Flat Cargo Account

  • Cargo

    Special Cargo (Author’s name) (Institutional Affiliation) Fragile Cargo These are items which can easily be damaged during transit if they are handled roughly, dropped or get bumped upon. Fragile cargo mainly consists of electronics, ceramics, chemicals, paintings, trophies, animals, flowers and musical instruments among others. Cargo handling Fragile cargo items are easily damaged when not handled with care. The items have to be handled with utmost care so as to ensure safe delivery to their

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  • Account

    | |Allotted (min.) | |1A |Identify problems and recommend inventory system. |Moderate |20-30 | |2A |Record inventory transactions and post to inventory account – perpetual |Moderate |30-40 | | |system. | | | |3A |Record inventory transactions – perpetual

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  • Account

    [P13-11] 6. Explain and give examples of asset retirement obligations. 7. Describe the appropriate presentation of short-term and long-term liabilities. [E13-3] Exercises 1. Record journal entries for: a. purchase of goods on account [E13-2], [P13-1] b. issuance of interest-bearing or zero-interest-bearing note [E13-2], [P13-1] c. payment of interest on note and amortization of premium or discount [E13-2] d. receipt of returnable deposits

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  • Accounts

    Nominal account balances In accounting terms, a balance sheet is a statement of balances in ledger accounts after closing the nominal accounts i.e. a statement of Real, Personal and Special Nominal account balances. Special Nominal Accounts Nominal accounts whose balances are carried over from one accounting period to another. Statement of balances carried forward If the balance sheet is the one drawn on the last day of the accounting period, the balances represent the ledger account balances

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  • Account

    impact the accounting equation. The accounting equation consists of three company`s accounts including assets, liabilities and owner`s equity. The accounting equation can be summarized as : Assets = Liabilities + Owner`s Equity Based on the equation, assets are the total of liabilities and owner`s equity. Assets are a company’s resources—things the company owns. Examples of assets include cash, accounts receivable, inventory, prepaid insurance, investments, land, buildings, equipment, and

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  • Account

    for Doubtful Accounts 53 Accumulated Depreciation 9,010 Accounts Payable 8,680 Short Term Notes Payable 17,874 Prepaid Expenses 2,781 Other Current Liabilities 796 Long-Term Liabilities 14,736 Paid-in-Capital in Excess of Par Value 11,379 Retained Earnings 55,038 Inventories 3,264 Treasury Stock 35,009 Other information taken from the Annual Report: Sales Revenue for 2012 $48,017 Cost of Goods Sold for 2012 19,053 Net Income for 2012 9,019 Inventory Balance on 12/31/11 3,092 Net Accounts Receivable

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  • Flat Cargo Accounting Fraudulance

    CASE STUDY 1: FLAT CARGO BERHAD: AN AUDITOR’S CONUNDRUM A. INTRODUCTION OF THE CASE There are many puzzling issues that could occur in the process of auditing a listed company. These issues could be created either intentionally or the other way around. Therefore, an objective analysis is needed to clear the puzzles especially if the auditors wish to curb fraud cases among their clients. In the case of Flat Cargo Berhad (FCB), the auditor has found some inconsistencies in

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  • Flat Cargo

    Flat Cargo Berhad (FCB) Introduction FCB obtained listing in Bursa Malaysia on the 15 September 2001. The main core business was to provide air freight transportation within the Asian region. As a fast growing company, FCB secured agreements from well-establish company within the transportation industry such as Worldwide Express, United Parcel Services (UPS), Nationwide Express, City link and others. Issue on FCB 1) The auditors were unable to verify the aircrafts claimed have been purchased

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  • Flat Cargo Berhad Case Study

    be created either intentionally or the other way around. Therefore, an objective analysis is needed to clear the puzzles especially if the auditors wish to curb fraud cases among their clients. In the case of Flat Cargo Berhad (FCB), the auditor has found some inconsistencies in the accounts of FCB. Thus, a case study is conducted to bring the hidden mystery to the light as possible. Based on the study, a report was written to summarise the situation. The aspects that were given highlights in the

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  • Flat Cargo Berhad

    1.0 Case Summary Flat Cargo Berhad (“FCB”) was one of the largest air freight companies in Malaysia. FCB was registered as an investment holding company with several subsidiaries and the principal activities included air freight services and aircraft ground handling services. FCB’s wholly-owned subsidiaries included FC Spare Sdn Bhd, Cargo Management Sdn Bhd, FCB (SPV), Cargo Air Services Sdn Bhd and FC Air Ltd. FCB started operations in 1997 and had been an overnight air express transport service

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  • Flat Cargo Berhad

    (interconnection expenses with other telecommunication companies) by capitalizing these costs on the balance sheet rather than properly expensing them. Second, the company inflated revenues with bogus accounting entries from 'corporate unallocated revenue accounts'. Expense to Revenue Ratio (E/R) Ratio Ebbers was obsessed with revenue growth and insisted on a 42% E/R ratio. He encouraged managers to push for revenue, even if it meant that long term costs would outweigh the short-term gains. As business operations

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  • Recommendation for Flat Cargo

    dominates the board’s decision making, there should be an equal number of executive and non-executive directors (inclusive of independent non-executive directors) in the Board of Directors. However, based on the hierarchy of the Board of Directors in Flat Cargo Berhad, there are more executive directors than non-executive directors. It is unhealthy scenario as non-executive directors’ views might not be taken into consideration in the company’s important decision making process as they have the minority

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  • Flat Cargo Berhad

    Flat Cargo Berhad Presented by: ABDUL RAHMAN BIN YAACOB AFIFAH BINTI HALIM MAZIAH BINTI MOKHTAR MOHAMMAD AZWAN BIN BASHIRUN MOHD ZUBAIR BIN NOR AZMAN AC088467 AC088398 AC088445 AC088323 AC086470 Presented to: SIR AZWAN ABD RASHID NABILAH BINTI SAAD AC088349 INTEGRATED CASE STUDY ACSB 413 INTRODUCTION Company Background 1997 Started operations with 2 aircraft - Boeing 737-200F - Cessna Grand Caravan Operating Primarily -Air cargo carrier Principal activities of FCB Subsidiaries

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  • Cargo Transportation

    Transportation Processes and Systems Theory” course is intended for studying the fundamentals of transportation process and operations in cargo transportation. The main purpose of studying this course is comprehension of basic transportation processes’ concepts related to transportation of cargo by two transport modes (or with cross-docking) with warehousing of the specified cargo type. The key objective of the given course is for the students to gain skills in management of transportation processes at micro

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  • Summary of Flat Cargo Bhd

    FLAT CARGO BERHAD: AN AUDITOR’S CONUNDRUM The case portrayed Flat Cargo Berhad (FCB), a public listed company which known as one of the largest air freight companies in Malaysia. FCB was registered as an investment holding company with several subsidiaries where the subsidiaries primarily provides air freight services and aircraft ground handling services. As the only Intra-Asian overnight express cargo operator based in Malaysia, FCB provides air freight transportation involving aircraft charter

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  • Flat Cargo Berhad

    Flat Cargo Berhad: An Auditor’s Conundrum Flat Cargo Berhad (FCB) a well-known and one of the largest air freight companies in Malaysia that operate as air cargo carrier. FCB also registered as an investment holding company with several subsidiaries that operate with the same operating principal of the FCB. Their primary operating principal was to provide air freight transportation which includes air charter and leasing. Started their operation in 1997 and became the only dedicated Intra-Asian overnight

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  • Salt Flats

    1/9/14 Create Your Own Miniature Salt Flats! | Education.com Education.com Try Brainzy Try Plus Sign in Your Account Already a member? Sign in Become a free basic member: Get 5 free worksheets per month plus activities, articles and science projects. Sign Up As an annual PLUS member, get unlimited access to: Over 15,000 Worksheets Over 260 Printable Workbooks Hundreds of Fun Activities Get Started As a Brainzy member, help your child: Review Key Skills: Teaching Videos Practice Through Play:

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  • Flat Cargo Bhhd

    ACT 4197 INTEGRATED CASE STUDY FLAT CARGO BERHAD: AN AUDITORS CONUNDRUM Submit to Prof. Madya Dr Nor Aziah binti Abu Kasim Submit by Ummu Syafiqah binti Yaakob 156756 Lee Liu Kim 157279 Nurhafiza binti Abdul Razak 157458 Tay Yee Joe 159264 Semester 2, 2013/2014 * Table of Contents 1.0 Introduction 1 2.0 Case Overview 2 3.0 Issues Identified in FCB 4 3.1 Material Misstatements in Financial Statements of FCB 4 3.2 Lack of Internal Control 7 3.3

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  • Flat Cargo Berhad

    Taken from : SamDC Flat Cargo Berhad 1.0 Case Summary Flat Cargo Berhad (“FCB”) was one of the largest air freight companies in Malaysia. FCB was registered as an investment holding company with several subsidiaries and the principal activities included air freight services and aircraft ground handling services. FCB’s wholly-owned subsidiaries included FC Spare Sdn Bhd, Cargo Management Sdn Bhd, FCB (SPV), Cargo Air Services Sdn Bhd and FC Air Ltd. FCB started operations in 1997 and had been

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  • Flat Cargo Case Summary

    Case report 1 flat cargo berhad: An auditor’s conundrum Case Synopsis The case is related to one company known as Flat Cargo Berhad (FCB). FCB was one of the largest air freight companies in Malaysia which servicing several government linked companies including Freight Malaysia Berhad. FCB is a listed company and was registered as an investment holding company with several subsidiaries. Among its subsidiaries are FC Spare Sdn Bhd, Cargo Management Sdn Bhd, FCB (SPV) Ltd, Cargo Air Services

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  • Accounts

    maintained. The trial balance below shows the summary of transactions in the first two months of business, now carried forward to the 1st of April 2014. CHOICE TRUCK TYRES TRIAL BALANCE AS AT 1 APRIL 2014 ACCOUNT Cash at bank Accounts Receivable Equipment (paid cash on 1 February 2014) Accounts Payable Loan from BankOnUs Ltd Capital – Tom Blakeney Drawings – Tom Blakeney (Equity) Sales Purchases Electricity Equipment Running Costs Insurance - Equipment Interest Office Supplies Rent Telephone Wages

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  • A Flat World

    pp. 83–126 A Flat World, a Level Playing Field, a Small World After All, or None of the Above? A Review of Thomas L. Friedman’s The World is Flat EDWARD E. LEAMER∗ Geography, flat or not, creates special relationships between buyers and sellers who reside in the same neighborhoods, but Friedman turns this metaphor inside-out by using The World is Flat to warn us of the perils of a relationship-free world in which every economic transaction is contested globally. In his “flat” world, your wages

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  • Flat Cargo Case

    CASE 2 Asian Journal of Case Research 4(S): 15 – 25 (2011) Flat Cargo Berhad: An Auditor’s Conundrum ZAKIAH MUHAMMADDUN MOHAMEDa* AND TAKIAH MOHD ISKANDARb ABSTRACT Flat Cargo Berhad (FCB) was one of the largest air freight companies in Malaysia, servicing several government linked companies including Freight Malaysia Berhad, and had Kencana & Associates served as its auditors. In 2006, during a routine financial audit, the auditors identified several suspicious findings that resulted

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  • Flat Cargo Berhad

    COMPANY BACKGROUND Flat Cargo Berhad (FCB) was established in 1997 as the mean of providing air freight services to the Intra-Asia air market. FCB’s services were not only limited to air freight and aircraft ground handling but also included aircraft charter and leasing. FCB was chaired by Dato’ Ibrahim Samad, a former Director General for the Ministry of Transportation and former President of Malaysian Chamber of Commerce. He was the company’s Independent Non-Executive Director

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  • Flat Cargo Berhad 2014

    CASE 2 Asian Journal of Case Research 4(S): 15 – 25 (2011) Flat Cargo Berhad: An Auditor’s Conundrum ZAKIAH MUHAMMADDUN MOHAMEDa* AND TAKIAH MOHD ISKANDARb ABSTRACT Flat Cargo Berhad (FCB) was one of the largest air freight companies in Malaysia, servicing several government linked companies including Freight Malaysia Berhad, and had Kencana & Associates served as its auditors. In 2006, during a routine financial audit, the auditors identified several suspicious findings that resulted

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  • Flat Cargo

    Case Synopsis The case is related to one company known as Flat Cargo Berhad (FCB). FCB was one of the largest air freight companies in Malaysia which servicing several government linked companies including Freight Malaysia Berhad. FCB is a listed company and was registered as an investment holding company with several subsidiaries. Among its subsidiaries are FC Spare Sdn Bhd, Cargo Management Sdn Bhd, FCB (SPV) Ltd, Cargo Air Services Sdn Bhd and FC Air Ltd. FCB started its operations in 1997

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  • Flat Cargo

    TEACHING NOTES FLAT CARGO BERHAD: AN AUDITOR’S CONUNDRUM ZAKIAH MUHAMMADDUN MOHAMED TAKIAH MOHD ISKANDAR SYNOPSIS Flat Cargo Berhad (hereafter referred to as FCB) was one of the largest air freight companies in Malaysia. It provided freight services to several government linked companies, including Freight Malaysia Bhd. The company began its operations in November 1997 with two aircrafts to provide overnight air express transport services to Singapore for Freight Malaysia Bhd. Its air express

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  • Flat Cargo Berhad

    I. Executive Summary Flat Cargo Berhad (FCB) is a listed company that provides air cargo carrying services within the Asian region. The company owns five fully owned subsidiaries and the major shareholders of this company is Bangor Berhad. The company’s external auditor is Kencana & Associates where the audit team is led by Mr Chuah Mun Soong. On 5th February 2006, Mr Chuah has been informed by his team that there are some inconsistencies in the accounts of FCB. Therefore he has decided to

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  • Flat Cargo Account

    strategic assessments. In order to meet these targets, WorldCom began boosting its revenue through a wide range of accounting measures, including drawing down on reserves set aside for expenses. The economic situation at the time was not taken into account when implementing these aggressive accounting measures. Other similar companies were reporting declining revenues. It was identified that the management who were making the aggressive accounting decisions, were also posting the journals to the general

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  • Cargo Preference

     The Cargo Preference Act of 1954 - The law requires that at least 50 percent of the gross tonnage of all Government generated cargo, meaning cargoes procured, furnished, or financed by the United States Government, shall be transported on privately owned, U.S.-flag commercial vessels to the extent such vessels are available at fair and reasonable rates http://www.marad.dot.gov/ships_shipping_landing_page/cargo_preference/cargo_laws_and_regulations/Laws_Regs.htm AFF- This act helps to ensure jobs

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  • Account

    Balances on deposit in banks which are subject to immediate withdrawal are properly included in cash. Money market funds that provide checking account privileges may be classified as cash. There is some question as to whether deposits not subject to immediate withdrawal are properly included in cash or whether they should be set out separately. Savings accounts, time certificates of deposit, and time deposits fall in this latter category. Unless restrictions on these kinds of deposits are such that

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  • Flat Cargo

    Introduction Flat Cargo Berhad (FCB) is an air freight services and ground handling company. Its company’s operations cover Asian Pacific region including China, Japan, Thailand, Singapore and many more. Their main customers are United Parcel Services (UPS), City Link and Nationwide Express. The main shareholder for FCB is Bangor Sdn Bhd which is part of Miri Group represented by 26.5% of the company interest. Kencana & Associates is the auditor company that audit FCB’s account. The leader of

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  • Flat Car

    Introduction Flat Cargo Berhad (FCB) was a listed company, focusing on air freight and aircraft ground handling services. It was established by Lim Loon Sim and Ali Bin Ahmad and successfully became one of the largest air cargo carriers in Malaysia, servicing not only the public but also the government linked companies. FCB started its operation in year 1997 and being listed in Bursa Malaysia on 15 September 2001. It consists of five subsidiaries which are FC Spare Sdn Bhd, Cargo Management Sdn

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  • Flat Cargo Berhad

    Soong who has found suspicious issues that may lead to fraud upon auditing Flat Cargo Berhad (FCB). He was supposed to report to the audit committee of FCB regarding the audit outcomes. However, Mr. Chuah needed to inform the managing partner of his firm with regards to the findings on the inconsistencies of accounts in FCB. Company Background FCB Cargo Berhad (FCB) was established in 1997 operating primarily as an air cargo carrier. FCB providing freight services to the intra-Asia air market. Its

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  • Accounts

    in detail in class although some time should be allowed for students to raise questions. As in other cases, no standard terminology should be enforced although it may be in order to call attention at this point to the fact that when the name of an account is given, this precise name should be used in the journal entries. One of the cases is an unincorporated business and the other is a corporation, so that the student can observe that there is a very little difference in the recordkeeping for these

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  • Accounts

    Advertising expenses |   | | 8,800.00 | Motor Vehicle | |   | 35,000.00 | | Accounting Fee | |   | 1,100.00 | | Account Receivable | |   | 4,500.00 | | Audit Fee | |   | | 9,900.00 | Inventory | |   | | 70,000.00 | Ordinary Share | |   | 200,000.00 | | Cash | | |   | | 6,500.00 | Other Payable | |   | 27,300.00 | | Bank | | |   | | 25,200.00 | Account Payable | |   | 11,000.00 | | Wages expenses | |   | | 83,000.00 | Building | | |   | | 105,500.00 | Notes

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  • Flat Cargo Berhad

    analyze the situation in Flat Cargo Berhad……………..…8-9 Who is responsible in the fraud of Flat Cargo Berhad ……………………………………..…10-11 Prevention Measures for Fraud ……………………………………………………………….12-13 Detection Measures for Fraud…………………………………………………………...……14-15 Recommendation…………………………………………………………………….……….16-17 Conclusion…………………………………………………………………………...……….18-19 References………………………………………………………………………………………..19 Introduction The case is related to one company known as Flat Cargo Berhad (FCB), FCB was one

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  • Flat Cargo Berhad

    their mailing addresses. Perhaps the company had a phantom client. So, Mr. Chuah need to confirm the account receivable whether the address is updated or real address. Besides that, the company should be using positive confirmation letters. Besides, the service agreement should be reviewed & obtain the explanation from FCB. For control procedure, the auditor needs to review periodically the account receivable trial balance especially for large and unusual receivable. Another procedure need to be

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  • Accounts

    subordinated officer debt) are listed last. Liabilities are creditors who have provided cash to the company. They must be paid in a timely manner in order to keep them as sources of cash. For example, the company purchases inventory (use of cash) and an account payable (source of cash) is created with the supplier. The payable should be kept current so that the supplier will provide additional inventory in the future. Net Worth Net worth simply represents the owner's investment in the company. It is treated

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  • Accounts

    Sometimes the service accounts of the institution are not able to answer this question. Many institutions have adopted accrual accounting, sometimes in a modified form. This accounting method is consistent with the standards imposed by most accounting bodies. But some institutions continue to use cash. Auditors should know that it can be in the interests of Polly Peck to register their activities, especially the product credits, according to a cash basis, taking into account adjustment proposals made

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  • Account

    examples of different compensating errors and explain why they cancel each other out. Explain the differences between the straight line and reducing balance methods of depreciation. Briefly describe the benefits to be gained from maintaining control accounts. List six instances of errors which could cause the trial balance totals to disagree. Name three methods of inventory valuation, and briefly describe any one of them. ‘Without the use of accounting ratios, much of the accounting work already performed

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  • Accounts

    depreciation expense and expense accruals. These adjusted journal entries are posted to the trial balance turning it into an adjusted trial balance. Now that all the end of the year adjustments are made and the adjusted trial balance matches the subsidiary accounts, financial statements can be prepared. After financial statements are published and released to the public, the company can close its books for the period. Closing entries are made and posted to the post closing trial balance. At the start of the

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  • Account

    Difficulties The Beginners Guide to Accounting Standards Accounting Standards - Revenue Recognition Accounting Conventions: 4 Accounting Conventions Management Accounting and Financial Accounting Features of Accounting Standards 7 in Contracts Account Accounting Standards: Utility, Procedure and Propagation Accounting Standard 22 — Accounting For Taxes on Income Management Accounting: Concept, Functions and Scope Users of Accounting Information

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  • Account

    realization concept? a. Equipment depreciation was assigned to a production department and then to product unit costs. b. Depreciated equipment was sold in exchange for a note receivable. c. Cash was collected on accounts receivable. d. Product unit costs were assigned to cost of goods sold when the units were sold. CPA-00017 Explanation Choice "b" is correct. Revenues and gains are realized when assets are exchanged for

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  • History of Cargo

    Air Freight Past, Present, Future Christopher N Hall Wilmington University Air Freight Past, Present, Future Air accounts for 1.5 percent of all freight y weight transported around the world, but it is worth 30% of the total freight value. From these numbers it is tempting to say that only high end commodities are moved by air and heavier and lower cost ones are moved by other means like ship, train and truck. You may assume this, but the ever changing air freight world is a fluid economy and

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  • Air Cargo Security Issues

    Running Head: AIR CARGO SECURITY ISSUES Air Cargo Security Issues Following the 9/11 Act Abstract In August 2007, the Implementing the 9/11 Commission Recommendations Act of 2007 was signed into law requiring the Department of Homeland Security to establish more stringent procedures for the security screening of air cargo. The law required that by February 2009, 50 percent of all air cargo on passenger aircraft would be security screened, and by August 2010, all air cargo traveling on passenger

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  • Accounts

    concept, although there must be good reason for this.The requirement for consistency reinforces qualitative characteristics of financial statements, such as reliability and comparability. Its aim is to facilitate historical comparisons of financial accounts of an entity. The consistency concept arose because, in accounting, there several methods or techniques to determine valuations or costs. A classic example is depreciation, which can be determined using the straight-line or reducing balance method

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  • Break Bulk Cargo

    Break Bulk Cargo Cargo that is too big or too heavy to be loaded onto a flat rack container can be loaded directly onto the vessel. These are known as Break Bulk Cargoes. On Deck Stowage Cargo such as ships that are too large to be loaded into the hold and are not damaged by water can be directly loaded on deck. On rare occasions, cargo can be stowed directly atop the hatch covers. Under Deck Stowage Usually empty flat rack containers are stacked in the second or third tier from the

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  • Accounts

    need certain set principles so that the possibility of presenting the information may not be flexible enough. So keeping in view of this objective, it is required that the presented accounts of different companies are uniform and understandable by the user, principles are required. Principle guides the way the accounts to be prepared. These principles are fundamental guidelines which provide standards for scientific accounting practices. The accounting records of an organization need to be maintained

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  • Accounts

    organizational expense reported in 2012 is $275,000 4. Since the license has an indefinite life the cost of the license is not amortized and hence the amount reported for the year ended Dec 31,2012 is $150,000 E12-5 (Correct Intangible Asset Account) Only one account comes under the intangible assets and that is the Jan 5 entry of legal costs of $75,000 to obtain patent. The amortization expense is 75,000/12=$6,250 . Dec 31 ,2012 Amortization expense 6,250

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