ACC 556 – Financial Accounting for Managers Chapter 1 Homework Due Week 1 and worth 10 points Directions: Answer the following four questions on a separate document. Explain how you reached the answer or show your work if a mathematical calculation is needed‚ or both. Submit your homework assignment using the homework assignment link in the course shell. E1-1 Here is a list of words or phrases discussed in this chapter: 1. 2. 3. Corporation Creditor Accounts receivable 4. 5. 6. Partnership Stockholder
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Merchandise inventory is generally valued at the price for which the goods can be sold. reported under the classification of Property‚ Plant‚ and Equipment on the balance sheet. reported as a current asset on the balance sheet. often reported as a miscellaneous expense on the income statement. Items waiting to be used in production are considered to be finished goods. merchandise inventory. raw materials. work in progress. In a manufacturing business‚ inventory that is ready for sale is called store
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SHANGRI-LA You are partner in charge of the audit of Shangri‑La‚ Inc. The company is a real estate developer‚ specializing in luxury vacation areas. The company’s operations have been profitable‚ although not spectacular. Most of the development property is pledged as collateral for bank loans; there is a reasonable stockholders’ equity of about $10‚000‚000. Shangri‑La has a substantial
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professional conduct is clear that an accountant should follow all the six principles so that a healthy work environment could be created in the interest of the company‚ society and nation. The second discussion is focused on evaluation of ethicality of accounting activities. Manipulating the financial statements for personal interest or for loyalty towards company or its executives is unethical and the person responsible for such act will be punishable. Misstatement of financial statements is ethically wrong
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think about these small details‚ they are actually very important. In Harper Lee’s novel To Kill a Mockingbird‚ the significance of minor characters can be seen through the development of the plot. In her novel‚ a family lives in Alabama during the Great Depression. During this time apart from poverty there were many forms of discrimination. Although they are minor characters‚ Dolphus Raymond‚ Mrs.Dubose‚ and Boo Radley shows the extent of discrimination. Through the actions of Dolphus Raymond‚ he
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Before the Babylonian exile‚ Biblical prophesy reached its highest point. Prophets such as Jeremiah and Ezekiel changed and molded the scope of Israelite religion. Their writings were intelligent‚ insightful‚ well developed‚ and contained a great spiritual meaning. Following the Babylonian exile‚ however‚ prophesy took a depressing downward turn. There are many post exilic prophets‚ yet their writings are usually short‚ mostly irrelevant‚ repetitive‚ and‚ for the most part‚ anonymous
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Comparing Accounting Software Programs to Manual Accounting Manual accounting uses several paper ledgers to record financial transactions. It is very time consuming to record each single transaction onto paper‚ being very cautious not to make an error. There are several ledgers for each part of the accounting system‚ such as accounts payable‚ accounts receivable‚ and revenue accounts. Combining these ledgers into one general ledger‚ provide the balance for each ledger. The general ledger
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MINOR MEMBERS OF THE SOLAR SYSTEM ASTEROIDS Asteroids are small rocky bodies that have been likened to “flying mountains.” The largest‚ Ceres‚ is about 1000 kilometers in diameter‚ but most are only about 1 kilometer across. The smallest asteroids are assumed to be no larger than grains of sand. Most asteroids lie between the orbits of Mars and Jupiter. They have orbital periods of three to six years. Some asteroids have very eccentric orbits and travel very close to the sun‚ and a few larger
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various parts of the world. In Pakistan the person of 18 years is consideration major. Contract act requires that the contracting parties must be competent to contract. According to majority act. “A minor is a person who has not completed 18 years of age. Where a guardian of minor’s person or property has been appointed under the guardian and wards act or court of wards has taken charge of minor’s property a minor will attain the age of majority after 21 years of age.” Who is competent to contract
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is provided for general guidance only and on the understanding that it does not represent‚ and is not intended to be‚ advice. Whilst care has been taken in its preparation‚ it should not be used as a substitute for consultation with professional accounting‚ tax‚ legal or other advisors. Before making any decision or taking any action‚ you should consult with an appropriate specialist or professional. No warranty is given to the correctness of the information contained in this document‚ or its suitability
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