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Financial statement users often liken accounting standard setting to a political process. One user asserted that: My view is that the setting of accounting standards is as much a product of political action as of flawless logic or empirical findings. Why? Because the setting of standard is a social decision Standards place restrictions on behavior, therefore they must be accepted by the affected parties. Acceptance may be forced or voluntary or some of both. In a democratic society, getting acceptance is an exceedingly complicated process that requires skillful marketing in a political arena. Many parties affected by proposed standards intervene to protect their own interests while disguising their motivations as altruistic or theoretical. People often say, "if you like the answer, you'll love the theory". It is also alleged that those who are regulated by the standard-setting process have excessive influence over the regulatory process. One Financial Accounting Standard Board (FASB) member declared: "The business community has much greater influence than it's ever had over standard setting. I think it's unhealthy. It is the preparer community that is really being regulated in this process, and if we have those being regulated having a dominant role in the regulatory process that's asking for major trouble."
Required:
Discuss the relevance of the accounting standard-setting process to analysis of financial.
Suppose that, in 2007, Indiana incurred costs of $63.75 million and estimated an additional $42.75 million in costs to complete the project. Using the percentage-of-completion method, Indiana:
Before the current year, the company accounted for its income from long-term construction contracts on the completed-contract basis. Early this year, the company changed to the percentage-of-completion basis for accounting purposes but continues t..
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What amount of the refund, if any, should Grace include in her gross income if last year her total itemized deductions exceeded the standard deduction by $350?
Cindy reported net income of $40,000 during 2003 and paid dividends of $20,000. Penny should report net income for 2003 in the amount of:
Compute a materials price variance for the plates purchased last month and a materials quantity variance for the plates used last month.
Carol continued to serve as president of Teal Corporation after the redemption. As a result of this transaction, which of the following is correct?
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Identify whether each transaction below is an operating, investing or financing activity. Assume the indirect method.
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