Evaluating an economic event

Assignment Help Accounting Basics
Reference no: EM1365150

Evaluating an Economic Event

Today's accounting professional must be able to understand and critically evaluate a variety of contexts and situations to develop the best solution to a particular circumstance.

Consider your professional experience and knowledge gained from reading as you answer the following Discussion question:

(1) What does it mean to critically evaluate an economic event or resource in the context of an accounting standard;

(2) what is actually being evaluated and how?

(3) Based upon your professional experience, provide an example of an event that you would have or have critically evaluated.

Please make sure that you enumerate your answers and follow APA guidelines in your citations and references. Be aware that for this discussion forum, should include some level of research.

Reference no: EM1365150

Questions Cloud

Sociological-economic-legal or political implications : Identify and evaluate the ethical principles used in resolving ethical dilemmas, and to apply the principles to specific ethical issues that may have professional, sociological, economic, legal or political implications.
Calculate effective annual interest rate : Suppose you have worked out a line of credit arrangement that allows you to borrow up to $50 million at any time. The interest rate is .425% each month.
Change in accounting method : At the beginning of 2011, Red decided to change the depreciation to the double-declining balance method. The residual value remains at $4 million. Ignoring income taxes, what will be Red's depreciation expense for 2011?
Illustrate what is projected credit markets : Illustrate what is projected credit markets. How do you use this to make business decisions. Also how would investment or returns on excess cash affect a auto business.
Evaluating an economic event : What does it mean to critically evaluate an economic event or resource in the context of an accounting standard  and what is actually being evaluated and how?
Capacity management problem - planning for future : Capacity Management problem - Planning for future If demand is expected to be 75 percent of the current level in five years and management wants to have a capacity cushion of just 5 percent, what capacity requirement should be planned?
Explain does a person who works for the government : Explain Does a person who works for the government have fewer rights than a person who works for a private employer?
Conducting a cost benefit analysis-health care service : What are the advantages of conducting a cost-benefit analysis on a new health care service an insurance company is considering, such as screening for prostate cancer as a covered benefit?
Discusss the effects to the equilibrium price level and gdp : Discusss the effects to the equilibrium price level and GDP. Make sure to address consumption, disposable income, and aggregate demand in your answer.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Fair value option of accounting

What financial instruments (financial assets and financial liabilities) are not eligible for an entity to use the fair value option of accounting?

  Analyze the tax implications

Analyze the tax implications of capital gains and/or losses based on the following case study. Apply the IRS codes to calculate adjusted gross income for individuals. Support your conclusions with reference to specific IRS codes and regulations.

  Operating leverage-roi-eva

Use information from the latest financial statement to compute operating leverage, ROI, EVA and another performance measure of Textron,

  Differences-nol-allocation methods and taxes

What are the permanent and temporary differences? What is NOL? Why does it occur? What are the allocation methods? What are the deferred tax assets and deferred tax liability?

  Shift from gaap to ifrs

Over the next few years companies will be shifting away form GAAP to IFRS (International Financial Reporting Standards). GAAP was a rules based approach to accounting where IFRS is a more principals based approach to accounting.

  Merchandising operation

Wilson Company makes all sales all sales of industrial bearings under terms of FOB shipping point. The company usually receives orders for sales approximately one week before shipping inventory to customers.

  Provide and explain missing closing entry

Retained earnings at 1/1/06 was $150,000 and at 12/31/06 it was $200,000. During 2006, cash dividends of $50,000 were paid and a stock dividend of $40,000 was issued. Both dividends were properly charged to retained earnings.

  Governing authorities over financial reporting

You have recently hired several new members to your team who will be assisting with financial statement analysis for your clients. As part of their training, you want to make sure that they fully understand the requirements of the SEC regarding fi..

  Prepare journal entries that fortune-time recorded

Listed below are transactions dealing with various stock benefit plans of Fortune-Time Corporation during the period 2009-2011. The market price of the stock is $45 at January 1, 2009. Prepare the Journal entries that Fortune-Time recorded for each..

  Business processes and control

Of all the business processes in the Accounting Information Systems (AIS), which do you think is the hardest to control and why? Be specific in your discussion of internal controls.

  Differences in book basis versus tax basis

The differences between the book basis and tax basis of the assets and liabilities at the end of 2008 are as follows: What is the journal entry to record income tax expense, deferred income taxes, and income tax payable for 2008?

  Definition of compilation and review performed ssars

Provide a brief definition of compilation and review performed in accordance with the SSARS. Include the type of assurance provided.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd