Financial Accounting

33. Manufacturing overhead consists of: A. B. C. D. all manufacturing costs. indirect materials but not indirect labor. all manufacturing costs, except direct materials and direct labor. indirect labor but not indirect materials.

For full disclosure, the financial information is based on pure estimation. We are privately held with five employees and therefore there are no publicly held financial information. The two owning partners keep the financial information in lockdown, without access to the employees. In addition, looking at other accounting offices within our size range has the same limitation on financial access. Comparing our firm to the big four accounting firms would be illogical as there is a massive discrepancy in size and revenue. Therefore, based off minimal discussions with either boss and using comparative expenses or percentages, the attached excel file presents the following:

Each user of the financial statements interprets the information in a different manor. They use the information to determine their interactions with the organization. Management, investors, and employees use the same information from the financial statements but for different purposes. These four basic statements are the fundamentals of accounting which can be much more detail and complex. They do not need to be more complex for the users of the information; these basic statements have all the information needed to make

 Furthermore, it assumed that each phase of the contract is equally important to the

Regulatory background Generally accepted accounting practice Legal and listing requirements General issues Form and elements of financial statements Statement of recognised gains and losses Statement of cash flows Basis of accounting Consolidation Business combinations Foreign currency translation Prior period adjustments and other accounting changes Events after the balance sheet date Specific balance sheet items General Property, plant and equipment Intangible assets Investment property Investments in associates and joint ventures Financial instruments, including hedging Inventories Biological assets Impairment Equity Provisions Deferred tax Contingent assets and liabilities Specific income statement items General Revenue Government grants Employee benefits Share-based payments Interest expense Income tax Extraordinary and exceptional items

3. In analyzing the cash flows from Chemalite using both the direct and indirect methods, one can see similar patterns in the where the uses of cash is directed. The money in both methods is going towards the company itself and funds necessary to make sure it stays afloat. The main source of the cash inflow is from the sale of Chemalite. The sale from 1991 brought in a total of $754,000 and 1992 brought in a total of $1,886,250. A sales increase of about 250% is very impressive for one year is responsible for bringing in the majority of cash for Chemalite Inc. Cash outflow is a slightly different case. Cash outflow for Chemalite is mostly going back into the company itself for the sake of growth. Growth in the cash flow

Section 194(1) – Accounting Records established that accounting records should be kept and ensured by the directors that (a) correct and match with the company transactions, (b) comply with accepted accounting practice or standards and (c)

In the last few years, the issue of financial regulations has been increasingly brought to the forefront. This is because of a number of high profile scandals are highlighting how abuses are occurring from the lack of regulation. A good example of this can be seen with adjustable rate mortgages (ARMs). In the early 2000s, this was considered to be an effective way for many low income and minority families to purchase a home. However, as the economy began to slow is when interest rates were reset higher. This resulted in the many of these assets being sold to investors as safe, income orientated securities. (Government Regulations 2008)

Choose any futures exchange and elaborate on its characteristics and give a detailed description of its activities.

Objectivity principle is the concept that the financial statements of an organization be based on solid evidence. This means that accounting information must be based on research and facts, not merely a preparer's opinion. The objectivity principle is aimed at making financial statements more relevant and reliable. Therefore, original source documents are required in order to provide the evidence. (http://www.businessdictionary.com/definition/objectivity-concept.html, Sangster, A. And Wood, F. (11th. Ed.). 2008.Business Accounting 1. Harlow: Prentice Hall. Page108 10.3)

The following case reflects a real-life management scenario（方案）. The case details are based upon personal interviews conducted in January 2012 with members of the organisation and observations (i.e. field notes) taken during on-site visits.

Q4-1   The carrying value of the investment is reduced under equity method reporting when (a) a dividend is received from the investee, (b) a differential is amortized, (c) an impairment of goodwill occurs, and (d) the market value of the investment declines and is less than the carrying value and it is concluded the decline is other than temporary.

Their main reason for creating Product Red was to raise awareness and money for the Global Fund by teaming up with the world’s most iconic brands to products that would be sold. A percentage of each product sold would be donated to the Global Fund to help women and children affected by pandemics such HIV/AIDS and malaria. A basket of consumer goods were launched to this effect which included Product Red- American express card, vintage t-shirts, Motorola handsets, converse wear, apple iPod, Emperio Armani and also an edition of the Independent.

* Creditors and potential creditors: suppliers, banks, bondholders, employees and others who have lent money to the enterprise, who are owed funds in return for supplying something of value, or who are considering taking on such a role. Creditors do not have the legal control of the enterprise that owners have, but may have a large say

In this report I am going to write some of the important principle and assumption and guidance used to prepare accounting statements.