FACULTY OF BUSINESS ACC100 ACCOUNTING 1 Sample examination TIME: 9.20 - 12.30 Hours WRITING TIME: Three (3) hours READING TIME: Ten (10) minutes MATERIALS SUPPLIED BY UNIVERSITY: Answer Booklets (4 x 6 page) General Purpose Answer Sheet GPAS-200R MATERIALS PERMITTED IN EXAMINATION: Writing implements‚ including a 2B pencil and an eraser Battery operated‚ hand held‚ no print facility calculator NUMBER OF QUESTIONS: Part A: Thirty Part B: Four (30) multiple choice (4) questions INSTRUCTIONS
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Comparing and contrasting current and noncurrent Troy Martinez ACC/400 September 25‚ 2010 Debra Latimore University of Phoenix Comparing and contrasting current and noncurrent What are current assets? Current assets are also known as liquid assets. The most common of current assets can be found in the Accounts Receivables department. They can be found in the form of invoices. Current assets are any assets that can be turned into cash in less than a year. Other
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skills in a particular business venture” (Baker‚ Christenson‚ & Cottrell‚ 2011‚ p. 750). Partnerships have many different types of ownership which are limited partnerships (LP)‚ limited liability partnerships (LLP)‚ and limited liability limited partnerships (LLLP). Each one is characterized by how much liability each partner has within the company. There are many advantages of owning and running a partnership but there are also disadvantages‚ as well. Understanding each advantages and disadvantages
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previous entry of unearned revenue and report the deposit or payment as earned revenue. According to the text unearned revenue is a liability because although the customer purchased the item technically the item has not been claimed. There are many things that can go wrong and the company may end up not gaining the revenue. Unearned revenue is classified as a liability because it is entered as a debit to the cash account and a credit to the unearned revenue account. When companies do not deal with
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Garden Club Guests and Liability Nicola Grover Professor‚ Theresa Dike November 27‚ 2011 LEG 300 The difference between an invitee and a licensee is the level of duty of care owed to each by the landowner. A person who enters the premises of a landowner by invitation‚ as part of the general public for a lawful purpose‚ would be considered an invitee. The landowner must provide an invitee reasonable care to keep the invitee safe from harm. This means the landowner must be aware of impending
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their members deserve limited liability? Is it fair that LLCs do not pay income taxes? A small business deserve limited liability because it’s used like a risk protection for their business as well as the owners. “It allows owners‚ called members‚ to have limited liability just like corporations’ (Lau‚ 2012‚ p. 367). There are so many new incorporated business laws that a business have to face on a daily basic. LLCs helps small businesses with the amount of liability that they face by decreasing their
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Guillermo Furniture Store Analysis ACC/561 September 25‚ 2010 Guillermo Furniture Store Analysis Emerging markets‚ new processes and increased competition affect business decisions for many small businesses. Guillermo Furniture Store is a small business currently experiencing the affects of emerging competition. Because of this‚ the organization decided to take a more prominent role in distributing. The authors will be taking a deeper look into this decision and will provide a detailed
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ACC/260 Week 8 Individual The situation in “Locker Room Talk”‚ centers on Albert Gable‚ a partner in a CPA firm. Mr. Gable took on a married couple‚ Larry and Susan Wilson‚ as clients for financial planning‚ and as he worked their case he became their personal friends. Albert knew that their marriage had some problems‚ and as he was auditing a bank‚ which he did annual audits for‚ he discovered some discrepancies in the information that the Wilson’s gave him and the information that the bank had
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Adam Gonzalez Individual Research Project BA: Business Law (3301) Thursday 7:00 – 9:45 November 17‚ 2011 University of Houston – Downtown 100 Main St. Houston‚ TX 77002 Adam Gonzalez Engagements‚ Responsibility and Liability: Ethics Implications People act unethically for a number of reasons. Unethical behavior is defined as behavior that contravenes rules designed to maintain the fairness and morality of a situation. The study of business ethics and its implications for different
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Financial Statement Differentiation Paper Amanda Berens Accounting - ACC/561 March 31‚ 2012 Guyton Gagliardi Financial Statement Differentiation Paper The first issue to discuss is the four different types of financial statements and the use of each that a business will use. The second issue to discuss is what financial statements that an investor will review. The third issue to discuss is what financial statements a creditor will review. The fourth will be what financial statements
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