Accepted

Assessment 3 The modified cash basis of accounting uses elements of both the cash basis and accrual basis of accounting. The cash basis you recognize a transaction when there is either incoming cash or outgoing cash. The receipt of cash from a customer triggers the recordation of revenue, while the payment of a supplier triggers the recordation of an asset or expense. The accrual basis you record revenue when it is earned and expenses when they are incurred, irrespective of any…

The Swedish American Museum Governance Policy The Swedish American Museum is a non-profit institution that aims to interpret the immigration legacy by presenting various items (oldest dating back to the 18th century) in the Permanent, Educational, Library and Furnishings and Properties Collections, as well as through their arts and educational programs. They want to promote their mission for both adults and children and help develop an appreciation for the contemporary Swedish-American culture.…

or stakeholders. FASB has helped to protect the stakeholder’s interest by creating the standards for the financial reporting. In the article on the importance of GAAP, Sabah Karimi writes, “most companies in the United States adhere to Generally Accepted Accounting Principles to maintain consitancy in reporting of financial information and reduce the risk of fraud and error. The principles have been derived from traditional accounting systems and can be adapted to an organization’s management…

debiting bad debt expense and then taking the accounts receivable account and crediting it. 2. Explain the reasons why one of these methods is preferable to the other and the reasons why the other method is not usually in accordance with generally accepted accounting…

QUESTION 2 2.1 Discuss the THREE key functions of money in an economy. Mohr P. and associates, (2015), indicates that money serves as an important part of our everyday life. Money is any good that is widely accepted in exchange of goods and services, as well as payment of debts. The 3 Key functions of money in an economy can be described as follows: 1. Medium of exchange can be defined as money that is used for buying and selling goods and services and if there was no money, goods would…

sub-classes. The first was a relatively conventional 23(b)(3) class that would receive relief of $7.25 billion and included merchants who accepted Visa and/or MasterCard from January 1, 2004, to November 28, 2012. The second was a Rule 23(b)(2) class that covered all merchants that…

Moreover, the contemporary valuation theory established by Irving Fisher in his books-The rate of Interest (1907), and The Theory of Interest (1930). After the 1929 stock market crash generally people accepted DCF as a valuation method. However, the modern theory of DCF are introduced by John Burr Williams in his dissertation submitted in Harvard – title “The Theory of Investment Values” (1938). Joel Dean was interested in some ideas of Williams and add…

The accounting standards that Sears should use for decision making are the Generally Accepted Accounting Principles (GAAP). According to GAAP, accounts receivable must be reported on the balance sheet at net realizable value. This means the item should be listed at the amount the company can reasonable assure can be collected from the consumer…

If I was the CEO of Countrywide Financial, I would incorporate a strict protocol regarding guidelines on income, appraisals, and documentation. I would use this protocol to structure the evaluations of salespeople to prevent them from making unethical loans to borrowers to simply receive increased compensation. I would structure the evaluations of salespeople to account for documentation verification. This verification process would total 85% of their total evaluation score. By increasing the…

Comparing IFRS to GAAP Tony Smith ACC/290 10 June 2015 VICTOR HO The International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP) are rules and guidelines established to attempt to standardize accounting and recording practices across the United States and Internationally. While United States has traditionally used GAAP, the ever changing world market makes it necessary for the US to begin to use IFRS in conjunction with or sometimes in place of…