Explain how harmonization is diverse from convergence.

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Answer 1

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Chapter 3, Problem 1Q

To determine

Explain how harmonization is diverse from convergence.

Expert Solution & Answer

Answer to Problem 1Q

Harmonization states that accounting practices can be different across countries, but there should not be any conflict between the standards. Convergence, on the other hand aims at integrating all accounting standards into one and every country following the same accounting standards.

Explanation of Solution

Harmonization aims at reducing options while maintaining flexibility in accounting procedures. Every country has its own regulation with respect to accounting practices. Harmonization permits countries to follow different rules in accounting practices provided these rules do not conflict each other. For instance, companies could use different computation methods in valuing their books, provided appropriate disclosures were made.

Convergence on the contrary, aims at having universally accepted accounting standards that every country flows so as to eliminate disparities in financial statements and other accounting practices.

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The following data were selected from the records of Fluwars Company for the year ended December 31, current year: Balances at January 1, current year: Accounts receivable (various customers) $ 111,500 Allowance for doubtful accounts 11,200 The company sold merchandise for cash and on open account with credit terms 1/10, n/30, without a right of return. The following transactions occurred during the current year: Sold merchandise for cash, $252,000. Sold merchandise to Abbey Corp; invoice amount, $36,000. Sold merchandise to Brown Company; invoice amount, $47,600. Abbey paid the invoice in (b) within the discount period. Sold merchandise to Cavendish Inc.; invoice amount, $50,000. Collected $113,100 cash from customers for credit sales made during the year, all within the discount periods. Brown paid its account in full within the discount period. Sold merchandise to Decca Corporation; invoice amount, $42,400. Cavendish paid its account in full after the…

Answer 2

Question

Chapter 3, Problem 1Q

To determine

Explain how harmonization is diverse from convergence.

Expert Solution & Answer

Answer to Problem 1Q

Harmonization states that accounting practices can be different across countries, but there should not be any conflict between the standards. Convergence, on the other hand aims at integrating all accounting standards into one and every country following the same accounting standards.

Explanation of Solution

Harmonization aims at reducing options while maintaining flexibility in accounting procedures. Every country has its own regulation with respect to accounting practices. Harmonization permits countries to follow different rules in accounting practices provided these rules do not conflict each other. For instance, companies could use different computation methods in valuing their books, provided appropriate disclosures were made.

Convergence on the contrary, aims at having universally accepted accounting standards that every country flows so as to eliminate disparities in financial statements and other accounting practices.

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Answer 3

Question

Chapter 3, Problem 1Q

To determine

Explain how harmonization is diverse from convergence.

Expert Solution & Answer

Answer to Problem 1Q

Harmonization states that accounting practices can be different across countries, but there should not be any conflict between the standards. Convergence, on the other hand aims at integrating all accounting standards into one and every country following the same accounting standards.

Explanation of Solution

Harmonization aims at reducing options while maintaining flexibility in accounting procedures. Every country has its own regulation with respect to accounting practices. Harmonization permits countries to follow different rules in accounting practices provided these rules do not conflict each other. For instance, companies could use different computation methods in valuing their books, provided appropriate disclosures were made.

Convergence on the contrary, aims at having universally accepted accounting standards that every country flows so as to eliminate disparities in financial statements and other accounting practices.

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Answer 4

Question

Chapter 3, Problem 1Q

To determine

Explain how harmonization is diverse from convergence.

Expert Solution & Answer

Answer to Problem 1Q

Harmonization states that accounting practices can be different across countries, but there should not be any conflict between the standards. Convergence, on the other hand aims at integrating all accounting standards into one and every country following the same accounting standards.

Explanation of Solution

Harmonization aims at reducing options while maintaining flexibility in accounting procedures. Every country has its own regulation with respect to accounting practices. Harmonization permits countries to follow different rules in accounting practices provided these rules do not conflict each other. For instance, companies could use different computation methods in valuing their books, provided appropriate disclosures were made.

Convergence on the contrary, aims at having universally accepted accounting standards that every country flows so as to eliminate disparities in financial statements and other accounting practices.

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Answer 5

Chapter 3, Problem 1Q

To determine

Explain how harmonization is diverse from convergence.

Expert Solution & Answer

Answer to Problem 1Q

Harmonization states that accounting practices can be different across countries, but there should not be any conflict between the standards. Convergence, on the other hand aims at integrating all accounting standards into one and every country following the same accounting standards.

Explanation of Solution

Harmonization aims at reducing options while maintaining flexibility in accounting procedures. Every country has its own regulation with respect to accounting practices. Harmonization permits countries to follow different rules in accounting practices provided these rules do not conflict each other. For instance, companies could use different computation methods in valuing their books, provided appropriate disclosures were made.

Convergence on the contrary, aims at having universally accepted accounting standards that every country flows so as to eliminate disparities in financial statements and other accounting practices.

Answer 6

Chapter 3, Problem 1Q

To determine

Explain how harmonization is diverse from convergence.

Expert Solution & Answer

Answer to Problem 1Q

Harmonization states that accounting practices can be different across countries, but there should not be any conflict between the standards. Convergence, on the other hand aims at integrating all accounting standards into one and every country following the same accounting standards.

Explanation of Solution

Harmonization aims at reducing options while maintaining flexibility in accounting procedures. Every country has its own regulation with respect to accounting practices. Harmonization permits countries to follow different rules in accounting practices provided these rules do not conflict each other. For instance, companies could use different computation methods in valuing their books, provided appropriate disclosures were made.

Convergence on the contrary, aims at having universally accepted accounting standards that every country flows so as to eliminate disparities in financial statements and other accounting practices.

Answer 7

Chapter 3, Problem 1Q

To determine

Explain how harmonization is diverse from convergence.

Answer 8

Expert Solution & Answer

Answer to Problem 1Q

Harmonization states that accounting practices can be different across countries, but there should not be any conflict between the standards. Convergence, on the other hand aims at integrating all accounting standards into one and every country following the same accounting standards.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Harmonization aims at reducing options while maintaining flexibility in accounting procedures. Every country has its own regulation with respect to accounting practices. Harmonization permits countries to follow different rules in accounting practices provided these rules do not conflict each other. For instance, companies could use different computation methods in valuing their books, provided appropriate disclosures were made.

Convergence on the contrary, aims at having universally accepted accounting standards that every country flows so as to eliminate disparities in financial statements and other accounting practices.

Answer 12

Ch. 3 - Prob. 1Q Ch. 3 - Prob. 2Q Ch. 3 - Prob. 3Q Ch. 3 - Prob. 4Q Ch. 3 - Prob. 5Q Ch. 3 - Prob. 6Q Ch. 3 - Prob. 7Q Ch. 3 - 8. Are there any major accounting issues that have...Ch. 3 - Prob. 9Q Ch. 3 - Prob. 10Q

Explain how harmonization is diverse from convergence.

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Explain how harmonization is diverse from convergence.

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