Cost accounting deals with ascertainment ‚ allocation ‚ apportionment accounting aspect of costs.Management accounting deals with the effect and impact of costs on the business. 2. Cost accounting provides a base for management accounting whereas management accounting is derived from cost accounting and financial accounting. 3. Cost accounting does not include financial accounting ‚ tax planning and tax accounting. Management accounting includes financial and cost accounting ‚ tax accounting
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Edita Mercado Su Jane Acct 301 FASB Codification Assignment 3/13/2013 Professional Research: FASB Codification A. Identify relevant Codification section that addresses transfers of receivables. The relevant codification section that addresses transfers of receivables is the following: FASB ASC 860-10-05-15. C. Provide definitions for the following: 1) Transfer: The conveyance of a noncash financial asset by and to someone other than the issuer of that
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Problem 4.4A Preparing Adjusting Entries from a Trial Balance The Off-Campus Theater adjusts its accounts every month. Below is the company’s unadjusted trial balance dated July 31‚ 2002. Additional information is provided for use in preparing the company’s adjusting entries for the month of July. (Bear in mind that adjusting entries have already been made for the first seven months of 2002‚ but not for July.) OFF-CAMPUS THEATER Unadjusted Trial Balance July 31‚ 2002 Cash $ 16
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Chapter 1 CA 1-1 · GAAP is the term used to indicate the whole body of FASB authoritative literature. True · Any company claiming compliance with GAAP must comply with most standards and interpretations but does have to follow the disclosure requirements. False This statement is false because the companies they not only have to comply with most GAAP standards and interpretations but also have to follow the disclosure requirements. · The primary governmental body that has influence over
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Pr. 23-128—Statement of cash flows (indirect method). The net changes in the balance sheet accounts of Keating Corporation for the year 2011 are shown below. Account Debit Credit Cash $ 82‚000 Short-term investments $121‚000 Accounts receivable 83‚200 Allowance for doubtful accounts 13‚300 Inventory 74‚200 Prepaid expenses 17‚800 Investment in subsidiary (equity method) 20‚000 Plant and equipment 210‚000 Accumulated depreciation
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weaknesses‚ the cost principle is most often used because it is the most reliable basis of valuation. TRUE 2. The going concern assumption assumes the company will continue to operate for at least two years. TRUE 3. The economic entity assumption states that economic events can be identified with a particular unit of accountability. FALSE 4. The monetary unit assumption states that transactions that can be measured in terms of money should be recorded in the accounting records. TRUE
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Running head: ACCOUNTING PRINCIPLES Generally Accepted Accounting Principles P G HCS 571 June 5‚ 2013 Generally Accepted Accounting Principles Generally accepted accounting principles (GAAP)‚ are standards and guidelines for financial accounting‚ and reporting‚ (Office of Financial Management‚ 2012). There are guidelines in effect for most organizations; GAAP ensures that the finances of an organization are correct. According to Cleverly‚ Song‚ and Cleverly (2011)‚ GAAP describes the “body
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CHAPTER 1 FInANCIAL ACCOUNTING AND ITS ECONOMIC CONTEXT ISSUES FOR DISCUSSION ID1–1 Security analysts and stockholders: These users would use financial statements to try to estimate the future earnings and cash flow potential of the company‚ which would be used to project a value for the company’s stock. Bank loan officers: These users would use the financial statements to determine the ability of a company to repay loans to the bank. A company’s
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1. Accounting is an information and measurement system that: A. Identifies business activities. B. Records business activities. C. Communicates business activities. D. Helps people make better decisions. E. All of these. 2. Technology A. Has replaced accounting. B. Has not changed the work that accountants do. C. Has closely linked accounting with consulting‚ planning‚ and other financial services. D. In accounting has replaced the need for decision makers. E. In accounting is only
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1. The final exam will be held from 9:30 to 11:30 am on Wednesday‚ October 19 in EX 200 (255 McCaul). 2. It is a closed book and closed note exam. No aid sheet is allowed. You will need a calculator‚ but no other electronic devices will be allowed during the exam. 3. The exam covers materials in classes 1 through 11 inclusive (i.e.‚ topics 1 through 8)‚ with more emphasis on topics 3 through 8. It will have both problem-solving and essay-type questions. It is not going to be an easy exam
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