Basis of Depreciation 1 Basis of Depreciation A Comparison Between Generally Accepted Accounting Principles (GAAP) and Income Tax Basis Basis of Depreciation 2 Abstract The basic concept of depreciation is based on the assumption
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International Financial Reporting Standards, The IFRS would be mandatory for Indian companies from 1st April 2011. All members and Future Members of the Institute of Chartered Accountants of India (ICAI) need to be fully aware of the changes in the accounting standards to converge with IFRS and its implication on the financial reporting, Treasury Management, Business valuation, Commercial arrangements, Managerial compensation, Mergers and Acquisition…and I can go on & on. Are you Aware..? The International
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Investment Analysis Table of Contents UNIT 1 2 DQ1 2 DQ2: Describe the relationship between risk and return 4 DQ 3How can we use the Modified Altman and Modified Chanos algorithms to detect inflection points in determining leverage shifts? 5 UNIT 2 7 DQ 1: Describe the concept behind an efficient capital market. 7 DQ 2: Do you believe we have efficient capital markets? 8 DQ 3: What are the four required financial statements under IFRS and GAAP? 8 DQ 4: How do some managers
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Chapter 07 Accounting for the Business-type Activities of State and Local Governments True / False Questions 1. | For proprietary funds, governments generally present a statement of net position in a format that displays assets, plus deferred outflows of resources, less liabilities, less deferred inflows of resources, equals net position. True False | 2. | Internal service funds of one government may not provide goods or services, on a cost-reimbursement basis, to other
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Chapter 6 – Financial Reporting Principles, Accounting Standards and Auditing 6.2 Accounting Principles and the use of Accounting Information Doing accounting takes expert knowledge, considerable experience and continuous attention to new problems and solutions. Concepts and principles are important, as they form logical structure that practising accountants use every day to consider problems to make recommendations GAAP (Generally Accepted Accounting Principles) applied differently for different
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main accounting systems: Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). GAAP standards provide direction for almost every accounting setting, including inventory accounting methods and procedures. GAAP is used principally in the United States, although the Security and Exchange Commission (SEC) is looking to switch to IFRS by 2015, the system used in the European Union and many other countries. Many countries have their own accounting systems
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environment such as Account receivable, Customer service, Finance, Accounting, Human resources, Supply chain and warehousing as seen in Figure 1. Figure 1 - Areas of ERP Operation Figure 1 - Areas of ERP Operation The enterprise resource system software industry has become a multi-billion industry because it provides different application which can support different areas of the business activities. ERP Systems can be modified and customized to meet certain business needs and technical capabilities
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Managerial Accounting Notes Comparison of Financial and Managerial Accounting Managerial accounting is concerned with providing information to managers—that is, the people inside an organization who direct and control its operations. In contrast, financial accounting is concerned with providing information to stockholders, creditors, and others who are outside the organization. Accounting Recording, Estimating, Organizing, Summarizing (Financial and Operational Data) Financial Accounting
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used in accounting, to include Generally Accepted Accounting Principles (GAAP), double entry accounting, historical cost, accrual basis vs. cash basis accounting and current assets and liabilities vs. non-current items. I will also describe the general organization of the following three companies; Apple, Inc., Swatch Group, and Nikon. In doing so, I will attempt to determine and demonstrate what is more useful – net income or cash from operating activities. Part I The field of accounting can be
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wayne_landsman@unc.edu. May 2010 Forthcoming, European Accounting Review, 2010 We appreciate comments from seminar participants at the Bank of Spain, Rob Bloomfield, Elicia Cowins, Hilary Eastman, Gavin Francis, Christian Kusi-Yeboah, Jim Leisenring, Martien Lubberink, Richard Rendleman, David Tweedie, and an anonymous reviewer. We acknowledge funding from the Center for Finance and Accounting Research at UNC-Chapel Hill and the Stanford Graduate School of Business Center
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