Accounting


Accounting No Comments

historical background of the accounting rules in U.S. and International

Each student should conduct research activities: (1) to describe U.S. GAAP and International GAAP (i.e., IFRS)(2) to evaluate those GAAP’s in the selected topic. The research activities should include the following items in the chosen topic:(1) nature of accounting issues(2) historical background of the accounting rules in U.S. and International;(3) recognition and measurement rules;(4) presentation […]

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Accounting No Comments

future development along with the harmonization efforts of FASB and IASB

Each student should conduct research activities: (1) to describe U.S. GAAP and International GAAP (i.e., IFRS) (2) to evaluate those GAAP’s in the selected topic. The research activities should include the following items in the chosen topic: (1) nature of accounting issues (2) historical background of the accounting rules in U.S. and International; (3) recognition […]

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Accounting No Comments

to describe U.S. GAAP and International GAAP

Each student should conduct research activities: (1) to describe U.S. GAAP and International GAAP (i.e., IFRS) (2) to evaluate those GAAP’s in the selected topic. The research activities should include the following items in the chosen topic: (1) nature of accounting issues (2) historical background of the accounting rules in U.S. and International; (3) recognition […]

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Accounting No Comments

Garry is employed by a furniture retailer.Gerry’s employer allowed him to purchase floor stock for $2200 (inclusive of GST).The same floor stock would ordinarily be sold to customers for $8800

Q1. Emma designs and makes trendy jeans for teenagers.She sells the jeans exclusively through a friend’s shop.Her books of account provide the following information: 1 July 30 June Completed jeans ready for sale $5,000 $7,000 Partly completed jeans $1,000 Nil Jeans material $4,000 $500 Zips $900 $60 Total purchases of jeans material during the year=$5,000 […]

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Accounting No Comments

What is the taxable value of this fringe benefit?

Q1. Emma designs and makes trendy jeans for teenagers.She sells the jeans exclusively through a friend’s shop.Her books of account provide the following information: 1 July 30 June Completed jeans ready for sale $5,000 $7,000 Partly completed jeans $1,000 Nil Jeans material $4,000 $500 Zips $900 $60 Total purchases of jeans material during the year=$5,000 […]

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Accounting No Comments

Principles of Accounting

The following information is given for Tripp Company, which uses the indirect method. Net income $20,000 Depreciation expense 3,000 Increase in accounts receivable 2,000 Payment of dividends 2,000 Proceeds from sale of equipment 6,000 Increase in accounts payable 4,000 Decrease in inventory 3,000 From the information provided, answer the following questions: (1) The cash flow […]

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Accounting No Comments

AASB 11 joint arrangement

A joint arrangement is defined as being an arrangement where two or more parties contractually agree to share the control. Joint control exists only when the decisions about the activities that significantly affect the returns of an arrangement require the unanimous consent of the parties sharing control. This standard helps the users of financial statement […]

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Accounting No Comments

Politicization of GAAP

a) Increasing politicization (as the term is used in the broad sense) of accounting standard- Committee of Accounting Procedures (CAP) : it was entrusted with the task of setting accounting standards .On paper it was required to rationalize the reporting of Business performance .But due to its private organizing body lately it started formulation of […]

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Accounting No Comments

Prepare the year-end closing entries.

Closing entries: Date Particulars Amount (Dr) Amount (Cr) 31-dec-xx Sales 808000     Income statement   808000 31-dec-xx Income statement 556200     Cost of goods sold   556200 31-dec-xx Income statement 189000     Operating expenses   189000 31-dec-xx Income statement 35000     Income tax expense   35000 31-dec-xx Retained earnings 18900   […]

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Accounting No Comments

Vertical analysis (common-size) percentages for Vallejo Company’

    2009 2010 2011 1 Sales 100.00 100.00 100.00 2 Cost of goods sold 64.50 62.40 59.20 3 Expenses 27.50 25.60 25.00 4 Net profit-(1-2-3) 8.00 12.00 15.80             Net profit to sales %-(4/1) 8.0% 12.0% 15.8% As per the above calculation, we can deduce that net profit for […]

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