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Financial statement users often liken accounting standard setting to a political process. One user asserted that: My view is that the setting of accounting standards is as much a product of political action as of flawless logic or empirical findings. Why? Because the setting of standard is a social decision Standards place restrictions on behavior, therefore they must be accepted by the affected parties. Acceptance may be forced or voluntary or some of both. In a democratic society, getting acceptance is an exceedingly complicated process that requires skillful marketing in a political arena. Many parties affected by proposed standards intervene to protect their own interests while disguising their motivations as altruistic or theoretical. People often say, "if you like the answer, you'll love the theory". It is also alleged that those who are regulated by the standard-setting process have excessive influence over the regulatory process. One Financial Accounting Standard Board (FASB) member declared: "The business community has much greater influence than it's ever had over standard setting. I think it's unhealthy. It is the preparer community that is really being regulated in this process, and if we have those being regulated having a dominant role in the regulatory process that's asking for major trouble."
Required:
Discuss the relevance of the accounting standard-setting process to analysis of financial.
Select and explain ONLY the ratios that tell something important about Facebook either unusually strong or critically weak this should include the industry comparison or other basis for your evaluation and explain why you believe these ratios are ..
In business, there is a tension between the principals (stockholders) and agents (managers). The managers may choose policies that increase short-term profitability (and their bonuses) at the expense of long-term profitability.
On January 1, Top Flight Company purchased a $68,000 machine. The estimated life of the machine was five years, and the estimated salvage value was $5,000. Compute the amount of depreciation expense for the first year, using each of the following m..
The Adams Company, a merchandising firm, has budgeted its activity for November according to the following information:
At the end of the current year, the accountant for Navistar Graphics forgot to make an adjusting entry to accrue Wages payable to the company's employees for the last week in December.
Answer the following on 8 1/2x 11 paper. Be succinct. Try to give examples. Label each question by number and make sure to put your name on each page. E arnings Management, Identifying red flags
A $142 petty cash fund has cash of $24 and receipts of $121. Which of the following would be the credit in the journal entry to replenish the account?
A U.S. firm has a Canadian subsidiary that remits some of its earnings to the parent on an annual basis. The firm has no other foreign business. The firm could best reduce its exposure to exchange rate risk by issuing bonds denominated in:
What amount will Cashmere Soap include in its year-end balance sheet as cash and cash equivalents?
What would be the flexible budget amounts at an activity level of 12,000 machine hours if indirect materials is a variable cost and factory rent was a fixed cost?
Accumulated depreciation of $20,000 existed at the time of the sale. The journal entry to be made in the governmental activities journal will include all of the following except
Ted died on May 3. At the time of his death, he owned a beach house valued at $250,000. On June 10, the beach house was completely destroyed by a hurricane and there was no insurance coverage. If the executor elects to use the alternate valuation ..
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