Costing Method Paper ACC/561 September 09‚ 2013 James Krause Absorption accounting method according to E Notes (n.d.) “is a method of accounting where all costs of the manufacturing are included and are allocated to the produced units”. This would include fixed‚ variable and mixed costs. This type of accounting would allow a more accurate figure to supply to upper management about their product and what the bottom line is. This is the most important factor in Absorption accounting
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Memo To: John & Jane Smith From: Date: Re: Memo summarizing various tax issues 1. John Smith ’s tax issues: Issue a) How is the $300‚000 treated for purposes of federal tax income? John Smith’s earned income of $300‚000 will reported as gross income either on Schedule c of the individual return or as gross income on the LLC return. As a result of the variance in the state laws as to whether or not a single person LLC can report on a business return is the reasons why it could be
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Ethics case (a) Who will suffer negative effects if you do not comply with Gena Schmitt’s instructions? Who will suffer if you do comply? The negative effects of not complying with Gena Schmitt’s instructions can be detrimental to all stakeholders of the business. Those include the business‚ the employees‚ customers‚ and the assistant controller since he or she is disobeying a direct order. If the controller does comply with the instructions the controller can be held ethically responsible
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Nicola Elvy Week Five Questions Chapter 11 (#1‚ 11‚ 12) 1. Why do we use the overall cost of capital for investment decisions even when only one source of capital will be used (e.g.‚ debt)? One may think that an investment financed with a low-cost debt facility is adequate on paper but in the long run that very use of that debt can be the cause of an increase the general risk of the firm and in turn will make any future financing more costly. Every project should be scrutinized to
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Memorandum To: Ms. Katryna Faith CC: Personal Budget‚ Balance Sheet and Statement of Cash Flows From: Ms. Shelle Avis Date: 5/12/2013 Re: Recommendations Confidential Ms. Katryna Faith is a 27 year old woman who currently works as a Customer Service Representative for Phoenix Associates. Ms. Faith also has a Bachelor’s in Accounting that she received last year and seeking her Master’s degree in the Accounting. She has no dependents but she does have a puppy. Ms. Faith wants to develop a
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King Fahd University of Petroleum and Minerals Department of Accounting & MIS ACCT 303 ACL Class Test Computer Control & Audit Time Allowed: 45 Minutes Semester: 052 Hands-on ACL Applications Name:_________________________ Sec: _________ Student ID#:____________ For this part of the test you will need the payroll (Payroll Transactions) and the empmast (Employee Master) Files located in the sample.acl available with the 2nd ACL assignment. 1. Open the Payroll (Payroll Trans file)
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complete each of the following short answer questions as required. Question 21: (4 marks) What is a cash generating unit? For the purposes of asset impairment testing‚ when is it necessary to consider cash generating units rather than the individual assets comprising the unit? Question 22: (4 marks) Explain the general nature of the accounting requirements specified in AASB 1039: Concise Financial Reports. Question 23: (4 marks) Define the terms ‘consolidated entity’ and ‘reporting entity’.
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CH 4 Homework Questions 6‚7‚8‚9 6. Property taxes are recognized in the period that the taxes are levied. In the fund statements‚ the taxes must meet the additional criterion that they be available. 7. Sales tax should be recognized in the period in which the underlying sales transaction occurred. Sales tax originates from an underlying economic event‚ which are sales transactions. It is appropriate to recognize revenue at the time of the event. 8. Reimbursement grants are payments
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ACC 422 Final Exam Wileyplus Copy this link to your browser and download http://www.finalexamguide.com/ACC-422-Final-Exam-2-WileyPlus-167.htm Question 1 Kraft Enterprises owns the following assets at December 31‚ 2012. Cash in bank–savings account 67‚ 516 Checking account balance 26‚445 Cash on Hand 9‚478 Postdated checks 753 Cash refund due from IRS 40‚324 Certificates of deposit(180 day) 94‚754 What amount should be reported as cash? Question 2 Presented below
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Accounting for Partnerships In the business world‚ there are different types of businesses can be classified into various forms of ownership. Some of those forms are a corporation‚ sole proprietorship‚ and a partnership. The form I will be discussing in this paper is called a partnership. A partnership is when two or more people own and operate in a business which also takes part of the responsibility. Our text says that “Partnerships are a popular form of business because they are easy to form
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