International Financial Accounting

Ron Abrams has come into your office for his weekly 1 on 1 in which you update him on your weekly progress on your projects. He has arrived with a stack of paperwork in his hands and a befuddled look on his face. You ask what’s going on and he responds as follows. “Last year, as you know, we purchased a bankrupt, closed down bottling facility in The Ukraine. I don’t know if you know this but in countries other than Canada they are using somewhat different accounting policies than we do, and the reports I have for the first few months of

cognizant of the fact that the choices he makes can affect the price a buyer pays

In 1853, first association of professional accountants, it also can be regarded as the beginning of the modern accounting profession. The UK accounting system is conducive to a principles-based approach rather than a rules-based approach to standard setting. Furthermore, the UK 's politic system is common law, which shows that accounting system in the UK has relatively fewer statutes, more interpretation and tends to be more flexible, adaptive and innovative, etc. Also, taxation does not have influence on accounting system, but Germany and Japan are in opposite Therefore, these all can have a significant influence on accounting system in the UK.

Part B (6 Marks) Prepare an Income Statement for the year ended 30 June 2014:

Topic Allowed income and deductions Deductions for and from AGI Deductions for and from AGI Deductions for and from AGI Deductions for and from AGI Deductions for and from AGI Deductions for and from AGI; deductions disallowance Ordinary and necessary requirement Reasonable compensation Business versus nonbusiness losses Reporting procedures Method of accounting: cash basis Prepayment provision for cash basis taxpayer All events and economic performance

Langfield-Smith, K., H. Thorne, and R. W. Hilton (2012). Management Accounting 6e: Information for Managing and Creating Value, 6th ed, McGraw-Hill Australia Pty Ltd. (Hereafter referred to as LS)

This is a closed book examination. You are not permitted to access any books, notes or other written materials. Silent calculators, nonprogrammable are allowed. Questions must be answered on the examination paper. Answer all parts of all questions.

19. The accounting assumption that requires every business to be accounted for separately from other business entities, including its owner or owners is known as the:

From the following list of accounts prepare the ASSET section of the Balance Sheet for Camosun Developers for December 31, 2011. Accounts payable ............................................... $10,000 Accounts receivable ........................................... 260,000 Accumulated Amortization, Building ................... 370,000 Accumulated Amortization, Furniture & Fixtures . 310,000 Allowance for Doubtful Accounts .......................... 70,000 Building .............................................................. 900,000 Cash ................................................................... 200,000 Cost of Goods Sold .............................................. 75,000 Furniture & Fixtures ............................................ 800,000 Interest Expense .................................................... 2,000 Inventory ............................................................ 330,000 Land ................................................................... 740,000 Notes payable (due in 5 years) ............................. 33,000 Prepaid expenses ................................................. 30,000 Sales Returns and Allowances ............................... 1,500 Note Receivable

Liabilities......................................................................................................................................... Deferred Credits .............................................................................................................................. Income Taxes .................................................................................................................................. Commitments and Contingencies.................................................................................................... Capital Accounts ............................................................................................................................. Revenue........................................................................................................................................... Expenses.......................................................................................................................................... Business Combinations and Consolidations.................................................................................... Other................................................................................................................................................

Study Objectives 1. Identify the characteristics of the partnership form of business organization. 2. Explain the accounting entries for the formation of a partnership. 3. Identify the bases for dividing net income or net loss. 4. Describe the form and content of partnership financial statements. 5. Explain the effects of the entries to record the liquidation of a partnership. *6. Explain the effects of the entries when a new partner is admitted. *7. Describe the effects of the entries when a partner withdraws from the firm.

What is the amount of uncollectible accounts expense recognized in VIP's income statement for January?

Atrill, P, McLaney, E, Harvey, D, Jenner, M 2008, Accounting: an introduction, 5th ed, PEARSON, Australia, pp191

In the accounting analysis part, we will discuss and analyse SUL’s accounting policy by identifying its key accounting policies, assessing the accounting flexibility, evaluating the accounting strategy, evaluating the quality of disclosure, identifying red flags and undoing accounting distortions to evaluate that if SUL’s financial statement is transparent and not misleading. Also, we will compare these elements to its competitors in order to give investors a clearer vision of its accounting quality.

Part II. The following two questions relate to heritage assets and biological assets (65 marks)