making across the various functional areas of an organization Managerial accounting: the form of accounting concerned with providing information to managers for use in planning and controlling operations and for decision making Financial accounting: the form of accounting concerned with providing information to shareholders‚ creditors‚ and others outside the organization The work of managers and their need for managerial accounting information Every organization has managers – someone must be responsible
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Exercise 6-1 Part A (1) Sales 2‚700‚000 Purchases (Cost of Goods Sold) 2‚700‚000 To eliminate intercompany sales of 2011 (2) 12/31 Inventory-Income Statement (Cost of Goods Sold) 487‚500 12/31 Inventory (Balance Sheet) 487‚500 To eliminate unrealized intercompany profit in inventory Exercise 6-2 Reported Net Income- S Company $ 525‚000 Noncontrolling Interest Percentage 0
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Solution sto Chapter 2 Problems Accounting Judgements Questions 1. Accounting principles include: (a) Underlying assumptions – basic underlying assumptions that make accounting possible. (b) Qualitative criteria – standards to judge policy choices in conjunction with reporting objectives. (c) Measurement methods – ways to measure results and financial position. 2. The importance of establishing a document such as the IASB’s Framework is that this material helps standard setters when
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Chapter 6 Review Questions 1. Coral reefs are elaborate networks of crevices‚ ledges‚ and holes made up of calcium carbonate; coral polyps are tiny animals that build coral reefs by secreting a crust of limestone around their bodies that accumulate once multiple polyps die. Coral reefs help moderate atmospheric temperatures by removing CO2 from the atmosphere‚ act as natural barriers that help protect 15% of the world’s coastlines from erosion by battering waves and storms‚ provide habitats for
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Chapter 10 Plant Assets‚ Natural Resources‚ and Intangibles QUESTIONS 1. A plant asset is tangible; it is used in the production or sale of other assets or services; and it has a useful life longer than one accounting period. 2. The cost of a plant asset includes all normal and reasonable expenditures necessary to get the asset in place and ready for its intended use. 3. Land is an asset with an unlimited life and‚ therefore‚ is not subject to depreciation. Land improvements have
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Chapter Two and Three Problems Please complete the following 7 exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document‚ and submit it in the appropriate week using the Assignment Submission button. Chapter 2 Exercise 1 1. Issuance of stock Prepare journal entries to record the issuance of 100‚000 shares of common stock at $20 per share for each
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Chapter 6 Individual Deductions SOLUTIONS MANUAL Discussion Questions: 1. [LO 1] It has been suggested that tax policy favors deductions for AGI compared to itemized deductions. Describe two ways in which deductions for AGI are treated more favorably than itemized deductions. Itemized deductions must exceed the standard deduction before taxpayers receive any tax benefit from the deductions (this is equivalent to an overall floor limit). In contrast‚ business deductions that are deductible
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Textile Exam Notes Chapters 6‚7 and 8 * Generic Names – Similar chemical composition * Cross-dye able fibers – NOT colored * Trade Names- Company Name * Three General Steps of spinning process: P-Prepare4 dope/melt E- Extrude S- Solidify * Fiber Size largest to smallest: Macrofiber Microfiber Ultrafine Nanofiber * Microfiber-Strength * Ultrafine Microfiber – Technical Application Nanofiber * Dope- raw materials dissolved * Melt- polymer
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A reporter who had previously interviewed Gatsby before the information about his early life was known‚ headed to New York in anticipation of interviewing him again. The truth is Gatsby was born James Gatz in North Dakota on a farm. He attended St. Olaf’s in Minnesota while working as a janitor to pay his tuition‚ but dropped out after only two weeks. The next summer while he worked on Lake Superior digging for clams and fishing for salmon‚ he spotted a yacht owned by Dan Cody‚ who was a wealthy
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PATHOPHYSIOLOGY FOR THE HEALTH PROFESSIONS CHAPTER 6: FLUID‚ ELECTROLYTE‚ AND ACID-BASE IMBALANCES Fluid Imbalance Review of Fluid Imbalance -Water carries nutrients into cells and removes wastes‚ transports enzymes in digestive secretions‚ and moves blood cells around the body. Fluid Compartments -Approximatley 60% of an adult’s body weight consists of water -Infant’s body weight is about 70% -Fluid is distributed between the intracellular compartment (ICF)‚ or fluid inside the
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