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The subject of financial statement disclosure is heavily debated. As the instances of accounting scandals have increased so have FASB's full disclosure requirements. Some argue that FASB has not done enough. Others argue that the current requirements are too technical and burdensome. I would have to agree with both opinions. On one hand there are significant events that are not required to be disclosed. On the other hand a typical set of financial statements is so complicated that the average person is overwhelmed.
What do you think? Please support your opinion with additional research on the financial statement disclosure debate.
Greg received a salary of $50,000 in 2010 from his employer, Green Construction Associates, Inc. In July 2010, Green gave each employee $2,500 as a bonus for exceeding the monthly sales goals. employee $2,500 as a bonus for exceeding the monthly s..
The yield to maturity on the company's outstanding bonds is 9 percent, and its tax rate is 40 percent. Percy's CFO estimates that the company's WACC is 9.96 percent. What is Percy's cost of common equity?
Bridgette owns and runs a small licensed (alcohol) café. Her refrigerator broke down and she contacted an old client and friend of hers, Eddie (electrician) to repair it.
Describe the procedures Jeff should use in setting standards for direct labor and direct materials.
an application question which is about "capital markets research" in accounting. "Marcus Padley, a stockbroker, made the following statements in an article in The Sydney Morning Herald.
Assuming the City maintains it books and records in a manner that facilitates the preparation of the fund financial statements, prepare journal entries, in the Debt Service Fund, for the following transactions.
What is the importance of defining the population when performing audit procedures? How will this affect the sample size? How will incorrectly defining the population affect the sampling unit? - answer 100-150 words.
Assume you have $3,000 in your bank account today and you decide to transfer the money into a special educational deposit, which has been newly introduced by the bank.
Treasury stock that had been purchased for $5,400 last month was reissued this month for $7,500. The journal entry to record the reissuance would include a credit to
Joanie Corp sells it products on both credit and cash basis. Monthly sales are sold 10% for cash, 90% for credit. Credit sales are collected 40% in the month of sale and 60% the following month. Sales for the first quarter are as follows:
What is the difference between accural-basis accounting and cash-basis accounting? Why would politicians prefer the cash basis over the accrual basis?
Write an article arguing this position. You may or may not agree with this proposition. However, based upon the materials covered in this course and the discussions that have occurred in the TDAs, you should be able to articulate a cogent, persuas..
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