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Question 4- PROBLEM 10-1
Question 3-EXERCISE 10-4
Question 2- EXERCISE 9-3
Question 1-Explanation
Instructions
Inventory
ASSIGNMENT INSTRUCTIONS
Before you begin working on the assignment, I suggest that you create a folder for all of your
IF YOU OPEN THE FILE AND BEGIN WORKING WITHOUT SAVING YOU WILL
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you do not SAVE the file first!
Be sure to submit the entire file in the assignment upload area! Please do not try to save
and send the tabs separately!
Provide a short explanation of each of the accounting terms listed below:
Term
Definition
You can research these terms throughout the chapter
DO NOT CUT AND PASTE FROM ANOTHR SOURCE! TRY TO USE YOUR OWN WORDS WHEN YOU CAN!
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Factors Influencing the Development of Accounting:
Social and Cultural Values
Political and Legal Systems
Business Activities and Economic Conditions
Forms of Ownership and Capital Markets
The International Accounting Standards Board
The Mechanics of Exchange Rates
A hedge of a foreign currency commitment
EXERCISE 9-3
Exercise 3 ( LO 5) Harmonization effect. Harmonization of accounting standards through a private standard- setting process will have
both advantages and disadvantages to American investors and businesses.
1. Discuss the advantages of harmonization to American investors.
2. Discuss why differences in accounting principles and disclosure requirements may place American businesses at a competitive disadvantage.
3. Discuss how the U. S. accounting profession can influence the process of harmonization.
EXERCISE 10-4
Accounts Payable
Stark Inc.
Partial Income Statement
For the Year Ended June 30
Exchange gain (loss)
Gain on forward contract
Net income (loss) effect
Partial Balance Sheet
As of June 30
Forward contract receivable–FC
Forward contract payable –FC
Problem 10-1
Transaction A:
Exchange gain on…