1, what are the criteria that must be met in order to recognize revenue from the sale of goods? (200 words)

2, what are the type of difference that exist between IFRS and U.S GAAP ?(200 words)

When charges to external users are a principal revenue source of an activity, the use of an Enterprise Fund is required by generally accepted accounting principles in each of the following situations except

An Enterprise Fund is donating equipment to a general government department. The equipment has a net book value of $25,000 (original cost was $60,000). The acquisition value of the equipment at the transaction date was $28,000. The entry that should be recorded for the Enterprise Fund would include

5       The Inland Revenue Board is responsible for the following EXCEPT:

         A      Income tax

         B      Stamp duty

         C      Petroleum income tax act

         D      Sales tax

6       A “person” under the Income Tax Act 1967 EXCLUDES:

         I        Company

         II      A body of persons

         III     A limited liability partnership

         IV     A partnership.

         V      A corporation

         A      I and II

         B      III and IV

         C      IV

         D      None of the above

7   Generally, residence status is determined by the ________.

      A      income earned by the individual while in Malaysia

      B      nationality of the individual

      C      number of days present in Malaysia

      D      type of employment in Malaysia

8    Under Section 7(1)(a) of the Income Tax Act 1967, an individual is resident in Malaysia for the basis year for a particular year of assessment if he is in Malaysia for a period or periods amounting in total to ____ days or more.

      A      90

      B      100

      C      150

      D      182

Imaging you want to invest in a project with a lifetime of 5 years. The revenue of this project comes from selling products. Initiating the project requires $100,000 investment on non-depreciable assets with no salvage value. The operating cost is estimated as $50,000 in the first year (at the end of the interval). You expect to produce and sell 1000 units of products per year (consider the revenue at the end of intervals). Operating cost and products unit price will increase at the rate of average inflation which is estimated to be 5% over the lifetime of the project.

If the tax rate is 30%, what is the minimum price of the product (in constant dollar) that makes the project acceptable at the market interest rate of 15%?

(Report your answer in dollar amounts without any extra character. Answers such as 2Million; 2M; 2,000,000 or $2000000 are not acceptable)

Suppose that the average annual revenue of a small business is $150,000 with a standard deviation of $40,000.

Assume that the revenue distribution is normal.

1. What is the probability that one business selected at random makes less than $120,000?

2. What is the probability that the average annual revenue of a random sample of 4 businesses is less than $120,000?

3. Why are your answers to the previous two questions different?

what are the implications of inventory costing, contingent liabilities, and revenue recognition with regards to a opening a new business.

Complete the following cost and revenue schedule

Average

Quantity           Total          Marginal            Total               Marginal           Total

Price       Demanded       Revenue        Revenue             Cost                Cost                  Cost

$20                   0                                                               $8

$18                   1                                                             $14

$16                   2                                                             $22

$14                   3                                                             $32

$12                   4                                                             $44

$10                   5                                                             $58

   $8                  6                                                             $74

   $6                  7                                                             $92

   $4                  8                                                          $112

   $2                  9                                                          $147

a. Graph the demand, MR, and MC curves.

b. At what rate of output are profits maximized within this range?

c. What are the values of MR and MC at the profit-maximizing rate of output?

d. What are total profits at that output rate?

e. If a competitive industry confronted the same demand and costs, how much output is produced in the short run?

f. What would happen to long-run price in perfect competition?

Read and explain a graph showing how government tax revenue is spent

Expenses are costs incurred by an organization in the process of earning revenue during a given time period. Expense accounts have a direct impact on the profitability of an organization.

List three expense accounts related to payroll. Describe when you would expect the account to be cleared to zero. Explain the methods you could use to reconcile these accounts.

Some researchers argue that revenue sharing is like socialism in that it removes the incentive to outperform rivals. Do you agree with this statement? Why or why not?