Joint Venture 103 CHAPTER 6 SOLUTIONS TO MULTIPLE CHOICES 6-1: a Assets per Jessica Company- balance sheet P3‚550‚000 Jessica’s proportionate interest in assets of JV (50%) 1‚000‚000 Total assets of Jessica P4550‚000 6-2: a Total liabilities only of Jenny Co. 6-3: b 6-4: b Investment of Heart P80‚000 Profit share: Sales 150‚800 Cost of sales (150‚800 ÷ 125%) 120‚640 Gross profit 30‚160 Expenses 10‚000
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Intermediate Accounting Paper The Financial Accounting Standards Board (FASB) is a private‚ not-for-profit organization whose primary purpose is to develop generally accepted accounting principles (GAAP) within the United States in the public ’s interest. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the U.S. It was created in 1973‚ replacing the Accounting Principles Board and the Committee
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CHAPTER 1 FINANCIAL ACCOUNTING AND ACCOUNTING STANDARDS Multiple Choice—Conceptual Answer No. Description d 1. Users of financial reports. d 2. Identify the major financial statements. a 3. Financial reporting entity. d 4. Efficient use of resources. d 5. Capital allocation process. c 6. Financial statement information. c 7. Objectives of financial reporting. b 8. Common set of standards and procedures. c 9. Role of SEC. c 10. Powers of the SEC. d 11. SEC enforcement
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P1 Explain how organisations use information Report P2 Discuss the characteristics of good information Report P3 Explain the issues related to the use of information Report M1 Illustrate the information flow between different functional areas Information flow diagram M2 Assess how issues related to the use of information affect an organisation Report D1 Explain how an organisation could improve the quality of its business information Report This brief has been verified
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How does accounting help in the capital allocation process? If a company’s financial performance is measured accurately‚ fairly‚ and on a timely basis‚ the right managers and companies are able to attract investment capital. To provide unreliable and irrelevant information leads to poor capital allocation which adversely affects the securities market. What is the objective of financial reporting? The objective of general purpose financial reporting is to provide financial information about the
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Section 1: Question 1.1 A business plan is a way for a company to make known how they foresee themselves making revenue and ultimately profit from their operations and was described to be the “stories how the enterprises work‚” by Joan Magretta. An accurate definition of a business model would be‚ “the chosen system of inputs‚ business activities‚ outputs and outcomes that aims to create value over the short‚ medium and long term‚” with the aim of the model being to convey the business’ strategy
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1. List the common aspects of effective counselling therapies. Client/extra therapeutic factors. Relationship factors. Placebo hope and expectancy. The Therapy Model. (Australian College of Applied Psychology‚ Manual‚ 2012). 2. Identify five common counselling therapies and briefly explain the principles of each. 1/ Cognitive Behaviour Therapy. CBT the focus is on cognitions (thoughts)‚ emotions‚ behaviour and physical response that may be associated with the client’s problems.
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The conscience of a Liberal In Conscience of a Liberal‚ Krugman describes how America transitioned from a phase of economical inequality before the World War II to a phase of economical equality after it. It transitioned from a “Gilded Age” where the “wealthy Elite” as he describes dominated the economy and politics of the country to a Great Depression around 1930. Krugman discusses how Roosevelt’s new policy‚ by taking away much from the “wealthy Elite” threw taxes‚ created the middle class
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A crisis of conscience is similar to a normal dilemma‚ but it is an internal conflict in which one has to make a decision for his or her own conscience. In Emily Brontë’s Victorian novel‚ Wuthering Heights‚ two major characters struggle with a crisis of conscience. Chapters nine and ten convey crises of conscience as the turning point of the novel: the point in the story which a critical decision changes the plot and/or characters. Two of the major characters‚ Catherine Earnshaw and Heathcliff
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Homework Assignment 1: MC 3. (A) MC 4. (D) MC 5. (B) 1) What are the three major business activities of a company that are motivated and shaped by planning activities? Explain each activity. Investing Activities: consists of the acquiring and disposing of assets needed to produce and sell a company’s products or services. These assets may be long-term or short-term assets depending on the nature of the company. Financing Activities: the methods companies use to fund the investments in assets
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