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Financial accounting is fairly heavily regulated in Australia. There are numerous Corporations Act requirements, and there are many accounting standards, with additional standards being issued fairly frequently. The ASX provides extensive regulation for listed companies. But is all this regulation really necessary? What if we had no standards, and reporting entities could report what information they wanted in whatever format they considered appropriate?
Opinions on the need for regulation vary, and range from the 'free-market' perspective to the 'pro-regulation' perspective." (Deegan, 2010, p.38)
Required:
Discuss the above quotation. Explain and evaluate the arguments for and against regulation. What is your opinion of the current level of accounting regulation?
Calculate diluted earnings per share for 2012, assuming the same facts as above, except that $1,000,000 of 6% convertible preferred stock was issued instead of the bonds. Each $100 preferred share is convertible into 5 shares of Lindsey common sto..
Create two journal entries for the actual costs incurred - one for variable overhead and one for fixed overhead and create two journal entries to record the variances for August - one for variable overhead and one for fixed overhead.
KatyDid Clothes has a $152 million (face value) 20-year bond issue selling for 107 percent of par that carries a coupon rate of 11 percent, paid semiannually. What would be Katydid's before-tax component cost of debt?
Calculation of Simple Price Index - determine a simple price index for this item using 19X4 as the base year.
The fair value of the options, estimated by an appropriate option pricing model, is $4 per option. No forfeitures are anticipated, ignoring taxes, what is effect on earnings in the year after the options are granted to executives?
Evaluate the length of the firm's cash conversion cycle and Cash Conversion cycle Based On Balance Sheet
To write-off an AR account between afilliates, the journal entry, before consolidating, in the books of the company carrying the accounts receivable, would be debit to retained earnings as well as credit to accounts receivable? If not, what would ..
The fair value of the options was estimated at $7 per option.If the options have a vesting period of 5 years, what would be the balance in "paid-in capital-stock options" three years after the grant date? credit or debit of what amount?
Compute the cost of goods available for sale and the units available for sale for this four week period. Assume that no sales occur during those four weeks.
Would you expect the NPV based on net income to be higher or lower than the NPV calculated using cash flows?
Illustrate what would be the amount(s) related to the bonds that Agee would report in its statement of cash flows for the year ended December 31, 2011, if it uses the direct method?
The equipment was used for 8,000 hours during 2006, 7,500 hours in 2007, and 5,500 hours in 2008. Instructions Determine the amount of depreciation expense for the years ended December 31, 2006
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