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In generating theories of accounting based upon what accountants actually do, it is unspecified (often implicitly) that what is done by the majority of accountants is the most suitable practice.
In adopting such a perspective there is, in a sense, a perspective of accounting Darwinism-a view that accounting practice has evolved, and fittest, or perhaps ‘best', practices have survived. Prescriptions or advice are given to others on the basis of what most accountants do-the ‘logic' being that majority of accountants must be doing the most appropriate thing.
a. Explain the meaning of the above paragraph and evaluate the logic of the perspective described
b. Based on the above paragraph, can we say that the study of financial accounting theory is just a waste of time for accounting students? Explain your answer either you agree or disagree.
Venetian Company management wants to maintain a minimum monthly cash balance of $20,500. How much cash, if any, must be borrowed to maintain the desired minimum monthly balance?
Harrier repurchases the stock in 2011. On its 2010 corporate income tax return, Harrier plans to deduct a net capital loss of $3,000. Determine the propriety of Harrier's plans.
A cost behavior analysis indicates that 75% of the cost of goods sold are variable, 42% of the selling expenses are variable, and 40% of the administrative expenses are variable.
perfect gas corporation supplies compressed gases to business customers. data regarding the stores operations given
discusses the major distinctions between business entities and government/non-profit entities, and the impact these distinctions have on financial reporting. Identify two of these distinctions and their impact on financial reporting.
Based on an again of accounts receivable, management estimates the end-of-year uncollectible accounts receivable to be $38,700.
Prepare the journal entry for purchase assuming that the fair market value of the machine is $60,000.
journal entries for various transactions in sole proprietorship.1. complete exercises e3-1 transaction analysis -
The impression one gains from the internal inconsistency of many of the arguments upon the which justification of conventional accounting, is made to rest is strongly reminiscent of the underlying philosophy of the rulers of Oceania in George Orwell'..
Net income for the year totaled $2,000. Compute return on assets - Rearrange balance sheet to be in standard British format.
like kind exchange. f exchanged undeveloped land worth 45000 with g for land worth 42000 and a personal automobile
Purpose general journal entries to record the above transactions.
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