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ACC 301 Study Guide Midterm #1

by: Brandon Sangster

ACC 301 Study Guide Midterm #1 Acc 301

Marketplace > Pace University > Accounting > Acc 301 > ACC 301 Study Guide Midterm 1
Brandon Sangster

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This document covers Chapters 1- 4 that is going to be on the first exam with some additional content such as definitions, Homework Problems and answers from Chapter 3 and Examples of a Qualified O...
Intermediate Accounting 1
Professor Wang
Study Guide
ACC301, pace university, Accounting, Math
50 ?




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This 27 page Study Guide was uploaded by Brandon Sangster on Thursday October 13, 2016. The Study Guide belongs to Acc 301 at Pace University taught by Professor Wang in Spring 2015. Since its upload, it has received 41 views. For similar materials see Intermediate Accounting 1 in Accounting at Pace University.


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Date Created: 10/13/16
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Additionally, the Company willfile final a Current Report on Form 8-K and a Form 15to deregister its common stock when the dissolutionis complete. As a result ofthe SEC's granting of reliefthe Company was relieved ofits obligatioto file, and did not and willnot fileits Report on Form 10-Q for the quarter ended June 30, 2016. The Company has elected to provide the FinancialStatements that would have otheruvise been required to be filedinPart l, ltem 1 of itJune 30, 2016 Form 10-Q herein in thiCurrent Report on Form 8-K. QualifiedOpinion ofSAKAE HoldinssLTD Year ended December 31't, 2015 Pursuant toRule 704(5) of the Listing Manual ofthe SGX-ST (the"ListingManual"), the Board of Directors(the "Board") of Sakae Holdings Ltd. (the"Company") wishes to announce that theCompany's auditors,Messrs Deloitte & Touche LLP (the"Auditors"),have issued a Qualified Opinion on the Company's financial (the statements forFY2015 "QualifiedOpinion"), similarto thatissued on theCompany's financial statements tor FY2014. The Auditors have issued the QualifiedOpinion on account ofthe Company's accounting treatment forits investments in its associatesGriffiReal Estate lnvestment Holdings Pte Ltd ("GRElH") and Gryphon Capital Management Pte Ltd ("GCM"). The applicableaccounting standards require the Company touse the equity accounting method to account forits share of results and net assetsof its associatesThe Company has not applied the equity accounting method to account foritsshare ofresults and net assets ofGREIH and GCM, since financialyear ended December 31,2012, as the Company did not relyon themanagement accounts of GREIH and GCM. This isin light of theuncertainties that arepresented by the on-going litigatiointhe Singapore Courts between and/or among the Company, GREIH, GCM and other persons and entitiesThe Company has also made a fullprovisionfor impairment losson its investments inGREIH and GCM on account of those uncertainties. The matters relatingto theon-going litigatiowere earlierannounced by the Company by its announcements of21 January 2013,1 February 2013,8 February 2013,16 February 2013,20 February 2013,22 February 2013,7 March 2013, 3 May 2013, 3 December 2013,6 February 2014,28 August 2014,24 September 2014, 22December 2015,15 January 2016 and in the FullYear Financial Statements and Dividend Announcement dated 29 February 2016. The basis forthe Opinion isset out in more detail ithe lndependent Qualified Auditors'Report forFY 2015 (the "lndependent Auditors' Report'), a copy of which is attached as an Appendix to this announcement. The lndependent Auditors' Report willbe provided toshareholders and the SGX-ST as partof the Company's Annual Report for FY 2015 on 15 April 2016. The Board willmake such furtherannouncements on these matters as and when thereare material developments. By Order of the Board Douglas Foo Peow Yong Executive Chairman 15 April2016 cord expenses inthe period the related revenue is recognized. life ofan enterprise can be divided into artificial timeeriods. 3. lHistoricalcost principle orisinal transaction value upon acquisition. *.*.,,:, [he 14. lMateriality iconcerns the relative sizeof an item and itseffect on decisions. I: 1 t: -- 3. -T"*rC dft.'-:io, - Trit"ri; ;il;lly t.titfi"df"i piodra*i point otsate. il -*-[Ir T* ' .6. lGoing concern assumption fl-hentity will continue indefinitely. ril r----.-...* A common denominator isthe dollar. --.:--.r------- - lEconomic entity assumption enterprise isseparate from itsowners and other entities. principle 9. jrull-disclosure information that could affect decisions should be reported. new home 1. Jim Marley isthe sole owner of Marley's Appliances. Jim borrowed 5100,000 to buy a to be used as hispersonal residence. This liabilityas not recorded inthe records of Marley's Appliances. The assumption economic entity 2. Apple lnc. distributesan annual report to its shareholders. The periodicityassumption 3. Hewlett-Packard Corporation depreciates machinery and equipment over their useful lives. Expense (also going recognition the concern assumption) 4. Crosby Company lists landon itsbalance sheet at S120,000, itsoriginalpurchase price, even though the land has acurrent fairvalue of 5200,000. The historicalcost (originaltransaction value) principle 5. Honeywell Corporation records revenue when products are delivered to customers, even though the cash has not yet been received. The realization (revenue recognition) principle 6. Liquidation values are not normally reported in financial statements even though many companies do go out of business. The going concern assumption 7. IBM Corporation, a multibillion dollarcompany, purchased some small tools ata cost of 5800. Even though the tools will be used for a number of years, the company recorded the purchase asan expense. Materiality 7--?.- f Assignment Print Vrew Page2 of3 , points l. Award: 5 out of5.OO Listed below are several terms andasesassociated with the FASB's conceptual framework.eachr itemfrom List Aiththeitemtrom ListBthat is mosappropriately associatedh it. di d. dl #. ri: #: *S: d: dl $1 t: dt #i 4 dt References Matching Learning Objective: 01-07 ldentifythe objectivand qualitative characteristics of financiareporting information,and the elements of financial statements. Listed below are several terms andasesassociated with the FASB's conceptual framework. Pair each item from List A wthe item from LiBtthat is moappropriately associated wit. http IIezto.mheducation. corn/hm_accounting.tpx?todo:printviewSingle 9lt2l20t6


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