Financial Accounting - 1203 Words

FACULTY OF BUSINESS AND LAW ACFI2002 – FINANCIAL ACCOUNTING SEMESTER 2, 2012 ASSIGNMENT 01 Student Name: Tran Thi Ngoc Hanh Student Number: C3173300 Part I: Accounting Standard AASB138 Intangible Assets provides guidelines for accounting treatment of research and development costs for financial reporting purposes. Answer the following questions based on AASB138 and ‘Framework for the Preparation and Presentation of Financial Statements’. (85 marks) Part I: Accounting Standard AASB138 Intangible Assets provides guidelines for accounting treatment of research and development costs for financial reporting purposes. Answer the following questions based on AASB138 and ‘Framework for the Preparation and Presentation of Financial†¦show more content†¦Therefore, company usually have to agree on a contract to make sure that the ratio of debt to total assets be below a certain level (to protect the debt holders). Therefore, in a case that, company fails to maintain that level, they may have incentive to either inflate assets or deflate liabilities. So, in this case, manager prefers to recognise research expenditure as an asset. iii. A company expected to realise a huge profit increase in this financial year. (15 marks) – expense As we know that: profit = revenue – expense Part II. The following two questions relate to heritage assets and biological assets (65 marks) Part II. The following two questions relate to heritage assets and biological assets (65 marks) 1. Olive Twist Ltd has olive farms in Newcastle where the trees had a fair value less selling costs of $4 600 000 on 30 June 2011. During the year ended 30 June 2012, olives with an estimated market value of $300 000 were picked. The costs of picking, sorting and packing amounted to $100 000 and were paid in cash. The olives eventually sold on 2 July 2012 for $430 000. In addition to the harvest of olives, the value of the olive trees changed over the period. The fair value less selling costs of the olive farm increased to $4 800 000 on 30 June 2012. During the reporting period ending 30 June 2012, employee expenses, fertilizers, lease expenses and other expenses amounted to $Show MoreRelatedFinancial Accounting And Managerial Accounting1613 Words   |  7 PagesIntroduction: Both financial accounting and managerial accounting provide important information about the business process. On the one hand, financial accounting provides only financial information to its internal users and external users. On the other hand, managerial accounting basically communicates about financial and non-financial information with internal users such as managers, employees and owners of the company. In other words, managerial accounting provides information to managers who directRead MoreThe Financial Accounting Standards Board1346 Words   |  6 PagesEarnings per share is introduced by the Financial Accounting Standards Board as the functionality used to calculate an institutions’ earnings for the year-end financial statements. The institutions can be made of up a simple or complex capital structure. It must be calculated on a constant basis in order for reports to remain consistent. FASB provides a formula of â€Å"dividing income available to common stockholders by the weighted average number of common shares outstanding during the period† (FASBRead MoreAccounting Analysis On Financial Accounting1185 Words   |  5 PagesAccounting has many branches that it can be divided into. It can be divided into several areas of activities. Accountings main branches are financial accounting, Management accounting, Cost accounting, Auditing, Tax accounting, Accounting systems, Fiduciary accounting and Forensic accounting. Financial accounting: This branch of accounting measure’s and records the transactions of a business. Financial accounting focuses on the preparation of the five basic financial statements namely statementsRead MoreFinancial and Managerial Accounting628 Words   |  3 PagesBoth financial and managerial accounting analyze economic data, however the major differences between the two strands include; user groups, information type, regulatory control and reporting frequency (Atrill and McLaney, 2012) User Groups: Financial accounting mostly provides information for external stakeholders such as shareholders, lending institutions, prospective investors and creditors, whereas managerial accounting mostly make available information for internal users such as managers andRead MoreFinancial Accounting Standards903 Words   |  4 PagesFASB IFRS Financial Accounting Standards The Financial Accounting Standards Board (FASB) has been around since 1973 and their organization’s duty and task is to set and provide effective and reliable financial accounting standards in the United States. The Financial Accounting Standards Board is also a private sector and is a not for profit organization, also recognized as U.S. Generally Accepted Accounting Principles (GAAP). The Securities and Exchange Commission (SEC) and The American InstituteRead MoreFinancial Accounting1609 Words   |  7 PagesFinancial Accounting Assignment 2 1 of 25 The credit term 2/10 n/30 means: that after 10 days 2% interest is charged. that there is a 10% discount if payment is received within 30 days. that there is a 2% discount if payment is received within 10 days. there is a 10% discount if paid immediately and 2% if paid within 30 days. 2 of 25 Family Food Stores purchased canned goods at an invoice price of $3,000 and terms of 2/10, n/30. Half of the goods had been mislabeled and were returned immediatelyRead MoreFinancial Accounting1510 Words   |  7 PagesUNIVERSITY Jennifer Lapus MODULE 2/ Case Assignment 2 ACC201 Financial Accounting/Case 2 29 August 2012 Case Assignment: There are three main parts to this case that requires you to prepare and submit a three to five page paper. Please make sure this paper is well organized and covers all of the items below. Part I.      * Why is revenue recognition a significant issue? How do we determine when revenues are recorded for accounting purposes? * Explain the difference between a product andRead MoreFinancial Accounting8263 Words   |  34 Pagesï » ¿1.  Accounting is an information and measurement system that:   A.  Identifies business activities. B.  Records business activities. C.  Communicates business activities. D.  Helps people make better decisions. E.  All of these.    2.  Technology   A.  Has replaced accounting. B.  Has not changed the work that accountants do. C.  Has closely linked accounting with consulting, planning, and other financial services. D.  In accounting has replaced the need for decision makers. E.  In accounting is onlyRead MoreInternational Accounting Standards Board And Financial Accounting1307 Words   |  6 PagesIt all began on October 2002 where the International Accounting Standards Board and Financial Accounting Board signed a memorandum of understanding that has come to be known as the â€Å"Norwalk Agreement†. Here the two boards met and decided to make their standards fully compatible and put it into practice and once they conquer their goal, they have to make sure it is maintained. But before I divulge into details regarding the future and presently achieved goals of the convergence, I would like to throwRead Morefinancial accounting2403 Words   |  10 Pagesï » ¿ 21. Generally accepted accounting principles c. derive their credibility and authority from general recognition and acceptance by the accounting profession. 22. A soundly developed conceptual framework of concepts and objectives should d. all of these. 23. Which of the following (a-c) are not true concerning a conceptual framework in account-ing? c. It should be based on fundamental truths that are derived from the laws of nature. S24. Which of the following is not a benefit associated

Human Population Growth And The Environment Essay

Human population growth has exploded in recent years and the impact to the environment is what I am going to describe in this paper. I am going to explain the issues population has caused as well as the biblical principles for environmental stewardship. Next I will describe important factors that contribute to the issues that population growth brings to the environment. I will then describe the effect population has on people and the environment. Finally, I will explain a long term strategy with cost and benefit issues and the required support needed to make it a successful solution. After reading this paper you should be able to understand better overpopulation effects on the environment and how we can make it better and practice biblical principles of stewardship. The world population steadily grew until it dropped during the Bubonic plague between 1000 and 1500 A.D. After 1600 the population exploded and reached 1 billion by 1800 and reached 3 billion by 1960. Currently we are at 7 billion and with this rapid growth comes a significant impact on the world environment because our resources trying to keep up with the growth. To explain how growth is an issue we have consumed more resources in the last 50 years on earth than the entire history of the world before us. The current state of the world has over 7 billion people that need food, water, shelter, and hopefully nurtured and educated. These same people consume earth’s resources and produce waste in the process. AsShow MoreRelatedGrowth of Human Population and Its Effect on the Environment1382 Words   |  6 PagesThe growth of the human population has been strikingly apparent that the rate of growth has been much steeper than recent times. The earlier Homo sapiens were vegetarians and gathers they hunted and fished for food. With increased knowledge humans learned how to farm, domesticate animals and used irrigation to meet their needs. The knowledge of water and sewer conditions along with better medical care and agriculture made life easier. Earlier man did not have these factors and the population remainedRead MoreEnvironmental Science Worksheet Essay990 Words   |  4 Pagespeople knew the term ecology. Environmental concerns were absent in the political and social spheres. However, a groundbreaking book by Rachel Carson, Silent Spring, was published in 1960 and large numbers of people became aware of the consequences of humans’ encroachment upon the nature in terms of the use of highly toxic chemicals like the DDT. Again in this period, various environmental events like oil spills, news about the possible extinction of several species have also helped create an awarenessRead More Overpopulation, Industrialization, and the Degradation of the E nvironment934 Words   |  4 PagesDegradation of the Environment The overall growth of the human population in the last 2000 years has been a J-shaped growth. This can also be expressed as an exponential growth. A big question that can only be answered in time is how this population growth will slow down or stop. The planet can only handle so many humans before the effects of overpopulation send the environment into an unrecoverable tailspin of degradation. So the question is will the overall maximum human population be reached inRead MoreThe Industrial Revolution And The Public Health Revolution1697 Words   |  7 Pages Since our origin, worldwide human population has steadily been on the rise. We humans emerged as a species about 200,000 years ago. In geological time, that is really incredibly recent. Just 10,000 years ago, there were one million of us. By 1800, just over 200 years ago, there were 1 billion of us. By 1960, 50 years ago, there were 3 billion of us. There are now over 7 billion of us. By 2050, your children, or your children s children, will be living on a planet with at least 9 billion otherRead MoreChapter 46 Ecology Of Populations943 Words   |  4 PagesTextbook Questions July 24, 2016 Chapter 46 Ecology of Populations 1.Ernst Haeckel contributed much to the scientific world with the creation of the word â€Å"ecology† opening the door to a whole new branch of science. He kicked off the study of ecology when he explained how ecology and evolution revolve around one another. 2.Define the following: a.Ecology-the study of interactions among all organisms and with their physical environment b.Habitat-the place where the organism lives c.Population-allRead MoreThe Future of Life Essay examples872 Words   |  4 Pageslarge-scale lesson in sacrifice. Some people will think when humans protecting the environment, they always need to give up something. When humans need to protect an endangered species, some people will lose their money, jobs and even their home. People will think the Earths gain is humans lost and stop to protect the environment. However, they forget humans are themselves a part of nature. Humans cannot survive without the natural environment. Wilson follows with a cogent outline of how the environmentalRead MorePopulation Growth And Its Impact On The Environment1677 Words   |  7 PagesIn the short amount of time that humans have been on this planet they have evolved and adjusted to many circumstances in climates over such a short period of time. Humans have been on this planet for about 200,000 years and in that short amount of time humans have changed, and grown drastically within that time fra me. If the population continues to grow at rapid rates our planet, environment, civilization, and even humanity will suffer due to over consumption, pollution, and destruction causingRead MoreNegative Effect of Overpopulation.1365 Words   |  6 PagesTHE ADVERSE EFFECTS OF POPULATION GROWTH Some observers attribute nearly all of the world s maladies to excessive population growth. They claim that rapid population growth has at least three adverse effects on human well-being. First, it increases poverty--the number of people that are impoverished, the proportion of the community that is impoverished, and the severity of the impoverishment. Second, it increases environmental degradation--the misuse of natural resources--with adverse consequencesRead MoreEffects Of Population Pollution Essay1464 Words   |  6 Pages Population around the world is growing rapidly each year, which is unfortunately causing negative impacts on the environment. Each day the air around us is becoming more polluted as the amount of carbon dioxide emitted into the atmosphere caused by human activities increases each day. As population continues to gradually increase, it is causing harmful effects in terms of air pollution. An increase in the number of people directly varies with the pollution th at is emitted into the environment. MoresoRead MoreDemecology – the Ecology of Populations1574 Words   |  7 PagesDemecology – the ecology of populations The main idea: Note how mathematical models are used to examine variation in growth of a population. Lecture outline: 1. Statistic and dynamic characteristics of population. 2. Growth curves patterns: J-shaped curve and S-shaped curve 3. Population regulation: Density-dependent and density-independent factors. 4. Human population patterns: - Population numbers. - Demographic transition and structure - Population urbanization 1. Statistic

Does Birth Order Have an Effect on Intelligence Free Essays

In 1874 Francis Galton reported that firstborn children were overrepresented as high achievers in various scientific fields. There were flaws in Galton’s methodology, for instance, he did not count female children in his results. Male subjects were counted as a first born even if they were the tenth child, but the nine older siblings were female (Esping, 2003). We will write a custom essay sample on Does Birth Order Have an Effect on Intelligence or any similar topic only for you Order Now However, Galton’s conclusion that birth order correlates with intelligence and academic attainment remains popular. Even in the last decade, other researchers, in both Europe and North America, have confirmed and reasserted Galton’s conclusion. What studies have demonstrated that birth order influences intelligence and/or achievement? Research by Christensen and Bjerkedal concluded that birth order has a small impact on educational attainment (Christensen Bjerkedal, 2010). That conclusion has also been reported by other related studies. Analysis of the National Longitudinal Survey of Youth (NLSY) and the Wisconsin Longitudinal Study (WLS) show that birth order has an effect on educational attainment and intelligence (Retherford Sewell, 1991 and Rodgers, Cleveland, van den Oord Rowe, 2000). Also, earlier research on Norwegian male military conscripts also demonstrated that birth order impacts on intelligence (Bjerkedal et al., 2007). The confluence model theorizes that first born children are raised in an adult oriented, highly intellectual environment. Also, when first born children interact with their younger they adopt the role of teacher. This is known as the tutor effect (Zajonc Sullaway ,2007). Are studies that support birth order effect on intelligence and/educational attainment flawed? Wichman, Rodgers and MacCallum suggest a critical flaw in previous research that supports that birth order has an effect on intelligence and/or educational attainment They suggest that in larger families the first born is equally intelligent as the fourth-born child, but they are not as intelligent as children from a smaller family (Wichman et al,2006). The studies that demonstrate a link between educational attainment and/or intelligence and birth order have been criticized by other researchers. However, according to the confluence model it is only as children with younger siblings approach adulthood that they finally achieve maximum benefit from teaching their younger siblings, as it typically increases their efforts to do well scholastically (Zanjonc Sulloway, 2007). What factors other than birth order influence intelligence and or achievement? Wichman, Rodgers and MacCallum argue that the findings were a result of differences between families, not within families. They suggest that the younger a mother is at the birth of her first child will result in lower intelligence scores within the family. Younger mothers tend to be less educated, have more children and lower income. When researchers controlled for mother’s age at first birth, the effect on birth order on intelligence was nearly eliminated. In their opinion birth order appears to have an effect on intelligence, but that’s only because larger families don’t have the advantages of smaller families. Family environment and genetic influences are the most important factors and they may override birth order (Wichman et al., 2006). How to cite Does Birth Order Have an Effect on Intelligence, Essay examples