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Concept explainers
Concept Introduction:
International financial reporting framework (IFRS):
International
United States generally accepted Accounting Policies (US GAAP):
United States generally Accepted Accounting Policies is the accounting framework/ accounting standards followed in the United States to prepare the financial statements. US GAAPS are issued by Financial Accounting Standards Board (FASB).
Requirement-1:
To Indicate:
The Cost flow assumption applied by Samsung in
Concept Introduction:
International financial reporting framework (IFRS):
International financial reporting framework is the accounting framework/ accounting standards followed internationally to prepare the financial statements. IFRS are issued by the International Accounting Standards Board (IASB). IFRS fulfill the objective of common accounting standards worldwide.
United States generally accepted Accounting Policies (US GAAP):
United States generally Accepted Accounting Policies is the accounting framework/ accounting standards followed in the United States to prepare the financial statements. US GAAPS are issued by Financial Accounting Standards Board (FASB).
Requirement-2:
To Indicate:
The treatment of the prior period item under IFRS and US GAAP
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Chapter F Solutions
Fundamental Accounting Principles
- Calculate the plantwide factory overhead ratearrow_forwardDuring FY 2020, Dorchester Company plans to sell Widgets for $14 a unit. Current variable costs are $6 a unit and fixed costs are expected to total $146,000. Use this information to determine the dollar value of sales for Dorchester to break even. (Round to the nearest whole dollar.)arrow_forwardWhat is the pension expense for 2023?arrow_forward
- Nimbus Financial Services expects its accountants to work 30,000 direct labor hours per year. The company's estimated total indirect costs are $275,000. The direct labor rate is $80 per hour. The company uses direct labor hours as the allocation base for indirect costs. If Nimbus performs a job requiring 25 hours of direct labor, what is the total job cost? Answerarrow_forwardACCOUNTarrow_forwardNimbus Financial Services expects its accountants to work 30,000 direct labor hours per year. The company's estimated total indirect costs are $275,000. The direct labor rate is $80 per hour. The company uses direct labor hours as the allocation base for indirect costs. If Nimbus performs a job requiring 25 hours of direct labor, what is the total job cost? solve thisarrow_forward
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