CASES Real World Case 5-1 Requirement 1 A bill and hold strategy accelerates the recognition of revenue. In this case‚ sales that would normally have occurred in 1998 were recorded in 1997. Assuming a positive gross profit on these sales‚ earnings in 1997 is inflated. Requirement 2 A customer would probably not be expected to pay for goods purchased using this bill and hold strategy until the goods were actually received. Receivables would therefore increase. Requirement 3 Sales that would
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Chapter 3 continued... Every acct on adj trial bal is used only once in creating first 3 financial stmts. Point of closing is to bring RE up to date - in doing that‚ we zero out temp accts. 4 kinds of closing entries: 1) close out Revenue - debit Rev CR Income Summ (normal credit bal) (only exists long enough for closing entries) - companies may be closing hundreds of rev or exp accts 2) close out Expense accts - list every single acct DR Income Summ CR Exp accts 3) DR Income Summ
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Accounting Cycle ACC/421 Accounting Cycle A typical accounting cycle is made up of eight steps which include the following; (1) identifying and measuring transactions; (2) journalizing; (3) posting; (4) preparing an unadjusted trail balance; (5) making adjusting entries; (6) preparing an adjusted trial balance; (7) preparing financial statements; (8) closing. Identifying and Measuring Transactions Invoices that are received are reviewed and proper coding is implemented. Proper
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Accounting Standards Boards Leslie Brian ACC/541 November 14‚ 2011 Delphine Agnor Wolsker Accounting Standards Boards The field of accounting is constantly evolving. This is true not only for the theory of accounting itself but also the entities that govern its theory and practice. Presently‚ the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are faced with some of the biggest challenges to date. To understand the significance
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Individual Assignment Week Two Beauty Edgley ACC/280 Principles of Accounting Mr. Bobby Lon Nelson‚ CPA‚ MBA May 20th‚ 2010 Individual Assignment Week Two The answers from this exercise comes from the book Financial Accounting chapters 1‚2‚ and 7. E1-1 Urlacher Company performs the following accounting tasks during the year. Answer: __c___Analyzing and interpreting information. ____ r__Classifying economic events. ___c___Explaining uses‚ meaning‚ and limitations of data. ___r___Keeping
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Task A Ai) The Health and Safety at Work Act 1974 is the primary piece of legislation that covers occupational health and safety it outlines the responsibilities of the employer‚ employees and the individuals being supported to ensure safety is maintained. Other legislation would be: The Control of Substances Hazardous to Health Regulations (COSHH) The Management of Health and Safety at Work Regulations 1992 The Reporting of Injuries‚ Diseases and Dangerous Occurrences Regulations 1985 (RIDDOR) The
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ECON 281 Fall Term Intermediate Microeconomic theory I University of Alberta XiaoGang Che Chapter One Overview 1. Defining Microeconomics and Macroeconomics 2. Microeconomic Modeling Tools • Constrained Optimization • Equilibrium Analysis • Comparative Statics 3. The Types of Microeconomic Analysis • Positive Analysis • Normative Analysis Chapter One 2 Microeconomics Defined Microeconomics is the study of how individual economic decision-makers such as consumers‚ workers‚ firms
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UNIT 306 OUTCOME 1 1.1 Legislation relating to health and safety in a social care setting: Health and Safety at work Act 1974 Management of Health and Safety at Work Regulation 1999 Health and Safety (First Aid) Regulation 1981 include amendment on 2009 The Electricity at Work regulations 1989 Manual Handling Regulations 1992 Reporting of Injuries‚ Diseases and Dangerous Occurrences Regulations 1995 Communicable diseases and infection control Working Time Regulations 1998 Care Standard Act 2000 The
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Should intermediate sanctions be run by traditional probation and prison systems or by new private or public agencies seeking to serve as alternatives to them? List two benefits and two challenges for each of these strategies and provide your own policy recommendation about which one should be used (and why). Overcrowding of prisons and unnecessary incarceration rates is one of the major problems in the United States today. As stated in Chapter 9‚ “ more then 60 billion dollars is spent on corrections
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Unit 306 – Understand health and safety in social care settings 1.1 Identify legislation relating to health and safety in a social care setting. Health and Safety at work Act 1974 Data Protection Act 1998 Human Rights Act 1998 Disability Discrimination Act 1995 Health and Safety First Aid Regulations Manual Handling Operations regulations 1992 (amended 2002) Reporting of Injuries‚ Diseases and Dangerous Occurrences Regulations (RIDDOR) Care Standard Act 2000 Control of Substances Hazardous to Health
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