ABC offers separately priced extended warranties for appliances sold that are non-refundable and have no limits to the potential cost of honoring the warranty. Although ABC does track warranty profits and losses by appliance type, assume that no analysis has been performed to determine the rates at which cost are incurred throughout the warranty period. Assuming that manufacturer warranties provide coverage for the appliance for 1 year from the date of purchase, when should revenues and expenses of such warranties be recognized? FASB Accounting Standards Codification (ASC) topic 605-20-25-3 (Revenue Recognition) states that in regard to extended warranties “revenue shall be recognized in income over the period in which the seller is obligated
Accounting and auditing firm The scandal's consequences would primarily be a professional embarrassment for auditing and accounting firms. The American Institute of Certified Public Accountants quickly altered the auditing standards of the accounting profession in the United States, prompting auditors to become more proactive in combating fraud. The shareholders
Under a research concerning the incorporation of public accounting, researchers have found articles related to it. AICPA once opposed in the incorporation of public accounting in reasons that it may fall under the management of non-accountants. (The CPA Journal Online) When Rule 505 of Code of professional Conduct was already existing (Practice of Professional Corporation), issues arises about the protection of an accountant as shareholder in the corporation. On October 1990, the Council of the AICPA amend Rule 505 of the AICPA Code of Professional Ethics to make it possible for CPAs to practice as "limited liability corporations.
For many years, does it present complete balance sheets, income statements, and cash flow statements? Balance Sheets: The balance sheet for American Eagle is recorded data that completes one fiscal year. This fiscal year runs from February 1, 2014 and runs through January 31, 2015. They will close out each fiscal year on the Saturday closest to January 31 (Bethel University, 2017).
a) Accounting policies and comparison with international accounting standards: Net sales, cost of sales, gross margin, expense, operating income, interest income, taxes, cash, assets, long-term and short-term liabilities, Properties, common stock dividends, total shareholder’s equity are all the accounting policies. All of those and other financial data be used in preparing the Macy’s financial reports. In the section of the common stock. The company’s Board of Directors has the discretion of the declaration and payment of future dividends.
The AMA is the American Medical Association Interest Group. "The American Medical Association helps doctors help patients by uniting physicians nationwide to work on the most important professional and public health issues." (Project Vote Smart) It is the biggest physician organization in America that has doctors from all across the country.
In the article Accountants Save the World by Peter Bakker, one of his casual claims is that “to address current economic crises in a systematic way, we must begin to demand a return on social and natural capital as well. ”1 As a result, Bakker felt that shareholders would not recognize a company's' social accomplishments if it is not captured in financial reports. However, it could be that shareholders do not put social capital into financial statements because they believe that the only social responsibility of business is profits, like Milton Friedman. Therefore, demanding a return on social and natural capital would be ineffective if the majority of shareholders agree with Friedman's view.
The Executive Director and the Executive Board serve at the leisure of the voting membership, along with the Board of Conference Chairs. The Executive Board will consist of no more than five members selected by the Executive Director and a Conference Chair Representative. Making the total Executive Board a 7-member board. Amendment 2.2 (9/16/2016) The CAASC will consist of two positions, President and Vice President, that will remain in place and cannot be voted on.
The Texas Society of Certified Public Accountants (TSCPA) is a professional interest group established with the main objective of protecting the accounting profession. Although it was formed on the twenty-second of May in 1911 by Texas public accountants Marion Douglas and William Peter, the Texas Society of Certified Public Accountants did not receive recognition by state certification until March 1915 when the Public Accountancy Act was signed by Governor James E. Ferguson. The Texas Public Accountancy Act of 1915 established the Texas State Board of Public Accountancy, which issues and revokes accounting certificates, collects annual fees, and makes it a misdemeanor for anyone to practice accounting within the state of Texas without a certificate.
Accounting departments and divisions are now able to enhance tax planning and restructuring. By restructuring, “duplicative processes have been identified and eliminated, increasing efficiency and effectiveness, also, increased improvement in the efficiency of both internal and external audits, thereby decreasing audit costs” (Basile, Handy & Fret, 2015, p. 586). The regulations and approval demanded by the PCAOB have given new accountability and accuracy back to accountants that fraudulent scandals had
The association also encourages alumni to reach back to our campus and help today’s students succeed. Journal Entry 3: Regulatory Issues in a Culture of
Associates rely on the General Accounting Office (GOA) to help choose if associations are taking after the letter of the
My interest in Accounting stemmed from my optimistic expectation about career development in this field. Accounting is so important in the business world that only on the basis of accounting information, management is able to make investment decisions, and optimize internal operation. Thus, it is widely applied to every business sector. However, due to a strange combination of circumstances, I was matriculated by Biology and Medical Engineering College, instead of the Economic and Management College, in which I could accumulate the knowledge that would allow me to realize my career ambition. Changing major was not easy to operate in our university.
While, some of the functions that can be done in accounting are the recording of business transactions, preparing the payrolls, keeping the track of profit or loss, studying the industry trends and so
Tutorial 4 26 August 2014 Name: James Surname: Gilbert Student Number: 201404266 Tutorial Group: 1 The Relevance of Accounting History as an Academic Discipline.
