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Conceptual Understanding: Consistency, Full Disclosure, and Materiality
Concept- Metro Parking, which operates a seven-story parking building, has a cal- endar year-end. It serves daily and hourly parkers, as well as monthly parkers who pay a fixed monthly rate in advance. The company traditionally has recorded all cash receipts as revenues when received. Most monthly parkers pay in full during the month prior to that in which they have the right to park. The company's auditors have said that beginning in 2014, the company should consider recording the cash receipts from monthly park- ing on an accrual basis, crediting Unearned Revenues. Total cash receipts for 2014 were $1,250,000, and the cash receipts received in 2014 and applicable to January 2015 were $62,500. Discuss the relevance of the accounting concepts of consistency, full disclosure, and materiality to the decision to record the monthly parking revenues on an accrual basis.
Financial Statement Analysis and Preparation
Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?
An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.
Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.
This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited
Prepare general journal entries for Goela Ltd
Prepare the journal entry to record the acquisition of the assets.
Prepare general journal entries to record the transactions, assuming use of the periodic inventory system
Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.
Explain the IASB Conceptual Framework's perspective of users and their decisions.
T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .
Computation of Free Cash Flow
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