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Question -
1) Identify one (1) benefit and one (1) drawback (cost) to allowing managerial discretion within GAAP reporting requirements.
2) Define the "matching principle" and explain its importance to GAAP.
3) In the Form 10-K, we typically find the five required financial statements approximately in the middle, followed by the "Notes to Consolidated Financial Statements." Why are the Notes an integral part of the required GAAP reporting?
4) How would you define and explain the purpose of "Financial Statement Analysis"?
5) It has been said that "accounting is a political process." Give one example/reason/piece of evidence that might lead someone to believe this statement. Then, indicate whether you believe it is a true statement, and why.
Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.
Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.
Prepare a master budget for the three-month period.
Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.
Evaluate the Predetermined Overhead Rate
Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.
Complete the schedule to compute the pool rates for the different activities.
Prepare Company financial statements
This individual assignment is based on the TerraCycle Inc.
Discuss the ethical issues
Calculate the GDP in Income Approach and Expenditure Approach
A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
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