To: From: Subject: Advanced Accounting Memo 8 Date: March 18, 2015 In regards to how a functional currency should be determined for a foreign entity that has more than one distinct and separable operation. Lynch Corporation owns a subsidiary in Mexico with two distinct and unrelated lines of business. Lynch’s CEO believes that the two distinct divisions both have different functional currencies. One division’s functional currency is the U.S. dollar, which uses the temporal method to value its financial statements and the other division’s functional currency is the Mexican peso, which uses the current method to value its financial statements. Accounting Standards Codification 830-10-45-2 says an entity's functional currency is the currency of the primary economic environment in which the entity operates; normally, that is the currency of the environment in which an
http://www.irs.gov/businesses/small/article/0,,id=146330,00.html.” Dividends, interest, annuities, and royalties not accumulated through the ordinary course of trade or business is Portfolio income, not passive income. The sales of stock and bonds are also portfolio income. 7-13) Martially participation is
Week 3 Questions: 7: Active income is derived from the main course of business or trade; the taxpayer’s full time job or main means of generating income. Passive income is income derived from passive activities, activities that the taxpayer does not devote sufficient time for to be considered as part of main trade and business activities. Portfolio income comes from dividends, annuities, and other investments not part of the main course of business activities. 13. Material participation is a concept used by the law to determine what qualifies as a passive activity.
Chapter 17 Macroeconomic and Industry Analysis Multiple Choice Questions 1. A top down analysis of a firm starts with ____________. A. the relative value of the firm B. the absolute value of the firm C. the domestic economy D. the global economy E. the industry outlook A top down analysis of a firm starts with the global economy. Difficulty: Easy 2. An example of a highly cyclical industry is ________.
The major principles of the constitution were the idea of popular sovereignty, representative Government, Limited government, Personal and economic freedom, separation of powers, checks and balances, and federalism. Unit 1 ends off into explaining the ideas of Federalism. Federalism is defined a power shared between national, state, and local governments. The unit goes into the specifics on federal division on power, the Enumerated Powers are powers listed specifically in the Constitution that are given to the federal government. And the Implied Powers are national powers not listed in the Constitution but that have expanded over time, also known as the Elastic Clause.
Question 8 Which of the following is considered information rather than data? Question 9 Which of the following is an application program? Question 10 An information system that provides relevant data to help businesspeople choose the appropriate course of action is called a(n) ________. Question 11 All of the following are profitability ratios EXCEPT ________. Question 12 Who is recognized worldwide as the body with sole responsibility and authority to issue pronouncements on international accounting standards?
Although NYSE is the largest exchange by market capitalization, it’s electronic quote mechanism made NASDAQ the largest exchange by trading volume. The NASDAQ has no physical location, unlike the NYSE. It is a completely electronic market. Apart from this, NASDAQ is different from NYSE in terms of how the market is quoted. While NYSE is an auction market, NASDAQ is the dealers market.
This was first discussed when Hamilton proposed a Bank of the United States. Strict constructionists argued that that was not a specified power in the constitution and thus it must be a power of the states because of the tenth amendment.
The book itself is a unique, detailed description of how and why, what is called ‘Universal History’ leads us to the establishment of the liberal democratic world. Fukuyama arrives to this conclusion for two separate reasons, one of them being ‘economics’ and the other what is termed ‘ struggle for recognition’. To reduce misunderstandings, at the beginning of the book, the author defines ‘Universal History’ as a single, coherent, evolutionary process, when taking into account the experience of all peoples in all times. Fukuyama has divided his creation into the five distinctive parts, which take the reader beyond any textbooks or daily news to understand the meaning of the current political and economic situation of the world. In the first part of the book, called ‘An Old Question Asked Anew”, Fukuyama explains the phenomenon of pessimism of the 20th century, that significantly slowed down the process of establishing liberal democracy.
On a circle there is no beginning or ending point, every point intersects with another point. This is the same as race, gender and class - every human being has a race, class and gender so you cannot say which one is the most significant in determining inequality – they are all connected. With that said, in any country you can examine the question and provide an answer to who dominates and who is oppressed by looking at the group in power. For the US the power elite and dominate group was formed by our European, Christian, upper class, male founders. This power group by default determined who dominated and who was oppressed.