_______________________must follow GAAP, whereas_________________ need not follow GAAP.

Q: -xplain son nalysis and Ccounting?

A: Cost volume profit analysis is an important tool used by the businessman for planning and…

Q: at eliminating the Percy Divisior

A: If Percy Division is discontinued, fixed costs will continue to be incurred.  The total fixed costs…

Q: They apply to

A: Examples of like-kind properties: The like-kind properties should include assets that fall under the…

Q: Explain how materiality differs for failure to follow GAAP and for lack of independence.

A: Generally Accepted Accounting Principles (GAAP): Generally Accepted Accounting Principles are the…

Q: Why are CMOs overcollateralized?

A: CMO is the abbreviation used for collateralized mortgage obligation. It uses collaterals which are…

Q: In general terms, how does IFRS for SMEs differ from full IFRS?

A: International Financial Reporting Standards:   IFRS (International Financial Reporting Standards) is…

Q: It says that step a is wrong. That those are not the right ROI's. Is there another way to solve that…

A: Introduction:- Return on investment indicates how well an investment performed in comparison to the…

Q: Explain all differences between GAAP and IFRS

A: Generally accepted accounting principle (GAAP) It is the common set of procedures, principles, and…

Q: What is LIFO?

A: Definition: Inventory cost flow methods: These are the methods used by the companies to compute the…

Q: What does PFMA stand for?

A: Solution- PFMS [Public Financial Management System] PFMS stands for Public financial Management…

Q: Describe the concept of “over-trading” using numeric example if appropriate.’

A: In the world of finance over trading is an important concept for businesses.

Q: Fill in the blank. ______ standards reflect what is expected to occur.

A: Standards are a set of rules that define the threshold of any activity. In accounting, there are…

Q: Which of the following statements is false about CD's

A: Certificate of Deposits or CD's is offered by banks or financial institutions. The CD's are deposits…

Q: Explain the limitations of ABC system.

A: ABC System is a method of costing i.e. Activity Based Costing. This is a costing method that assigns…

Q: The table inputs are still wrong..........

A: Overhead over applied means, when the applied overhead is more than actual overhead incurred.…

Q: e has violated

A: Sale value ($90,000 + $60,000) $150,000 Less Cost of purchase ($100,000) Gross profit $50,000…

Q: Describe the basic assumptions of underlie GAAP.

A: Generally Accepted Accounting Principles (GAAP): It refers to accounting principles, standards and…

Q: Explain the differences between IFRS and GAAP

A: GAAP is a common set of accepted accounting principles, standards, and procedures that companies and…

Q: machine expendit nstallatic ine, but

A: We will evaluate the project for 5 years as per given info and by…

Q: When is a GAAP departure appropriate?

A: Definition:   Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to…

Q: when do you use FIFO vs LIFO?

A: First-in-First out method - Under this method goods that are brought at earlier dates are sold first…

Q: Name two different ways that MPTBs can be overcollateralized

A: The MPTBs are viewed as hybrid securities. Such bonds have qualities of mortgage backed bond (MBB)…

Q: What are the differences between GAAP and IFRS?

A: The companies are required to follow a set of guidelines and rules in the presentation of financial…

Q: Explain the limitations of CAPM.

A: A mathematical model that describes the link between a security's expected return and risk is…

Q: What are reversing entries? Are they required by GAAP?

A:

Q: hat are the Sarbanes-Oxley Act and GAAP?

A: In order to reduce the fraud in corporations while recording financial transitions or preparing…

Q: 3. What is availability? Give an example showing a violation of availability.

A: Following is a meaning of availability and its examples

Q: What features or rights may alter the character of preferredstock?

A: Preferred stock is the stock which gets preferential rghts to payment of  dividends and in case of…

Q: What is USALI? Is it required under GAAP? Why would you use it?

A: USALI is Uniform System of Accounts for the lodging industry. The USALI states that all financial…

Q: -Explain why there is a departure from the EMH

A: "Hi, Thanks for the Question. Since you asked multiple question, we will answer first question for…

Q: What is the correct amount of nventory?

A: Goods in transit, shipped at FOB shipping point are to be removed from inventory because they left…

Q: What is covered by Regulation S–X?

A: Regulation S-X is a U.S. Securities and Exchange Commission rule that covers annual reports from…

Q: Which of the following is NOT an output attribute?a. relevanceb. exception orientationc. zonesd.…

A: Output Attribute: Some specific attributes should be explained by the output views such as…

Q: The Conceptual Framework is not an IFRS.

A: IFRS is an acronym of International Financial Reporting Standards The IFRS provides the standards…

Q: What is a double-entry? Give an example?

A: Double entry: Double-entry refers to the double effect of each financial transaction that occurs.…

Q: Suppose BSA.

A: (1) Calculation of % change in Revenue Years Revenue Change in Revenue % Change 1 50 0 0 2 55…

Q: ome will be reported using FIFO as

A: Since we answer only one question, we will answer the first question. Please resubmit the questions…

Q: What is MIRR - Modified Internal Rtae of Return?  Please provide example.

A: One of the pitfall method of conventional IRR is the fact that it assumes cash flows are reinvested…

Q: Explain how to account for the impairment of a held-tomaturitydebt security.

A: Debt securities: Debt security is money borrowed at a specific rate of interest which must be repaid…

Q: What is covered by Regulation S–K?

A: Securities and Exchange Commission (SEC):   The board which set rules for the companies for…

Q: Is there are any relation between the CFPS, EPS, and DPS?

A: The financial statements of a firm is used and analysed by determining various types of financial…

Q: for odu its

A: In process costing we have to take help of the concept of equivalent…