Accounting? -managerial accounting is providing information for a company’s internal users -it is the firm’s internal accounting system -it is designed to support the information that managers need -it is not bound by any formal criteria such as GAAP or IFRS (International Financial Reporting Standards) -managerial accounting has 3 basic objectives: 1. Provide information for planning the organizations actions 2. Provide information for controlling the organizations actions 3. Provide information
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Exercises and Problems - Week 6 XACC/291 12/21/2014 Exercises and Problems - Week 6 Before After After Action Dividend Stock Split Stock holders’ equity Paid in capital Common stock‚ $10 par $ 600‚000 $630‚000 $600‚000 Paid in capital in excess par value $0. $12‚000 0 Total paid in capital $600‚000 $642‚000 $600‚000 Return earnings $900‚000 $858‚000 $900‚000 Total stock holders’ equity
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This document of ACC 490 Final Exam shows the solutions to the following problems: 1. Within the generally accepted auditing standards‚ the general standards relate primarily to 2. The essence of the due care? standards is that the auditor should not be quilty of 3) Gross negligence can best be defined as 4) Section 18 liability is relatively narrow in scope because it relates only to a false or misleading statement in documents "filed" with the 5) For a particular assertion
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Recording General Fund Operating Budget and Operating Transactions. The Town of Bedford Falls approved a General Fund operating budget for the fiscal year ending June 30‚ 2011. The budget provides for estimated revenues of $2‚700‚000 as follows: property taxes‚ $1‚900‚000; licenses and permits‚ $350‚000; fines and forfeits‚ $250‚000; and intergovernmental (state grants)‚ $200‚000. The budget approved appropriations of $2‚650‚000 as follows: General Government‚ $500‚000; Public Safety‚ $1‚600‚000;
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ACCT 2542 CORPORATE FINANCIAL REPORTING AND ANALYSIS Course Outline Semester 2‚ 2012 Part A: Course-Specific Information Australian School of Business School of Accounting i ACCT 2542 Corporate Financial Reporting & Analysis TABLE OF CONTENTS PART A. COURSE SPECIFIC INFORMATION 1 1. STAFF CONTACT DETAILS 1 2. COURSE DETAILS 1 2.1. Teaching Times and Locations 1 2.2. Units of Credit 2 2.3. Summary of Course 2 2.4. Course Aims and Relationship to Other Courses 2 2.5. Student Learning
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Week Two Exercise Assignment Revenue and Expenses 1. Recognition of concepts. Jim Armstrong operates a small company that books entertainers for theaters‚ parties‚ conventions‚ and so forth. The company’s fiscal year ends on June 30. Consider the following items and classify each as either (1) prepaid expense‚ (2) unearned revenue‚ (3) accrued expense‚ (4) accrued revenue‚ or (5) none of the foregoing. a. Interest owed on the company’s bank loan‚ to be paid in early July Prepaid expense
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ACC 300 Final Exam Copy this link to your browser to download: http://www.finalexamguide.com/ACC-300-Final-Exam-1-200.htm 1. Which of the following is not an asset: 2. Amy Co. acquired $500 worth of supplies on credit. Which of the following journal entries would be recorded? 3. Baker Company earned $10‚000 revenue for services provided. Which of the following is correct? 4. Candy Company collected $5‚000 from a customer on account. What journal entry will Candy Company record
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Anderson‚ Olds‚ and Watershed Certified Public Accountants Littleton‚ CO 80123 Audit Committee Apollo Shoes‚ Inc 100 Shoe Plaza Shoetown‚ ME 00001 Anderson‚ Olds‚ and Watershed (AOW) has completed the audit of the financial statements for the year ended December 31‚ 2007 for Apollo Shoes‚ Inc. The financial statements include the balance sheet‚ the income statement‚ the statement of retained earnings‚ and the statement of cash flows. The audit has been performed in accordance with generally
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Accounting Equations Paper ACC/300 Nakisha Susberry University of Phoenix Student 4/20/2013 The accounting equation is a formula that represents the relationship between the assets‚ liabilities‚ and owner ’s equity of a small business. Businesses use this to basically show what it owns what it owes and what its investors are investing. In order to understand these concepts it is important to have some knowledge of what is meant by each of the three basic components mentioned. “Assets
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Financial Statements ACC/290 September 14‚ 2012 Financial Statements This written essay will discuss the four basic financial statements used in accounting. It will describe the purpose of the four financial statements. How these statements would be useful to internal users‚ such as managers‚ and employees. How the external users‚ such as investors‚ and creditors would find these statements useful. Four Basic Financial Statements The four basic financial statements used in accounting
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