Tag: GAAP
-
Differentiate between conventional insurance and takaful system in no less than five items.
Insurance Accounting Assignment Question(s): Q1. Differentiate between conventional insurance and takaful system in no less than five items. (3 Marks) Q2. What are the differences between statutory and GAAP accounting and explain pillars of the statutory accounting principles? (4 Marks) Q1. SAMA is the institution responsible for regulating and monitoring the insurance market in…
-
Does capex exceed depreciation and amortization? What, if any, economic insights are you able to glean from this comparison?
Read the case and answer the questions about cash flows (statements) https://www.studypool.com/questions/download?id=2760463&path=uploads/questions/435260/20230302002842case_statements_of_cash_flows.pdf&fileDownloadName=attachment_1 Read the case and answer the questions about the statements Can you tell whether the statement was prepared using: (a) the direct or indirect method; (b) IFRS or some other set of GAAP? What are the major sources of cash? What are the…
-
What does Generally Accepted Accounting Principles (GAAP) mean?
Why do we call accounting “the language of business”? Hint: Think in terms of the purpose of accounting. What does Generally Accepted Accounting Principles (GAAP) mean? What represents the results of the accounting process that are summarized in periodic reports? If you were a business owner, what would be your choice of business entity?
-
Discuss the pros and cons of each approach.
IFRS has strict rules that if a liability is a current liability at the end of the accounting period then it is a current liability on the balance sheet. GAAP gives more leeway in that if a company has the ability and the positive intent to refinance a current liability then it can list it…
-
Write a three to four (3-4) page paper in which you: Analyze the audit report that the CPA firm issued. Ascertain the legal liability to third parties who relied on financial statements under both common and federal securities laws. Justify your response.
The Securities and Exchange Commission (SEC) regulates public companies. The SEC has found that some of these companies have violated GAAP by using creative accounting practices to mislead investors and creditors regarding the health of their company. Use the Internet or Strayer Library to research a recent accounting scandal within the last five (5) years…
-
Explain how cash and accrual accounting differs for each of the events listed in the above scenario and describe the proper accrual accounting.
Purpose of Assignment This week’s activity illustrates the role a company’s accounting method plays in financial statement reporting. In this assignment, students evaluate the events occuring in a business setting and determine how to properly analyze those events to identify the impact on both cash and accrual accounting methods. Assignment Steps Resources: Generally Accepted Accounting…
-
How do the events reported in this podcast relate to the topics covered thus far in this course? Use at least two of the things we have talked abocgout in class in your response.
Podcast Link: https://wondery.com/shows/business-wars-daily/episode/5680-things-are-getting-ugly-for-ugly-food-sellers/ (Links to an external site.) See the rubric for this assignment before you start writing your responses. Responses should be no longer than one page and no shorter than 2 paragraphs (double spaced). After listening to the assigned podcast, please consider the following reflection questions. So far in the class, we have…
-
What are GAAP? Why are financial statements that have been prepared in accordance with GAAP and audited by an independent CPA useful for Fidelity’s investment analysts? What organizations influence GAAP? Explain how they do so.
Instructions – a 750 word paper on the following topic: Fidelity Investments Company is a well-known mutual fund investment company. It makes investments worth billions of dollars in companies listed on the New York Stock Exchange and other stock markets. Generally accepted accounting principles (GAAP) are very important for Fidelity’s investment analysts. What are GAAP?…
-
Describe the changes and what would be the impact on Corporate America, society, CPA firms and other constituencies. IFRS and GAAP, Corporate Governance, issues, road blocks and more.
1. Try to find review articles about the new Ethics, Fraud & Corporate Governance” policy and other basic information to use for background (outside of what is provided in textbook) 2. Write the paper a. Background information to topic of Corporate Governance; research question – what is it that your investigating in relation to the…
-
What are the practical accounting issues and challenges for the preparers of financial statements related to cryptocurrencies?
Research paper. APA 7th Edition. 11 pages. Overview: Description of the general area to be studied. Impact of Cryptocurrencies (digital assets) on financial reporting. A more specific problem identified within the general area. Think about why this problem is important to study and specify what is already known about the problem. There are no accounting…