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Assignment Question 1:
Read the following quotation from Miller and Reading (1986, p. 64). If constituency support is necessary before particular accounting approaches become embodied in accounting standards, does this have implications for the ‘neutrality' and ‘representational faithfulness' (qualitative characteristics that exist in various conceptual framework projects around the world) of reports generated in accordance with accounting standards?
Accounting Theory and Current Issue"The mere discovery of a problem is not sufficient to assure that the Financial Accounting Standards Board will undertake its solution ... There must be a suitably high likelihood that the Board can resolve the issues in a manner that will be acceptable to the constituency-without some prior sense of the likelihood that the Board members will be able to reach a consensus, it is generally not advisable to undertake a formal project".
Assignment Question 2:
As Watts and Zimmerman (1986, p. 7) state, Positive Accounting Theory ‘is concerned with explaining [accounting] practice. It is designed to explain and predict which firms will and which firms will not use a particular accounting method ... but it says nothing as to which method a firm should use'. Do you think that this represents an ‘abrogation' of the academics' duty to serve the community that supports them?
The ledgers of Mid City Galleries Inc. contain the following balances as of December 31, 2006. Prepare in good form a multiple-step income statement for Mid City Galleries.
Father and son are co-owners of a manufacturing company, with father having transferred some of his stock to his son in previous years. There is no debt in excess of stock basis.
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how much of the new investment must be financed by common equity?
1. we are purchasing a house which costs 450000 and we are mortgaging 80. use bank rate.com not the chartsa.
Leon Tyler's VISA balance is $793.15. He may pay it off in 12 equal end-of-month payments of $75 each. What interest rate is Leon paying?
magic corporation an amusement park is considering a capital investment in a new exhibit. the exhibit would cost 175081
kazaam company a merchandiser recently completed its calendar-year 2011 operations. for the yearall sales are credit
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