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1. (Rule-Making Process) In 1973, the responsibility for developing and issuing rules on accounting practices was given to the Financial Accounting Foundation and, in particular, to an arm of the foundation called the Financial Accounting Standards Board (FASB). The generally accepted accounting principles established by the FASB are enunciated through a publication series entitled Statements of Financial Accounting Standards. These statements are issued periodically, and over 160 have been issued. The statements have a significant influence on the way in which financial statements are prepared by U.S. corporations.
(a) Describe the process by which a topic is selected or identified as appropriate for study by theFinancial Accounting Standards Board (FASB).
(b) Once a topic is considered appropriate for consideration by the FASB, a series of steps is followed before a Statement of Financial Accounting Standards is issued. Describe the major steps in the process leading to the issuance of a standard.
(c) Identify at least three other organizations that influence the setting of generally accepted accounting principles (GAAP). (CMA adapted)
2. Which of the following is a step in locating offshore assets? a. determine if a subject traveled overseas b. locate the subject's travel agency c. identify the means employed to move cash offshore d. all of the above e. none of the above
1.The Peridot Company purchased machinery on January 2, 2011, for $800,000.
What is the relationship between tax base and tax rate in determining the revenue collected by the government? Give an example of how a particular tax would fit into the various components of the equation.
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Prepare the journal entry to record the amortization of the franchise fee at the end of year 1.
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