – proprietorship‚ partnership‚ limited – liability company‚ and corporation‚ are discussed
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Lecture 7 – Tutorial Questions Tutorial List: 7-1‚ 7-2‚ 7-3‚ 7-4‚ 7-5‚ 7-6‚ 7-7‚ 7-8‚ 7-9 7.1. Kristen Hope asks your help concerning an NSF check. Explain to Kristen (a) what an NSF check is‚ (b) how it is treated in a bank reconciliation‚ and (c) whether it will require an adjusting entry. 7.2. The bank portion of the bank reconciliation for Brasilia Company at October 31‚ 20X1 was as follows. BRASILIA COMPANY Bank Reconciliation
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Accounting Tutorial Question Topic 2 Week 5 Question 1 Encik Abbul has a sundry shop business registered under the name of Prudential Enterprises. The following is the summarised version of the bad debts‚ doubtful debts and the A/Receivables accounts of his business start in 2011. (The accounting period of the business is similar to the normal calendar year) Year | Account Receivables | Bad debts already written off during the year | Allowance for doubtful debts (percentage of outstanding
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Abstract Due process is an American citizen’s right to fair treatment in the judicial system of the United States. Within the Amendments in the Bill of Rights‚ the American people are guaranteed the right to due process as established in the Fifth Amendment‚ and this right is extended through our state laws in the Fourteenth Amendment. Due process can be broken down into two subcategories: substantive due process and procedural due process. Substantive due process outlines an individual’s protection
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Principle Eight: Due Process In simplest terms‚ when a school terminates an employee‚ he or she should know the charges against them. In reality‚ the laws and guidelines surrounding the termination process is more complex. The process involves documentation‚ timelines‚ and hearings. Additionally‚ not all employees even qualify for due process. Idaho statute calls for three categories of certified teachers. • Category I employees are certified employees with one year contracts. No further notification
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2011‚ the Accounting Standards Review Board (ASRB) ceases to exist in New Zealand. 1. What is the ASRB to be replaced with‚ and what will be the statutory authority of this new organisation? The current authoritative accounting board is Accounting Standard Reporting Board (ASRB). This board reviews and approves financial reporting standards and their amendments‚ give directions as to authoritative support of accounting policies and encourage development of financial reporting standards. This
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IFRS – One World One Accounting Introduction to IFRS Currently‚ more than 100 countries requires or adopt IFRS and it is expected that by 2012‚ more than 150 countries will adopt IFRS. India has also taken the step towards convergence of Indian Accounting Standards with IFRS. This article details the need for harmonization of local GAAP with IFRS‚ challenges for Corporate India etc. 1. Importance of Accounting Standards 2. Accounting Standards Across the world 3. Need of Harmonization
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Act. The following Forest Conservation Activities are supported by the Fund: * Establishment‚ restoration‚ protection and maintenance of protected areas including Parks and reserves. * Development and implementation of scientifically sound systems of natural resources Management‚ including land and ecosystem management practices. * Training programmes to increase the scientific‚ technical and managerial capacities of individuals and organizations involved in conservation efforts. *
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Due Process in Higher Education The United States Constitution is the highest law in the United States. It establishes the form of the national government and defines the rights and liberties of the American people. Under the Fourteenth Amendment of the United States Constitution‚ no state may “deprive any person of life‚ liberty‚ or property‚ without due process of law.” Students attending public institutions of higher education are entitled to these rights. The Due Process Clause serves
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