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Variety is the Spice of Life!
Patricia Duong, having recently obtained her MBA, has been hired by one of the last of the large investment banking firms. As part of her responsibilities, she is required to make recommendations on investing in securities of foreign companies. During her lunch hour, Patricia runs into a colleague and complains about the difficulties she encounters with the lack of comparability in the financial statements of firms from different countries. She is puzzled by the inability of national accounting standardsetting bodies to agree on and implement a uniform accounting regime globally since, in her view, this would represent a win-win situation for all concerned. 1. Pretend you are the individual that Patricia is talking to. Explain why only one uniform accounting and reporting standard may not necessarily represent a winwin situation for all concerned.
2. Discuss the advantages and disadvantages of having diverse accounting standards that are the product of each country's national environment.
3. Discuss the issues raised when a country or region adopts some, but not all of the International Financial Reporting Standards.
4. In your opinion, should convergence be pursued?
Evaluate the regional manager's ethical responsibility in this scenario? Describe and support your position with evidence from the text.
Defend the historical cost principle. Use the conceptual frame work concepts and definitions in your defense. Explain how should Mary, treat the cost of cleanup? Is it a land cost, a building cost, or an expense? Explain.
Illustrate what are some of the more significant non-tax consequences of choosing the partnership form? Brief answer. 3-6 sentences minimum.
On January 1, 2009, the estimate of useful life was changed to a total of 12 years, and the estimate of residual value was changed to $20,000. Create the appropriate adjusting entry for depreciation in 2009 to reflect the revised estimate.
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Describe why it is essential to use preliminary stage and primary stage cost drivers
Calculate the Earnings per share (EPS) for each level of sales, the expected EPS, the standard deviation of the EPS, and the coefficient of variation of EPS, assuming that there are $10,000 shares of common stock outstanding,
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What income statement outcome, if any, would the change in categorization have for Qtip?
Calculation of good will - Total Shareholders' Equity of Little
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