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Review the convergence of United States Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).Describe why accounting rules differ from country to country?Discuss the advantages of a single set of financial statements worldwide. Are there any disadvantages, particularly to the U.S.?Identify and explain some of the key differences between U.S. GAAP and IFRS standards.Offer an opinion on whether you personally feel convergence with IFRS is a good idea for the U.S. Support your opinion.
Post Inc, had a receivable from a foregn customer that is payable in customer's loca currency. On Dec 31, 2009, Post correctly included this receivable for 200,000 local currency units
Differentiate between the various rates of pay among the different major groups of employees, and include information about the differences between exempt and nonexempt employees. Discuss how wage and hour legislation has affected employment prac..
What is the relationship between receivables and cash? What is their influence on liquidity and solvency? How do they affect competitiveness? Why are sales revenue and gross margin so important?
Describe what entry must Sam's Painting Service make on December 31 before financial statements are prepared?
Sydney Corporation, an Australian-based multinational, borrowed 10,000,000 euros from a German lender at the beginning of calendar year when exchange rate was EUR.60 = AUD1.
Some, but not all, contributions of goods and services are given accounting recognition. In each of the following scenarios, an organization receives a contribution in kind. Prepare journal entries, as necessary, to give them accounting recognitio..
For each of the following items, indicate whether it would be classified and reported under the operating activities (OA), investing activities (IA), or financing activities (FA) section of a statement of cash flows:
Journalize May transactions. post entries to general ledger, Prepare trail balance ,Prepare income statement, owners' equity statement and balance sheet.
Prepare a schedule of cash collections for January, February, and March and for the quarter in total, Prepare a production budget for January, February, and March and for the quarter in total.
You're an IT auditor working for $15 million sales per year speciality chocolate candy manufacturer. The company is planning to engage in e-commerce over Internet. What would be your five biggest concerns regarding risk and why?
Assume that actual cash inflows turn out to be $91,000 per year. Determine the amount of Mr. Holt's bonus if the original computation of net present value were based on $90,000 versus $70,000.
On May 1, Battery, Inc. factored $800,000 of accounts receivable with Quick Finance on a without recourse basis. Under the arrangement, Battery was to handle disputes concerning service, and Quick Finance was to make the collections
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