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Assignment Question 1-
Read the following quotation from Miller and Reading (1986, p. 64). If constituency support is necessary before particular accounting approaches become embodied in accounting standards, does this have implications for the ‘neutrality' and ‘representational faithfulness' (qualitative characteristics that exist in various conceptual framework projects around the world) of reports generated in accordance with accounting standards?
"The mere discovery of a problem is not sufficient to assure that the Financial Accounting Standards Board will undertake its solution ... There must be a suitably high likelihood that the Board can resolve the issues in a manner that will be acceptable to the constituency-without some prior sense of the likelihood that the Board members will be able to reach a consensus, it is generally not advisable to undertake a formal project".
Assignment Question 2-
As Watts and Zimmerman (1986, p. 7) state, Positive Accounting Theory ‘is concerned with explaining [accounting] practice. It is designed to explain and predict which firms will and which firms will not use a particular accounting method ... but it says nothing as to which method a firm should use'. Do you think that this represents an ‘abrogation' of the academics' duty to serve the community that supports them?
What is the likely reason that the adjustment for deferred income taxes when converting net income to cash flow from operations was an addition in Year 6 to Year 8 but a subtraction in Year 9 and Year 10?
Determine the contribution margin in dollars, per unit, and as a ratio.Using the contribution margin technique, compute the break-even point in dollars and in units.Compute the margin of safety in dollars and as a ratio.
calculation of material variances.the standard cost of product b manufactured by mateo company includes 3 units of
Starling Co. is considering disposing of a machine with a book value of $12,500 and estimated remaining life of five years. The old machine can be sold for $1,500. A new high-speed machine can be purchased at a cost of $25,000. It will have a useful ..
The equipment has an economic life of 8 years, with an unguaranteed residual value of $10,000. Woods depreciates all of its equipment on a straight-line basis. Compute the amount of the annual rental payment
The annual dividend on $4.20 cumulative preferred, 500,000 shares authorized, 160,000 shares issued, 137,400 shares outstanding. Last year's dividend has not been paid.
Which of the following would be a cash flow from investing activities?
Vizla Inc. has sales of $1,200,000, and the break-even point in sales dollars is $960,000. Determine the company's margin of safety as a percent of current sales. Enter your answer as a whole number.
If a corporation issued $8,000,000 in bonds which pay 5% annual interest, what is the annual net cash cost of this borrowing if the income tax rate is 30%
Numerous timing concepts are discussed on pages 96 to 97. A list of concepts is provided on page 99, on the left, with a description of the concept on the right. There are more descriptions provided than concepts. Match the description of the conc..
When 100 shares of $10 par value Common Stock are issued at $23 per share, Additional paid-in Capital will:
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year 2013 purchases and sales transactions. Compute gross profit earned by the company for each of the four costing methods. Compute the cost assigned to endin..
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