A business has prepared its accounts for a financial year and these show a profit of $600 000. The accounts do not include the following items: • a likely loss on a contract of $100,000 • a possible Court ruling in favor of the company which is likely to increase profits by $10 000 • a possible Court ruling against the company which could result in damages of between $5 000 to $10 000. Having regard to the fundamental accounting concepts, which of the following revised profit which figures is correct when the above factors are taken in to account?

The U.S. government agency with authority over the financial reporting requirements of publicly traded corporations is the _______.

What is the best definition for Amortization?

Under straight-line depreciation, what percent of the cost of equipment to be allocated will be recognized in the third year of a 5 year economic life?

If the balance of inventories is $5,000 at 1/1/2010 and $3,500 at 12/31/2010, how is that represented on the Statement of cashflows?

Which organization is most like IASB, but monitors and improves the standards under US GAAP?

Which of the following would normally be a current liability?

Which of the following is the classification of a redeemable preference share?

What is factoring of accounts receivable?

What is the order of cash sources (uses) as presented in the Statement of Cash Flows?

(US GAAP ) Your accounts payable increases from the prior year, what happens on the cash flow statement and in which section?