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Challenges for a small business of calculating fixed asset depreciation A former employee is suing your organisation for R10-million, claiming theft of intellectual property. On the advice of the company's legal representatives, a decision is made to provide for the amount of the claim in its financial statements, since it is probable that judgment will be in favour of the plaintiff. The company wishes to present this matter fairly in its financial statements, and approaches you, as a seasoned accounting expert, for guidance.
Problem 1: Which elements of the financial statements (if any) are involved?
Problem 2: What are the recognition criteria for liabilities and expenses?
Problem 3: Does the liability and expense in this instance meet the recognition criteria you have stated in your responses to 1 and 2, and how should this event be treated in the financial statements?
Globalization has made cultural values irrelevant as a factor influencing multinational business and accounting.” Do you agree or disagree with the preceding statement. Develop an argument to support the position you have taken.
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Fox Co. issued $100,000 of ten-year, 10% bonds that pay interest semiannually. The bonds are sold to yield 8%. Another step in calculating the issue price of the bonds is to
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