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Q1. How widespread are IFRS and what do you think will happen to US GAAP?
Q2. What is the difference between a rule-based and principle-based system?
Q3. Discuss the Global Reporting Initiative, its purpose, the standard setting process, the use of its reporting system, etc.
Q4. How has SOX affected business organizations and the accounting profession?
Hobson acquires 40% of the outstanding voting stock of Stokes Company on January 1, 2008,for $210,000 in cash. The book value of Stokes' net assets on the date was $400,000, although one company's buildings, with a $60,000 carrying value, was actu..
Chase Bank loans P+P Company $120,000 on a 1 year promissory note on July 1, 2009. The interest rate of this loan is 12%. The principle and interest are due in one year. The journal entry to accrue interest earned on 12-31-09 is:
Why is measurement in the context of accounting so important
Explain in detail a post-closing trial balance, how it relates to the practice of accounting and its uses in business?
What do you do if you are unable to determine internal controls? Which do you think is most important?
Prepare the journal entry(s) and defend your reasoning process for the admission of Flint to the partnership assuming Flint invested $400,000 for the ownership interest. Flint paid the money directly to Chang and to Danos for 50% of each of their ..
What are the steps in completing the accounting cycle? How do the different steps affect the financial statements? What is the effect on the financial statements of missing a step when completing the accounting cycle?
Preparation of a classified balance sheet-From the following data, prepare a classified balance sheet for Simon Company at December 31, 2006.
A company processes a chemical, dx-1, through pressure treatment. The process has two outputs, A and B. The January costs to process dx-1 are $50,000 for materials and $100,000 for conversion costs. The outputs sell for a total of $250,000.
If Charming Confections Company charges each division 12% for capital employed, compute residual income for the Peanut and Plain divisions. Compute the ROI for each division.
During the last year, Bush Company had net income under absorption costing which was $5,500 lower than its income under the variable costing.
Write an analysis about test of liquidity that compare Best buy to Radio Shack and Conn's.
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