Thư viện tài liệu, ebook tham khảo dành cho học sinh, sinh viên

Restricted : Constraints placed on the use of resources are: Externally Imposed (debt covenant, grantor, contributors, or other governments) Imposed by law (constitutionally or enabling legislation) i.e. enforceable requirement that resources be used only for specified purposes

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Cost Driver Examples Activity Cost Driver Machining operations Machine hours Setup Setup hours Production scheduling Manufacturing orders Inspection Pieces inspected Purchasing Purchase orders Shop order handling Shop orders Valve assembly support Customer Requisitions

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Express an opinion (or indicate that an opinion cannot be expressed) on entity’s financial statements Assess financial statements against financial reporting framework Set of criteria used to determine the measurement, recognition, presentation, and disclosure of material items in the financial statements Examples include GAAP, IFRS, or special ...

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Which of the following costs would be considered a period rather than a product cost in a manufacturing company? A. Manufacturing equipment depreciation. B. Property taxes on corporate headquarters. C. Direct materials costs. D. Electrical costs to light the production facility. E. Sales commissions.

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In business, parent companies generally include subsidiaries as part of consolidated statements in order to see the whole picture Likewise, if a primary government is financially accountable for another entity the “component unit” must be included as part of the primary government’s report This requirement prevents governments from creating sepa...

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Follow employer’s established policies. For an unresolved ethical conflict: Discuss the conflict with immediate supervisor or next highest uninvolved manager. If immediate supervisor is the CEO, consider the board of directors or the audit committee. Contact with levels above the immediate supervisor should only be initiated with the superviso...

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Responsible for raising capital and safeguarding the organization’s assets. Supervises relationships with financial institutions. Work with investors and potentialinvestors. Manages investments. Establishes credit policies. Manages insurance coverage

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Refers to an auditor’s questioning mindset towards representations made by management and evidential matter gathered Inquiry alone is never enough. The auditor must obtain sufficient corroborative evidence. Unusual financial trends need investigation Documents are always checked for authenticity or possible alteration Ask questions, get answers...

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Statements, Interpretations, and Technical Bulletins are primary literature that specifies GAAP (generally accepted accounting principles) However, in absence of adequate guidance, preparers may look at other documents GAAP hierarchy (Illustration 1-2) guides the preparer in the priority of importance for accounting guidance

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Notes are the means of amplifying or explaining the items presented in the main body of the statements. Accounting Policies Companies should present a statement identifying the accounting policies adopted (Summary of Significant Accounting Policies). In addition, companies must: Identify judgments made in the process of applying the accounting ...

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