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1.) Some of the environmental factors described in your reading which contribute to worldwide diversity in financial reporting include (1) legal system, (2) taxation, (3) providers of financing, (4) inflation, (5) political and economic ties, and (6) culture.
Pick the two factors you believe are the most problematic when attempting to set standards for financial reporting at an international level. Defend why you believe they are the biggest road blocks, and how they may be overcome.
2.) Explain how convergence differs from harmonization.
-In your opinion what are the two most important arguments in favor of international convergence for U.S. public companies?
-In your opinion what are the two most important arguments against international convergence for U.S. public companies?
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The information from these statements is used to analyze and establish budgets, forecast, variance reports, and ratios, among other things, with the key being that they are only used internally).
Describe and illustrate the kind of information that should be reported in notes to the financial statements.
what happens to the present value factor as our discount rate or interest rate increases for a given time period?
topeka bike company received a 940 check from a customer for the balance due. the transaction was erroneously recorded
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Stockton Corporation purchased equipment for $32,000. Stockton also paid $400 for freight and insurance while the equipment was in transit. Sales tax amounted to $240. Insurance, taxes, and maintenance the first year of use cost $1,000. How much s..
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