Quiz Chapter 9 Name_________________________________ Question 1 At age 65‚ Camilla retires from her job in Boston and moves to Florida. As a retiree‚ she is not subject to the time test in deducting her moving expenses. True False 1 points Question 2 A taxpayer who lives and works in Tulsa travels to Buffalo for five days. If three days are spent on business and two days are spent on visiting relatives‚ only 60% of the airfare is deductible. True False 1 points Question 3 Jake performs
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The International Accounting Standards Committee was formed in 1973. This committee was the first international standard-setting body. In early 2001‚ this Committee was reorganized and became the the International Accounting Standards Board (IASB) to independently develop and establish a single set of accounting procedures for international business. Since the reorganization of the IASB‚ the use of these international financial reporting standards (IFRSs) have been required or permitted in over 100
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Week 4 Exercise 15-1. Items to Classify | Standard | Actual | Type of Variance | Labor cost | $10.00 per hr | $9.60 per hour | favorable | Labor usage | 61‚000 hrs | 61‚800 hrs | unfavorable | Fixed cost spending | $400‚000 | $390‚000 | favorable | Fixed cost per unit | $3.20 per unit | $3.16 per unit | favorable | Sales volume | 40‚000 units | 42‚000 | unfavorable | Sales price | $3.60 per unit | $3.63 per unit | unfavorable | Materials cost | $2.90 per pound | $3.00 per pound
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The Ethical Dilemma Matrix Ethical dilemma: NSA spying into people’s private lives Stakeholders Non-maleficence Respect for persons Finality 1: You The individual understands his or her duty to ensure that whatever they do does not cause harm to themselves or others. The individual knows that they have a duty to respect others in the society. The individual understands that there provisions in the law that might make it impossible to have their privacy for the sake of national security 2:The Spying
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Summary of Law Should your health information be private or released to the employers? The Health Insurance Profitability and Accountability Act (HIPAA) privacy rule allows protection of one’s identifiable health information. It gives everyone the rights over health insurance‚ the right to obtain a copy of your health insurance‚ and who can review/obtain your health insurance. This was created in 1966 by department of Health and Human Services to “assure that individual’s health insurance is properly
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Board Members What resources do the board members use to base off from‚ when making decisions? This question is very important. The board members are on top f an organizations chain. It is important to know that those on the board are reliable and know what they are there for. As a whole‚ you need to be aware that the decisions made by the board will ensure that everyone is taken care of. Board members can’t just make a decision without using references. Otherwise‚ the decisions being made wont
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(Answer must be expressed in years‚ months and days) Calculate the Accounting Rate of Return (ARR) for Project A. (Answer expressed to two decimal places) Calculate the Net Present Value (NPV) of Project B and Project C Calculate the Internal Rate of Return (IRR) of Project B (Answer expressed to two decimal places). (Round
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novel of its time and still affecting its reader in present day. The film of this novel followed the text exceptionally well representing comedic scene and romance accurately. In the film main character Howard Campbell Jr. was faced with some ethical dilemmas and tough choices that would determine the path of his life. I determined four actions in the story that were significant in steering Howard Campbell Jr. life. Listed as follows: the choice to stay in Germany while his parents left to America
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Week 2 Discussion Questions Chapters 6 & 8 1. Why is audit planning so important? What is the most important step in audit planning? Why is this step so important? Posted on wed 5/8/2013 Responded to one classmates on 5/08/2013 Auditing planning is important because it helps the auditor determine his/her approach to the audit. There are two considerations that affect the approach: 1). Sufficient appropriate evidence must be accumulated to meet the auditor’s professional
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June 11‚ 2013 Financial Accounting Question #3 3. What are the essential features of the allowance method of accounting for bad debts? The allowance method tries to match the written off account with the period in which the sale was made. There are three essential accounting features to the allowance method: 1. Uncollected debt for accounts receivable are matched against revenues within the same accounting period in which they are recorded. 2. Estimated uncollected
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