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Review the convergence of United States Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).Describe why accounting rules differ from country to country?Discuss the advantages of a single set of financial statements worldwide. Are there any disadvantages, particularly to the U.S.?Identify and explain some of the key differences between U.S. GAAP and IFRS standards.Offer an opinion on whether you personally feel convergence with IFRS is a good idea for the U.S. Support your opinion.
On August 31, 2008, Devs Autoparts Company sold $8,000 worth of parts to Metro Repair Company. The terms of the sale were n/90. Devs receivable policy is to start charging interest of 9% (annually) on all balances over 90 days. Interest is accrued..
Do you need to develop your own internal GAAP to manage the company? Let's get creative and brainstorm. There's no right answer here, just the opportunity to begin exploring the fascinating topic of International Accounting.
Before preparing financial statements for the current year, the chief accountant for Springer Company discovered the following errors in the company accounts:
Making decision for discontinue production of subassemblies and purchase from an outside supplier.
When normalizing operating results, non-recurring expenses that are reported within SG&A, CGS or other expense line items on a company's income statement:
What are debits and credits? In your opinion, why do accountants debit asset accounts to increase them but credit liability accounts to increase them?
Prepare a schedule starting with pretax financial income and compute taxable income. Prepare the journal entry to record income taxes for 2011.
Use the checklist to outline phases of the internal control evaluation. You may use the (1) components of internal control, or (2) relevant assertions as headers within your checklist.
Prepare the adjusting journal entry needed on December 31, 2006. Prepare the journal entry to record the sale of the Colorado Company stock during 2007.
What is the difference between a general control and an application control? What internal controls can be implemented using information systems to safeguard an organization's electronic assets?
Simple Interest, Compound interest, discount rate, force of interest, AV, PV
The constraint at Bulman Corp. is time on a particular machine. The company makes three products that use the machine. Data appears below:
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