Top PDF interntional Accounting chapter 2 (2)

interntional Accounting chapter 2 (2)

interntional Accounting chapter 2 (2)

The most effective means for an AUDITOR to confirm his understanding how internal control over financial reporting is designed and operates to evaluate and test its effectiveness. It includes making inquiries of and observing the personnel who actually perform the controls; reviewing documents that are used in, and that result from, the application of the controls; and comparing supporting documentation to the accounting records. In a walkthrough, the auditor traces a transaction from origination through the company's information systems to the point where it is reflected in the company's financial reports. Walkthroughs provide the auditor with evidence to:
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Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta 2 CHAPTER 01

Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta 2 CHAPTER 01

Books of Pedro Castro will be retained by the partnership To adjust the assets and liabilities of Pedro Castro.. Pedro Castro, Capital ...[r]

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Manajemen | Fakultas Ekonomi Universitas Maritim Raja Ali Haji joeb.82.2.112-117

Manajemen | Fakultas Ekonomi Universitas Maritim Raja Ali Haji joeb.82.2.112-117

ABSTRACT. In this study, the author explored the extent to which students read the supplemental, in-chapter material con- tained in introductory accounting textbooks. A total of 668 students enrolled in 2002 spring and fall semesters at 3 universities in the southern United States participated in the study. The results showed that the par- ticipants considered elaborations on chapter topics to be the most important material they encountered. However, 55%–70% of the participants ignored all the materials involving Internet links, international accounting issues, and Microsoft Excel applications.
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Test Bank Cost Accounting 6e by Raiborn and Kinney  2 chapter

Test Bank Cost Accounting 6e by Raiborn and Kinney 2 chapter

A variable cost is one that remains constant on a per-unit basis but varies in total with changes in activity. Examples of variable costs include direct material, direct labor, and (possibly) utilities. A fixed cost is one that remains constant in total but varies on a per-unit basis with changes in activity. Examples of fixed costs include straight-line depreciation, insurance, and the supervisor's salary. DIF: Moderate OBJ: 2-1

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Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta 2 CHAPTER 02

Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta 2 CHAPTER 02

Capital balances, 1/2/06............................... P45,000 P45,000 P45,000 P135,000 Additional investment, 2006 ....................... _15,000 _15,000 __6,000 __36,000 Balances....................................................... 60,000 60,000 51,000 171,000 Net income (Loss) - 2006, equally .............. (1,800) ( 1,800) ( 1,800) ( 5,400) Withdrawals, 2006 ....................................... (17,000) ( 7,000) ( 3,200) ( 27,200) Capital balances, 12/31/06........................... 41,200 51,200 46,000 138,400 Additional investment, 2007 ....................... _____– _____– __6,000 ___6,000 Balances....................................................... 41,200 51,200 52,000 144,400 Net income - 2007, 40: 30: 30 ..................... 10,800 8,100 8,100 27,000 Withdrawals, 2007 ....................................... (17,000) ( 7,000) ( 3,200) ( 27,200) Capital Balances, 12/31/07 .......................... 35,000 52,300 56,900 144,200 Additional investment, 2008 ....................... ______– ______– ___6,000 ___6,000 Balances....................................................... 35,000 52,300 62,900 150,200 Net income, 2008 (schedule 1) .................... 56,365 42,272 20,363 120,000 Withdrawals, 2008 ....................................... (19,000) ( 9,000) ( 3,200) ( 31,200) Capital balances, 12/31/08........................... P72,365 P86,572 P80,063 P239,000
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Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta 2 CHAPTER 04

Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta 2 CHAPTER 04

Case 3 Balances before liquidation ..... Bina, capital before liquidation ...[r]

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Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta 2 CHAPTER 03

Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta 2 CHAPTER 03

60,000 To record transfer of assets and liabilities to The corporation and the receipt of capital stock 4 Jack capital ..... Entries in the Books of the Corporation 1 To record th[r]

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Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta 2 CHAPTER 05

Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta 2 CHAPTER 05

partnership is P485,000 + P175,000 = P660,000. A one-sixth interest in the partnership is P660,000 x 1/6 = P110,000. Using the bonus method, we compute a bonus of P175,000 – P110,000 = P65,000. Using the 2:3 profit sharing ratio, the amount allocated to Jenny is P26,000 (2/5 x P65,000) and the amount allocated to Kenny is P39,000 (3/5 x P65,000).

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Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta 2 CHAPTER 08

Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta 2 CHAPTER 08

Since the Company has a reorganization value of P800,000 but only P653,000 can be assigned to specific assets based on market value, the remaining P147,000 is reported as a Reorganizatio[r]

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Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 2

Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 2

b. Average capital of Castro [(P26,000 + P32,000)  2] ........................... P29,000 Average of Diaz [(P16,500 + P18,500)  2]....... .................................. _18,000 Castro's excess ..................................................... .................................. P11,000 Multiply by .......................................................... .................................. ___10% Interest ................................................................. .................................. P 1,100

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Chapter 2 Accounting and accounting info

Chapter 2 Accounting and accounting info

In this chapter the nature of Accounting and its product, accounting information was considered. Accounting is used as a generic term to include both Management Accounting and Financial Accounting. The main purpose of accounting information is to provide information that is useful to decision making. In deciding what constitutes decision-useful information, two aspects were considered. Firstly, the qualities inherent to decision-useful information and secondly, the groups of users of accounting information were identified and their particular needs assessed. These needs are not static but rather dynamic, changing constantly in response to a changing environment (IFAC, 1996). This implies that the accounting information system should be flexible so that it can adapt to the changing demands of its users. The system should also be user driven; that is, the needs and expectations of the users of accounting information should dictate the type of information that is produced. The requirement that the accounting information systems should constantly reposition itself in response to changing expectations. This implies that it should be viewed as an open system. In other words, feedback both from within the system and from its environment should drive the constant repositioning of the information system.
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Cost Accounting, Chapter 2 11ch02

Cost Accounting, Chapter 2 11ch02

Relevant Range Example Relevant Range Example Assume that fixed leasing costs are $94,500 for a year and that they remain the same for a certain volume range 1,000 to 5,000 bicycles...[r]

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International Accounting, Chapter 2 ch 02

International Accounting, Chapter 2 ch 02

code law accounting  Common law accounting  Oriented toward fair presentation, transparency, and full disclosure  Separation between tax and financial accounting  Accounting s[r]

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ACCA P2 Corporate Reporing P2 INT Study Text 2013

ACCA P2 Corporate Reporing P2 INT Study Text 2013

Accounting standards based on detailed rules are open to abuse. ‘Creative accounting’ is the name given to techniques which enable management to give a biased impression (usually favourable) of the company’s performance while still complying with accounting standards and other regulations. During the 1980s there were a number of scandals in which investors were misled by the financial statements of apparently healthy companies which then collapsed. This was one of the original reasons why the IASB and other standard setters developed their conceptual frameworks. Principles are normally much harder to evade than rules. Another disadvantage of a rule-based system is that standard setters are more likely to be influenced by ‘vested interests’ such as large companies or a particular business sector. The existence of a conceptual framework is an important safeguard against this kind of political pressure.
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2. E-BOOK | Smart Accounting

2. E-BOOK | Smart Accounting

urnal penyesuaian adalah pencatatan akuntansi yang dibuat pada akhir periode dalam rangka penyusunan laporan keuangan. Pencatatan jurnal penyesuaian ini dimaksudkan agar laporan keuangan menyajikan informasi yang senyatanya terjadi. Dua (2) hal yang menjadikan jurnal penyesuaian diperlukan, yaitu karena ketentuan di PABU dan karena koreksi kesalahan pencatatan transaksi.

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2. E-BOOK | Smart Accounting

2. E-BOOK | Smart Accounting

Sifat akun elemen aktiva dan akun elemen biaya sama, yaitu di debet jika bertambah dan di kredit jika berkurang. Sedangkan sifat akun elemen utang, elemen modal, dan elemen pendapatan adalah sama, yaitu di kredit jika bertambah dan di debet jika berkurang (ingat aplikasi PDA di Bab 2).

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Introduction to Accounting 2 Investments

Introduction to Accounting 2 Investments

Partial Balance Sheet Stockholders’ equity Common stock $ 3,000,000 Retained earnings 1,500,000 Total paid-in capital and retained earnings 4,500,000 Less: Unrealized loss on av[r]

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Accounting 2 plant assets (2)

Accounting 2 plant assets (2)

C orrec tions of prior period errors are als o nonrec urring items that do not appe ar as a line item on the inc ome s tatement... 32 weight c alc ulation, as s hown in the following exa[r]

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ACCA  Paper 2 International Corporate Reporting Manual

ACCA Paper 2 International Corporate Reporting Manual

The accounting policy adopted for the agreements relating to the oil contracts raises a number of concerns. The revenue recognition policy currently used is inflating revenue in the first year of the contract with 50% of the revenue being recognised, but a smaller proportion of the costs are recognised in the form of depreciation. Over the life of the contract, costs and revenues are equally matched but in the short term there is a bias towards a more immediate recognition of revenue against a straight line cost deferral policy. Additionally oil sales result in revenue whilst purchases of oil result in a tangible non-current asset. IAS18 Revenue states that revenue and expenses that relate to the same transaction or event should be recognised simultaneously and the “Framework” says that the “measurement and display of the financial effect of like transactions must be carried out in a consistent way”. Accounting policies should provide a framework to ensure that this occurs. The current accounting practice seems to be out of line with IAS18 and the Framework.
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