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Q.1 Explain the ways in which the needs of internal and external users of accounting information are the same and different.Q.2 Why is it important for financial statements and other external reports to be based on generally accepted accounting principlesQ.3 Describe the respective roles of the Securities and Exchange Commission (SEC) and the Internal Revenue Service (IRS) in the setting of accounting standards?
Profit is not cash flow: Adequate cash is essential to keep business running. Inadequate cash increases the risk of not being able to meet current obligations as and when the
A 15-year, 14% semiannual coupon bond with a par value of $1,000 may be known as in 4 years at a call price of $1,075. The bond sells for $1,050. (Suppose that the bond has just be
Preparation of cashflow statements IAS 7 recommends that the cashflow statement can be prepared using two methods:- I) Direct method Whereby, cash from operations is deter
This assessment item may be completed either individually or in groups of two (2) students. The group mark on both assessment items will be given to both students. Please ensure
what are the types and objectives of international accounting standersds?
Show all support work for your calculations. 1. Simple Interest versus Compound Interest [LO1] First City Bank pays 7 percent simple interest on its savings account balances,
Appointment of Liquidator The liquidator is appointed by the court after the above meetings have been held: if the meetings do not agree, the court must settle the issue: if no a
SUBSIDIARY COMPANIES (1AS 27) A subsidiary company is a company in which the investing company (also called holding or parent company) controls the financial and operating polici
The following information for Cooper Enterprises is given below: December 31, 2013 Assets and obligations Plan assets (at fair value) $200,000 Accumulated benefit obligation 370,00
International Accounting Standards Committee, the (IASC) - is an independent private sector body, formed in 1973, with objective of harmonizing the accounting principles that are u
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