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What is Governmental Accounting Standards and what are Financial Accounting Standards Board. What are the objectives of the GASB and the FASB. What are their similarities and what are their differences. And how do the modified accrual basis of accounting differe from full accrual accounting.
Describe what is meant by Incremental Analysis? Briefly describe an example from a situation you know or have read about?
You've been asked to write down a memo explaining the process and address concerns by using citations from authoritative auditing literature.
Mathew Murphy, single, sold his home that he had owned for 20 years for $670,000. He purchased it for $110,000 and made $40,000 of capital improvements on the home during his time of ownership. a) How much gain is excluded? How much is recognized?
You're considering the S&P 500 futures contract. On the 1st November 2010, the S&P was trading at 1127,17 when futures contracts maturing on 1st March 2011 were priced at 1119,70. The annualised interest rate is 1,25% and the annualised dividend y..
Determine for each plan the earnings per share of common stock, assuming that the income before bond interest and income tax is $2,600,000. Discuss the advantages and disadvantages of each plan.
Critique the benefits and drawbacks of proprietorships and partnerships as a form of business organization.
List and describe four potential problems with a "traditional" overhead allocation system. List and describe four "red flags" that may indicate you should consider revising your overhead allocation system.
What are at least 5 considerations you will need to take into account when you make a make-decision versus a buy decision at some point in the future? Explain at least 5 reasons why these risk are important to consider.
In 2003, Roland, who is single, purchased a personal residence for $340,000 and took out a mortgage of $200,000 on the property. In May of the current year, when the residence had a fair market value of $440,000 and Roland owed $140,000 on the mor..
What are the optional elements that are often included in an annual report? What are the elements of an annual report that are required by the SEC? Describe the contents of the Management Discussion.
Is there a difference in approach to valuation by US GAAP and IFRS? Discuss and note two or three specific differences. In addition, briefly:
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..
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