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Transformation problem: The transformation problem is the problem specific to Marxist economics, and not to economics in general, of finding a general rule by which to transform the values of commodities based on socially necessary labour time into the competitive prices of the marketplace. The essential difficulty is how to reconcile profit in ...
In accounting, contingent liabilities are liabilities that may be incurred by an entity depending on the outcome of an uncertain future event [1] such as the outcome of a pending lawsuit. These liabilities are not recorded in a company's accounts and shown in the balance sheet when both probable and reasonably estimable as 'contingency' or ...
In particular, firms need to choose the method that "least likely overstates assets and income or understates liabilities and losses" [3] when encountering accounting issues. For example, if the staff believe there will be 2% bad debt in terms of receivables based on historical information and another staff believe there will be 5% because of a ...
Economic relations are regarded as broadly the same at the micro-level and the macro-level. An individual business buys and uses up inputs and produces outputs for sale; it has costs and revenues. Thus, in social accounting all transactors are treated in a similar way ("as if" they were a business).
One of the parties identified was the role that accountants and specific accounting standards played in the crisis. The Causes of the Great Recession and "History of Fair Value Issues" [1] provide more details of the specific causes. The key accounting issues were fair value accounting and the role of auditors.
There are various factors affecting economic growth. The problems of economic growth have been discussed by numerous growth models, including the Harrod-Domar model, the neoclassical growth models of Solow and Swan, and the Cambridge growth models of Kaldor and Joan Robinson. This part of the economic problem is studied in the economies of ...
The accounting for provisions is similar to United States accounting for asset retirement obligations under ASC 410. Contingent assets and liabilities IAS 37 generally defines contingent assets and liabilities as assets and liabilities that arose from past events but whose existence will only be confirmed by the occurrence of future events that ...
Once the accounting framework is fulfilled then the structure of the model, based on stylized facts, is defined. The set of equations in the model defines relationship between different variables, not determined by the accounting framework. The model structure basically helps in understanding how the flows are connected from a behavioral ...