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Question 1
You are a graduate accountant employed by Murray Certified Practising Accountants. One of your clients, Sandy Herold, has enquired as to why you have not included the employees of her company as assets in the financial statements for the year ended 30 June 2012.
Use the AASB Framework's definition and recognition criteria of assets to explain to Sandy why you have excluded employees from the financial statements.
Question 2
You have just been employed as an accounting lecturer. In your first class, your students ask you the following questions.
(a) Who has to comply with accounting standards? How is this determined?
(b) Where can I find accounting standards?
(c) What is the primary objective of General Purpose Financial Reports?
(d) What are the qualities that make financial statements 'useful'
The Hamster Stop has $93,650 in the Accrued Payroll account. Hamster's weekly payroll is $156,000 and the accrual represents payroll for 3 days. If controls are strong, determine whether additional audit work should be done on this account.
How much cost, in total, would be allocated to the Business Development activity cost pool? Explain how much cost, in total, would be allocated to the Other activity cost pool?
Consider that SnowCastles has found ways to cut its fixed costs to $31 million. Evaluates its new target variable cost per skier/snowboarder? Compare this to the present variable cost per skier-snowboarder.
How much cost, in total, was assigned to the units transferred out to the next department during the month
Preparation of Income statement and Balance Sheet and Financial Data for 2008 Based on an aging of the accounts receivable, it was determined that the allowance for bad debts at 12/31/08 should be $1,100.
If her standard deduction is $4,750 and she incurs the following costs related to housing, how much tax savings will she receive as a result of her home purchase?
prepare a memo to the chief accountant that includes the computations needed to determine primary and diluted earnings per share
analyzing the financial statements of ABC Corp. at the end of fiscal 2005. You notice that during the year they made a major acquisition.
The machinery has an expected life of 10 years. Lu Limited has an incremental borrowing rate of 10%. Lu has been told that the interest rate implicit in Lease 1 is 8%. D raw an entry to record exercise of the bargain purchase option.
Evaluate the directional impact accounting difference described above would have on the subsequent ratios calculated under IFS and US GAAP.
Cost of goods sold for the year was $369,000. Northwest uses a perpetual inventory system. Illustrate what is ending inventory assuming Northwest uses the gross method to record purchases?
explain how the change in expectations causes the bond market to move from initial equilibrium, E1, to final equilibrium, E2.
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