INTRODUCTION United States Generally Accepted Accounting Principles (GAAP) is the standard platform of guidelines that governs the rules of financial accounting utilized in the preparation of financial statements. The US GAAP can be quite flexible in its interpretations and rulings, but the framework of GAAP is based upon certain constraints and principles in the preparation of financial reports. This paper shall endeavor to address the organization of GAAP and some of the specific areas
Words: 1368 - Pages: 6
Introduction Historically, accounting and reporting standards in the United States have been set by the AICPA (American Institute of Certified Public Accounts) as laid out by the regulations set by the Securities and Exchange Commission (SEC). In 1973, the Financial Accounting Standards Board (FASB) was developed by the AICPA as a council for establishing standards for reporting for all United States companies. Under FASB, GAAP was reorganized into approximately 90 accounting standards offering concise
Words: 3687 - Pages: 15
Fedex AnnuAl RepoRt 2011 poweRFul, lonG-teRM tRendS in GlobAl tRAde Revolve ARound Fedex. The global shipping arrow poinTs up We’ve reached a tipping point in how the world works. The largest economy in the world is no longer the economy of any one country — it’s the economy of global trade of goods and services. Value: $18.3 trillion in 2010. At FedEx, our job is to facilitate these transactions, the heart of commerce, by providing access — moving goods across the global supply chain. Macroeconomic
Words: 49450 - Pages: 198
CASE QUESTIONS: Roger Haskett, p. 73 1. What are the goals of the purchasing department? The purchasing department is held accountable for the acquiring of the total amount of all goods and services for the university. The following items are outside of the purchasing powers will to control. The first of these items would be a construction contract. This would pertain to a legal type of document that would consist of cretin details of a building and or demolition project. This contract
Words: 1264 - Pages: 6
DIC Annual Report 2013 Year ended March 31, 2013 D IC Corporation, one of the world’s leading diversified chemicals companies, is also the core of the DIC Group, a multinational organization with a network comprising more than 180 companies in 62 countries and territories worldwide. Established in 1908 as a manufacturer of printing inks, DIC has capitalized on its extensive technologies, know-how and experience in the years since to transform itself into a global powerhouse in key fields of endeavor
Words: 28344 - Pages: 114
This report is aiming to disclose how the Annual report of Woolworths for 2012 apply the accounting standard related to estimation uncertainty and accounting policy judgments. Furthermore, the potential gap between Woolworths’ current practice and the accounting standard requirements will also be discussed. Paragraphs 122- 124 of AASB101 has explained the requirements of significant accounting policy judgments and paragraphs 125-133 has detailed what need to be done for estimation uncertainty
Words: 287 - Pages: 2
Chapter 18 Lease Financing ANSWERS TO BEGINNING-OF-CHAPTER QUESTIONS 18-1 An operating lease is one that typically requires the lessor to service the equipment, that has a lease term that is much shorter than the life of the equipment, and that can be cancelled by the lessee. A capital or financial lease has a lease term that is closer to the expected life of the asset, requires the lessee to provide maintenance service, and cannot be cancelled without a substantial penalty. A sale
Words: 6759 - Pages: 28
Xerox Corporation 1 Accounting Ethical Breaches at Xerox Corporation Taiwan Byrd Xerox Corporation 2 Accounting Ethical Breaches at Xerox Corporation Some of the largest accounting frauds in history occurred in the last several years leading to the well-known scandals in the accounting industry. During the early 2000’s accounting scandals were at the forefront of most business circles and rising to an all-time high in record number of cases being reported
Words: 1280 - Pages: 6
| 7, 8, 9 |6 |6 | |Account for long-term notes payable. |16, 17 |10, 11 |10 |7 |7 | |Contrast the accounting for operating leases and |18, 19 |12 |11, 12
Words: 9665 - Pages: 39
Services Commission • Intracompany work is billed at $400 an hour (to meet $82,000 limit) • Work done for other companies is billed at $800 • Computer equipment were acquired by lease and purchases, with leases to run for 4 years • Space costs, custodial services, financial and accounting services are all done and paid to PTC • Salaries: • Operations: six people necessary to run the center, as well as hourly help when computers are running • Systems Development and
Words: 1364 - Pages: 6
