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In a recent month a CPA provided ten hours of volunteer time to the Society for the Visually Impaired. He devoted seven hours to maintaining the organization's financial records and three to recording tapes of newspapers and magazine articles. If volunteers had not provided these services, the organization would have had to hire others. Should the organization give accounting recognition to the CPA's services?
In what significant ways do the FASB standards differ from those of the GASB with respect to the statement of cash flows?
Three years later, the shareholder ssells the land for $220,000. What is his realized gain or loss?
Discuss how we account for investment gains and losses. Is there any controversy here? What is it and why?
Crown Industries has the following information about its standards and production activity for December-Assume the allocation base for fixed overhead costs is the number of units to be produced.
What GASB statement requires government wide statements and why? This answer should include a comment on the measurement focus and basis of accounting used.
Big Co. acquired 1,000 shares of voting stock in Little Co. for $100,000 cash. Little Co. currently has 10,000 shares of voting stock issued and outstanding. Little Co.'s shares are trading at $115 per share. Big Co. subsequently receives a divide..
Hobson acquires 40% of the outstanding voting stock of Stokes Company on January 1, 2008,for $210,000 in cash. The book value of Stokes' net assets on the date was $400,000, although one company's buildings, with a $60,000 carrying value, was actu..
On January 1, 2010, Parabolic Company issued 8% bonds with a face amount of $72.9 million, dated January 1. The bonds mature in 2025 (15 years). The market yield for bonds of similar risk and maturity is 10%. Interest is paid semiannually.
Determine the accounting principles (GAAP) the foreign and domestic companies use to prepare financial statements.
For each of the following items, give an example of a business transaction that has the described effect on the accounting equation:
You're considering the S&P 500 futures contract. On the 1st November 2010, the S&P was trading at 1127,17 when futures contracts maturing on 1st March 2011 were priced at 1119,70. The annualised interest rate is 1,25% and the annualised dividend y..
What is the Accounting Equation? Does it always have to balance, if so why? Are there exceptions to this general rule? If so, what are they?
What is a VAT? Give an example of VAT in other nations. What is the difference between centralized and decentralized government? What are the advantages of a federal system of government?
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