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Research assignment: "The impression one gains from the internal inconsistency of many of the arguments upon the which justification of conventional accounting, is made to rest is strongly reminiscent of the underlying philosophy of the rulers of Oceania in George Orwell's Nineteen Eighty-Four. The distinctive feature of this philosophy is doublethink. Doublethink means the power of holding two contradictory beliefs in one's mind simultaneously, and accepting both of them". Two examples are " Valuations are incorporated in balance sheets, but the balance sheet is not a valuation document" and " Fixed assets should be carried at cost...in historical cost, unless such cost is no longer meaningful", [Chambers, R. (1969) 'Implications of asset valuations and bonus issues' in Accounting, Finance and Management, Sydney, Butterworths, p.122] Required: Discuss the above quotation, particularly as it applies to non-current assets. Do you consider Chamber's assertion is justified? Word limit is 1500 words
Allocate the joint costs to Betalite and Alphalite under the subsequent methods: a. Sales value at splitoff b. Physical measure (pounds) c. Net realizable value
What does th e term functional currency mean? Explain how is the functional currency determined under IFRS and under US GAAP?
he company purchases the inventory under the credit terms of 2/15, net 40. APP always takes the discount but takes the full 15 days to pay its bills. Illustrate what is the average accounts payable for APP?
We want a flexible budget because costs are too hard to predict. We need the flexibility to change budgeted costs as input price change. Does a flexible budget serve this purpose? Explain.
Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Calculate the gross margin for FIFO and LIFO method.
Sommerville, Corporation repurchased 25,000 shares. Find how many shares are outstanding?
Compute the average cost per serving at each of the following monthly volumes: 1,500; 2,000; 3,000; and 5,000, and determine the monthly volume at which the average cost per serving is $1.00.
Which one of the following is not a tool in financial statement analysis and Return on assets ratio is most closely related
What is the monthly break -even point in units? How many units must be sold each month to make a monthly profit of $14000?
Illustrate what is the total amount of other financing sources to be recognized on the fund-based financial statements over this six-year period?
Calculate the balance in retained earnings at the time of the change (beginning of 2011) as it would have been reported if FIFO had been used in prior years.
There is no work in process inventory for product Y at the beginning and end of March. For the month of March, how many kilograms of direct material A is Walman planning to purchase?
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