Accounting Equation ACC 300 June 24‚ 2013 Bennie Clark Accounting Equation Assets = Liabilities + Stockholder’s Equity is the basic accounting equation. Liabilities are a company’s legal debts or obligations that come from transactions or from business operations. Stockholder’s equity is capital received from investors in exchange for stock‚ retained earnings and donated capital. These two portions of the balance sheet added together make up the company’s assets‚ which represent ownership
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ACC 491 FINAL EXAM 1)If reported sales for 2010 erroneously include sales that occur in 2011‚ the assertion violated on the 2010 statements would be 2)The rights and obligations assertion applies to 3)Which of the following assertions is NOT made by management in placing an item in the financial statements 4)Section 11 of the Securities Act of 1933 uses the term material fact to limit the amount of information required. Under the Act‚ the standard used to determine an items materiality 5)Individuals
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ACC/422 final exams http://www.finalexamguideline.com/main.sc 1) Which of the following is NOT considered cash for financial reporting purposes? 2) What is the preferable presentation of accounts receivable from officers‚ employees‚ or affiliated companies on a balance sheet? 3) Which of the following is considered cash? 4) If a company employs the gross method of recording accounts receivable from customers‚ then sales discounts taken should be reported
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This work of ACC 460 Week 4 DQs consists of: DQ1: 1. What financial statements are required of not-for-profit organizations? 2. How are they different or comparable to those provided by organizations that operate for profit? 3. How does the retained earnings section of for-profit organizations differ from that of the net assets section of not-for-profits? DQ2: 1. What are the three classifications of net assets established by FASB Statement 117? 2. How are these
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ACC 455 FINAL EXAMS FOR ANSWERS VISIT: www.finalexamguideline.com 1) Regulations are A. equal in authority to legislation if interpretative B. equal in authority to legislation if statutory C. equal in authority to legislation D. presumed to be valid and to have almost the same weight as the IRC 2) Identify which of the following statements is false. A. All are false. B. Members from both the House and
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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 423 FINAL EXAMS http://www.finalexamguideline.com/main.sc 1) When convertible debt is retired by the issuer‚ any material difference between the cash acquisition price and the carrying amount of the debt should be 2) The conversion of preferred stock may be recorded by the 3) The conversion of preferred stock into common stock requires that any excess of the par value of the common shares issued over the carrying amount of the preferred being converted should be 4) The accounting problem
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ACC 460 Final Exam Copy this link to your browser and download http://www.finalexamguide.com/ACC-460-Final-Exam-198.htm 1) Determining whether amounts are in conformity with generally accepted accounting principles addresses the proper measurement of assets‚ liabilities‚ revenues‚ and expenses‚ which includes all of the following EXCEPT the A. consistency in applying accounting principles. B. reasonableness of management’s accounting estimates. C. proper application of valuation principles
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ACC 497 Final Exam Copy this link to your browser and download http://www.finalexamguide.com/ACC-497-Final-Exam-336.htm 1) The uniform law‚ issued in 1984 by the Committee on Corporate Laws of the American Bar Association‚ that regulates the formation‚ operation‚ and termination of corporations is 2) Which of the following statements is true? 3) Which of the following statements is true? 4) What effect would a decrease in interest rates by the Federal Reserve most likely have
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Keeping an up to date and accurate record of all transactions for a small business is very important. Small businesses need to have a system in place for all record keeping for many reasons. One reason would be to control the creation and growth of records. Although we try to become a more paperless society the amount of paper we use never seems to go away. An effective records management system will limit the amount of copies you have to make‚ reducing the waste generated. One reason is for
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