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Question :
1 Recognize some factors that might be expected to describe why different countries use different systems of accounting?
2 Nobes(1998) proposes that for countries that have organizations that rely comparatively heavily on equity markets, as opposed to other sources of finance, there can be a greater propensity for such organizations to make public disclosures of information. Evaluate this argument.
3 In the early 1990s, the US Financial Accounting Standards Board's chairperson Dennis Beresford claimed that the US reporting and accounting system was regarded by many as 'the most comprehensive and complicated system in the world'. Determine this statement. How do you think its validity may have changed in the after math of accounting failures at Enron, WorldCom and Andersen in 2001-02? Do you imagine that the US system could be regarded as sophisticated in all cultural contexts?
4 Determine how reasonable it is to consider that the inflow of foreign investment into Australia would have been restricted if Australia, throughout the decision of the Financial Reporting Council, had not made the decision to adopt IFRS from 2005.
Harvey rents his second home. During 2009, Harvey reported a net loss of $35,000 from the rental. If Harvey is an active participant in the rental and his AGI is $80,000, how much of the loss can he deduct against ordinary income in 2009?
Purpose a memo to the president in response to her request for advice.
Determine over or under applied overhead from the facts - Bowater's amount of overapplied or underapplied overhead would be (round the rate to two decimal places)
Develop written policies and procedures to serve as standards of performance of the internal audit function and have the internal audit charter approved by both management and the board of directors.
Prepare a report showing the spending variances and company's revenue for December.
XYZ Company accepted a national credit card for a $5,000 purchase. The cost of the goods sold is $4,000. The credit card company charges a 3% fee. Illustrate what is the impact of this transaction on net operating income?
Assume Ken’s modified adjusted gross income for purposes of the bond interest exclusion and for determining the taxability of his Social Security benefits is $70,000 and that Ken files as a single taxpayer. Find out Ken’s 2009 gross income
Prepare a consolidated Balance sheet and journal entries from the data
Determine the key areas being addressed by the EITF and assess how a company's accounting and financial reporting is likely to be impacted by the work being done by the EITF on this issue.
When treasury stock is accounted for by the cost method is subsequently sold for more than its purchase price, the excess of the cash proceeds over the carrying value of the treasury stock
Blue should have taken $910 and $7,272 cost recovery in 2009 and 2010. On January 1, 2011, the asset was sold for $180,000. Calculate gain or loss on the sale of the asset in 2011.
What information can the company gleam from this approach which is helpful as a tool in the decision making process. Explain situations in which break-even analysis can be a useful tool. Provide a specific example.
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