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Explain how cash and accrual accounting differs for each of the events listed in the above scenario and describe the proper accrual accounting.

Business Scenario: BizCon, a consulting firm, has just completed its first year of operations. The company’s sales growth was explosive. To encourage clients to hire its services, BizCon offered 180-day financing – meaning its largest customers do not pay for nearly 6 months. Because BizCon is a new company, its equipment suppliers insist on being […]

What does Generally Accepted Accounting Principles (GAAP) mean? What represents the results of the accounting process that are summarized in periodic reports?

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?

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.

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.

Discuss why integrity, honesty, and transparency are essential in financial reporting. Give credit to any sources or real-world examples you use to support your statements.

The managing director, Elisa Izuki, would like you and your team of MCS consultants to develop an appreciation for ethical accounting standards and the need for objectivity in your analysis. With that in mind, she invites all the consultants working on the Choice Hotels project to an offsite company retreat. During the retreat, a considerable […]

Explain the impact of the first adoption of IFRS on the entity’s financial position and performance according to the requirements of IFRS 1.

Description Scenario: You are an accounting adviser in an entity in a particular country. The entity faces the problem of first translation of its financial statements into IFRS. You are asked to explain the process of first adoption of IFRS Note 1: You are required to prepare a case study which is NOT based on […]

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