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Your posts are very good and state that management should focus on the success of the business rather than managing income to their benefit. This gets into ethics, where if you keep doing the right thing you will reap the benefits with bonus's and promotions. If you do the wrong thing for your own benefit, it will eventually catch up with you and you will pay the consequences. Management should present financial statements that are transparent to the normal user without attaching too much information so the end user gets overwhelmed. Class, does a high income mean high quality of earnings? What about if a company reports a loss, does that mean that they don't have a high quality of earnings?
The Stanford Company uses a standard cost system for and applies overhead based on machine hours. The following information is available for June: Calculate the fixed overhead budget variance and volume variance for the month of June.
Explain the advantages and disadvantages of each set of performance measures. How do they must design the organizational architecture to control the agency problems?
Is there a difference in approach to valuation by US GAAP and IFRS? Discuss and note two or three specific differences. In addition, briefly:
Prepare responses to the following assignments from the e-text, Fundamentals of Financial Accounting 1st ed., by Phillips, Libby, and Libby-Identifying Outstanding Checks and Deposits in Transit and Preparing a Bank Reconciliation and Journal Entri..
What is the difference between using the percentage of sales and percentage of receivables method for calculating doubtful accounts? Is it appropriate to use a hybrid of the percentage of sales and the percentage of receivables methods of calculat..
The company's net income for the year was $12,000 higher under variable costing than under absorption costing. Given these facts, the number of units of product in inventory at the beginning of the year must have been:
Prepare cash budget, cash balance and minimum cash balance-Using the information above, prepare a cash budget as of December 31, 2009.
Listed below are transactions dealing with various stock benefit plans of Fortune-Time Corporation during the period 2009-2011. The market price of the stock is $45 at January 1, 2009. Prepare the Journal entries that Fortune-Time recorded for each..
In its first year of operations, Harden Co. earned $39,000 in revenues and received $33,000 cash from these customers-Calculate the first year’s net income under both the cash basis and the accrual basis of accounting.
The T&M company wants to expand internationally. The marketing department suggests starting with specialty stores in Italy since a survey indicates that American quality towels are appreciated in Italy. The current price is about 20% higher than c..
Discuss accounting techniques in general as they relate to the profession. Some things to discuss are the different accounting roles and positions that are out there and how you see yourself fitting into those roles based on what you have learned ..
Corporate Law Case Studies, case for Designco Pty ltd designs, manufactures and distributes craft kits for children, case for Andrew and Belinda are the only shareholders and directors of Sailors Pty Ltd
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