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Assignment Question 1-
Read the following quotation from Miller and Reading (1986, p. 64). If constituency support is necessary before particular accounting approaches become embodied in accounting standards, does this have implications for the ‘neutrality' and ‘representational faithfulness' (qualitative characteristics that exist in various conceptual framework projects around the world) of reports generated in accordance with accounting standards?
"The mere discovery of a problem is not sufficient to assure that the Financial Accounting Standards Board will undertake its solution ... There must be a suitably high likelihood that the Board can resolve the issues in a manner that will be acceptable to the constituency-without some prior sense of the likelihood that the Board members will be able to reach a consensus, it is generally not advisable to undertake a formal project".
Assignment Question 2-
As Watts and Zimmerman (1986, p. 7) state, Positive Accounting Theory ‘is concerned with explaining [accounting] practice. It is designed to explain and predict which firms will and which firms will not use a particular accounting method ... but it says nothing as to which method a firm should use'. Do you think that this represents an ‘abrogation' of the academics' duty to serve the community that supports them?
On May 1, Johnson Corporation purchased inventory for $40,000 on credit.
This new debt will be used to repurchase shares of the outstanding stock. The restructuring is expected to increase the earnings per share. What is minimum level of earnings before interest and taxes that the firm is expecting? Ignore taxes?
LMN issued 200 shares of its preferred stock, par $20, and 500 shares of its common stock, par $10 for a total cash consideration of $15,000. The current over-the-counter (OTC) stock prices for its stock were: Preferred, $25; Common, $20.
Smith Corporation produces bucket loader assemblies for the tractor industry. The product has a long-term life expectancy. Smith has decided to implement a JIT inventory system. Smith is deciding whether to use ABC Co. or XYZ Co. as the supplier. The..
A publicly traded corporation has a defined benefit pension plan in place for its employees. Under generally accepted accounting principles, as a measure of the company's pension liability, the company should not use what type of ..
Godinger Corporation had account balances at the end of the current year as follows:
abc inc. is adopting ifrs for the first time effective december 31 2016.nbsp their opening statement of financial
What are the segment reporting rules under the FASB, and how do they differ from the IFRS? How are they similar? Which set of rules provides more useful information to investors, and why?
Calculate the profit and loss position for each of the patient service departments and the hospital as a whole and what is Painless revenue variance? Is the total revenue variance favourable or unfavourable? Why?
For this assignment you are to write a culminating quantitative research report on the concepts and topics that you learned in this course. For this paper, you need to critique two or more research papers/journals that use quantitative research me..
A new assistant controller was heard saying, "All the assembly workers in this plant are covered by union contracts, so there should be no labor variances." Was the controller's remark correct? Why? Would the use of standards be appropriate in a nonm..
Samuel, head of household with two dependents, has 2014 wages of $26,000, paid alimony of $3,000, has taxable interest income of $2,000, and a $12,000 0%/15%/20% net long-term capital gain. Samuel uses the standard deduction and is age 38. What is hi..
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