Ch 1. Accounting Information and Decision Making Financial accounting: Measurement and communication‚ measures business activities of a company & communicate to external parties Managerial Accounting: methods accountants use to provide info to managers (acct 210) Who needs to make decisions about companies? Investors Creditors-lend money Customers-big customers (i.e. Apple buys memory chips from Samsung) Suppliers-ability to pay Managers-production/expansion Employees-employment opportunities
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Module I - Assessment of Inherent Risk 1. See Figure BR.A-Biltrite’s organizational chart. Based on the chart and the case description‚ the following strengths and weaknesses should be identified: STRENGTHS: • The structure shows adequate separation within the CBIS function‚ i.e.‚ systems analysis and programming are separate from data processing and control (implications for control risk assessment) • Separation is also maintained between the accounting and finance functions (implications
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* Jonda Brantley * 11/09/2012 * ACC 220 Wk 2 Financial Statement * * A balance sheet is summary of a company’s financial condition at a specific point in time‚ including assets‚ liabilities and net worth. It allows the company to know what they have been paying for or what they owe out to people. An income statement is a report that tracks a company’s revenues‚ gross profits‚ operating income‚ and net worth. All businesses need to have revenue in order to establish a good foundation
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When valuing raw materials inventory at lower of cost or market‚ what is the meaning of the term "market"? a. Net realizable value b. Net realizable value less a normal profit margin c. Current replacement cost d. Discounted present value 4. In no case can "market" in the lower of cost or market rule be more than a. estimated selling price in the ordinary course of business. b. estimated selling price in the ordinary course of business less reasonably predictable costs of completion and
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Flexible Budgets ACC/543 May 14‚ 2012 Write a paper of no more than 1‚050 words in which you discuss flexible budgets. Explain the relationship between fixed and variable costs used in a flexible budget. (SAID) Discuss the differences between static and flexible budgets and (Cynthia) how a flexible budget lends itself to a cost-volume-profit analysis. Intro and Conclusion/ Compile and Submit Format your paper consistent with APA guidelines Flexible
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Week 2 Homework 4-8 |Under SEC rules‚ your close family members include your spouse (or equivalent) and dependents and your parents‚ nondependent | |children‚ and siblings. If you are a covered person‚ your independence is affected if your close family member has an accounting | |role or financial reporting oversight role with the SEC Audit Client (for example‚ the family member is a treasurer‚ CFO‚ | |accounting supervisor‚ or controller) or owns more than 5 percent of a client’s
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This paperwork - ACC 422 Week 3 Discussion Questions - consists of: DQ 1: What is the purpose of depreciation? Does the book value of a fixed asset (cost minus accumulated depreciation) communicate to a user what the asset is worth? Explain why or why not. Should the financial statements reflect the value of fixed assets? Explain why or why not. DQ 2: What is an intangible asset? Should all intangible assets be subject to amortization? Explain why or why not. Why are some
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BARTENDING MODULE The Bartenders Station/Bar Set up/Liquor Arrangement Parts of a Bar 1. Front Bar 2. Back Bar 3. Under Bar Bar Design and Layout What is a Cocktail? Cocktail-is a class of alcoholic beverage that is derived by mixing one or more of the other classes of alcoholic beverages with or without flavoring‚ eggs‚ non-alcoholic beverages‚ juices or water. It is also a mixed drinks. The modern definition of a cocktail is a drink composed of at least two ingredients
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PSYCH100-Module 1: The Science of Psychology Notes ------------------------------------------------- Textbook pg 2-27 Psychology * Scientific study on causes of behavior Causal Event * Event that causes another event to occur Different Fields of Psychology * Physiological Psychology * Studies the physiological basis of behavior * Mainly through the nervous system * Learning * Memory * Sensory process * Emotional behavior
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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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