Generally Accepted Accounting Principles

Tutor: Date: Income Tax (IAS12) Is IAS12 too difficult to apply and understand? International Accounting Standards 12 continues to receive numerous criticisms on applicability and usefulness of numbers in accounting for corporate income taxes. The argument presented is that the standards set by IAS 12 are too hard to apply or even understand. In the plight of these criticisms, two accounting standards boards, UK’s (ASB) and Germany’s (GASB) opted to conduct a proactive project plan aimed at

Analyze Fraudulent Financial Accounting The Sarbanes-Oxley Act of 2002 (SOX), also known as the Public Company Accounting Reform and Investor Protection Act and the Auditing Accountability and Responsibility Act, was signed into law on July 30, 2002, by President George W. Bush as a direct response to the corporate financial scandals of Enron, WorldCom, and Tyco International (Arens & Elders, 2006; King & Case, 2014;Rezaee & Crumbley, 2007). Fraudulent financial activities and substantial audit

be committed: pressure, opportunity, and rationalization. Additionally, nine factors provided the atmosphere for the perfect fraud storm of 2000 through 2002. The nine factors included: economy, moral values, incentives, expectations, debt, accounting rules, auditor dependence, greed, and educator failures (Albrecht et al., 2012). When combined with the elements of the fraud triangle these factors enabled organizations such as Enron and WorldCom to commit the fraudulent activities that resulted

1. | Question : | (TCO 1) The Accounting Equation is used to develop the organization's financial reports. (1) Describe what assets value would be if Liabilities are $12,000 and Owners' Equity is $50,000 by showing the Accounting Equation (10 points), and (2) provide an example of two asset accounts that could contain the value. (10 points) | |   | Student Answer: |   | 1.Assets=Liabilities+Owners Equity 12,000+50000 Assets=62,000 2.Cash and Equipment |   | Instructor Explanation: | Textbook

Making the company profitable at any cost and means is Reed’s goal, ethical or not. Fuller has explained the regulations and laws to the accounting department and to Reed, and Reed seems to not care about cost to the company, just profitability. Share prices will also remain high because of this decision to report in 2010. This would only benefit managers and personnel that have stock options

testing under the three frameworks. The broad based requirement to capitalize development costs under IFRS and Mexican FRS (when certain criteria are met) creates the potential for differences compared with US GAAP, wherein development costs are generally expensed as incurred. IFRS prohibits (whereas US GAAP and Mexican FRS permit) the use of the lastin, first-out inventory-costing methodology. In addition, Mexican FRS accepts the inventory costing

explaining the nature of each transaction. 2.3 A,B Goldstar Communications/Delta Corporation Show in tabular form the effects of various business transactions upon the accounting equation. (Problem 2–4 is an alternate.) 2.4 A,B Rankin Truck Rental/Smith Trucking Show in tabular form the effects of various business transactions upon the accounting equation. (Alternate to Problem 2–3.) 15 Easy 15 Easy 15 Medium 15 Medium © The McGraw-Hill Companies, Inc., 2010 Overview and Desc. of Cases Problems

was no legal obligation for the customer to pay these fees. For the canceled members who had completed the initial contract period, Bally waited at least six months until they began to solicit these members to reactivate. The members that actually accepted the reactivation offer did so on average about 36 months after having stopped paying monthly dues. With these offers did not come a claim for payments of “past due” amounts. However they did ask for either a nominal reactivation fee or no reactivation

Week 5: E-text Learning Team Assignments ACC/400 Week 5: E-text Learning Team Assignments Financial Accounting: Tools for Business Decision Making, 4th edition Chapter 13: Communication Activity: BYP 13-7 Write a memo to R.J. Falk that explains the basis for comparison and the factors affecting quality of earnings. Memo To: R.J. Falk CEO From: Team B Date: May 24, 2010 Re: Financial Statement Analysis The purpose of this memo is to explain (a) the

The purpose of the Financial Accounting Standards Board (FASB) is to create and improve the standards of financial accounting and reporting for nongovernmental entities. It is a standard for not for profit financial reporting which provides useful information to investors and other users of financial reports. The Accounting Standards Update 2011-5 discusses the reporting and presentation of comprehensive income and its components in a full set of general purpose financial statements. The goal