Accounting Principles The general rules and concepts that govern the Accounting filed are referred to as the Principles of Accounting. The Financial Accounting Standards Board (FASB) using the groundwork of principles and guidelines has formulated these rules. They lay the foundation for sound and ethical accounting practices. The GAAP (Generally accepted accounting principles or "GAAP") consists of three important sets of rules: • The underlying accounting principles • The rules and standards
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SOLUTIONS TO PROBLEM SET A PROBLEM SET A 2.1 (b) Service Revenue $19‚000 Expenses: Salaries Expense $1‚200 Rent Expense 400 Advertising Expense 1‚300 2‚900 Profit $16‚100 OR Increase in Retained Earnings ($15‚700 - $0) $15‚700 Add: Dividends 400 Profit $16‚100 PROBLEM SET A 2.2 (a) Bell Consulting Pty Ltd Assets Liabilities Equity Date Cash + Accounts Receivable + Supplies + Office Equipment
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PRINCIPLES OF ACCOUNTING(POA)/ACCOUNTING FOR MANAGERS(AFM) Basic Accounting Concepts & Terminologies ACCOUNTING- DEFINITION Accounting means the various technical activities performed by accountants‚ including financial accounting‚ bookkeeping and management accounting. Accounting is considered to be as old as money. However in 1494 Lucas Fra Pacoili‚ an Italian Merchant is universally regarded as the father of modern system of accounting or double entry system of accounting. Accounting has
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ACC 551 Midterm Exam Solution Follow the link below http://www.tutorialsguider.com/downloads/acc-551-midterm-exam-solution/ ACC 551 Midterm Exam Solution 1. Question :(TCO C) Under current accounting practice‚ intangible assets are classified as 2. Question :(TCO C) Which of the following intangible assets should not be amortized? 3. Question :(TCO C) The intangible asset goodwill may be 4. Question :(TCO C) ELO Corporation purchased a patent for $90‚000 on September 1‚ 2008. It had a useful
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Solutions to Review Questions Accounting assigns costs and revenues to “responsibility centers” that correspond to the decision authority of managers. This allows the firm to measure performance based on the results of decisions by the manager. An effective corporate cost allocation system separates the results of decisions by corporate managers from those of business unit managers. Although there are well-developed standards for many accounting transactions‚ accounting decisions still depend on the
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1 Governmental and Nonprofit Accounting: ENVIRONMENT AND CHARACTERISTICS ANSWERS TO QUESTIONS QUESTION 1-1 a. The similarities of accounting for profit-seeking and G&NP organizations include: 1. Double-entry system of accounts. 2. Most accounting mechanics‚ e.g.‚ basic transaction documents‚ journals‚ ledgers‚ charts of accounts. 3. Where a G&NP organization has a business-type activity‚ e.g.‚ a municipal electric utility‚ the accounting largely parallels that for a
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10/1/2012 CORPORATE FINANCE FIN 3313.01 Fall 2012 1st MID-TERM SINAN YILDIRIM NAME (Each Multiple choice question is worth 4 points) 1. The goal of financial management is to increase the: a. future value of the firm ’s total equity. b. book value of equity. c. dividends paid per share. d. current market value per share. e. number of shares outstanding‚ thereby increasing the market value of equity. 2. A corporation: A. is ultimately controlled by its board of
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Chapter 1 1. An ideal voltage source has 5. A real current source has a. Zero internal resistance b. Infinite internal resistance c. A load-dependent voltage d. A load-dependent current a. Zero internal resistance b. Infinite internal resistance c. A small internal resistance d. A large internal resistance 2. A real voltage source has 6. If a load resistance is 1 kohm‚ a stiff current source has a resistance of a. Zero internal resistance b. Infinite internal resistance c. A small internal
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that accompany textbooks are usually written as an afterthought by someone who has little connection to the textbook that is supposed to be supported by the study guide. I think it is for this reason that most study guides are not terribly helpful — and‚ I am told‚ they are not widely used by students. This Study Guide is different in that it was written by me (the author) at the same time as the textbook was being written. It is therefore completely integrated into the textbook and based entirely
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Solutions Manual to accompany Company Accounting 8e prepared by Ken Leo John Hoggett John Sweeting Jennie Radford [pic] John Wiley & Sons Australia‚ Ltd 2009 Chapter 1 – Nature and regulation of companies REVIEW QUESTIONS 1. Outline the advantages of incorporation over other forms of organisation such as partnerships. The corporate form of organisation permits individuals to have "limited liability". This confers on shareholders a limit on their
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