1 CHAPTER ONE: ACCOUNTING IN BUSINESS Chapter Outline I. Importance of Accounting—we live in the information age‚ where information‚ and its reliability‚ impacts the financial well-being of us all. A. Accounting Activities Accounting is an information and measurement system that identifies‚ records and communicates relevant‚ reliable‚ and comparable information about an organizations business activities. B. Users of Accounting Information 1. External Information Users—those not directly involved
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Chapter 8 Segment and Interim Reporting Chapter Outline I. FASB Accounting Standards Codification Topic 280‚ Segment Reporting (FASB ASC 280)‚ provides current guidance on segment reporting. A. ASC 280 follows a management approach in which segments are based on the way that management disaggregates the enterprise for making operating decisions; these are referred to as operating segments. B. Operating segments are components of an enterprise which meet three criteria. 1. Engage in business
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Chapter 1 Environment and Theoretical Structure of Financial Accounting AACSB assurance of learning standards in accounting and business education require documentation of outcomes assessment. Although schools‚ departments‚ and faculty may approach assessment and its documentation differently‚ one approach is to provide specific questions on exams that become the basis for assessment. To aid faculty in this endeavor‚ we have labeled each question‚ exercise and problem in Intermediate Accounting
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CHAPTER 15 Multiple-Choice Questions 1. easy A sample in which the characteristics of the sample are the same as those of the population is a(n): b a. variables sample. b. representative sample. c. attributes sample. d. random sample. 2. easy When the auditor decides to select less than 100 percent of the population for testing‚ the auditor is said to use: a a. audit sampling. b. representative sampling. c. poor judgment. d. none of the above. 3. In practice‚ auditors
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and is one of the students in the university and she’s been feeling quite ill. Her roommate Jill and their acquaintances Maggie and Maria have been feeling sick as well. Anthony‚ Maria’s friend‚ has lately noticed that he has been very tired while he is reporting the school games for the school paper. Arnie‚ a fellow peer of Anthony‚ is frequently at the school games taking pictures has been feeling ill as well. Marco‚ Sue’s biology partner‚ feels bad and his neighbor Alvin‚ has been having a sore
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CHAPTER 4 PROBLEMS Q(4-1): Explain the primary difference between job-order and process costing ? Job-order costing * Costs accumulated by the job. * Work in process has a job-cost sheet for each job. * Many unique‚ high cost jobs. * Jobs built to customer order. Process costing * Costs accumulated by department or process. * Work in process has a production report for each batch of products. * A few identical‚ low cost products. *
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Chapter 02 - Economists’ View Of Behavior CHAPTER 2 REVIEW QUESTIONS 2–1. Which costs are pertinent to economic decision making? Which costs are not relevant? The marginal (incremental) costs and benefits are pertinent to economic decision making. Sunk costs and benefits are not relevant. In economics‚ “bygones are forever bygones.” 2-3. The Solace Company has an inventory of steel that it originally purchased for $20‚000. It currently has an offer to sell the steel for $30‚000. Should
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Links: 70‚000 18‚000 88‚000 80‚000 5‚590 173‚590 b(2)Prepare an income statement and a statement of cash flows for the period October 1–6‚ 2011 12-9-9 Increase in cash Cash balance‚ October 1‚ 2011 Cash balance‚ October 6‚ 2011
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Exercise 18.9 Doubtful Debts – Ageing Method Over 2 Years GAMES GALORE LTD Required: A. Prepare and balance the Allowance for Doubtful Debts account and the Bad Debts Expense account for years ending 30 June 2013 and 30 June 2014. B. Prepare the necessary general journal entries to bring the allowance for doubtful debts to the appropriate amount at 30 June 2013 and 30 June 2014. A. Allowance for Doubtful Debts 2013 30/6 2012 Accounts Receivable $33 120 1/7 Balance $16 200 2013 Balance 25
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CHAPTER 1 MANAGERIAL ACCOUNTING‚ TYPES AND ETHICS. 1) Managerial Accounting: Firms internal accounting system and designed to support the information needs of managers in order to make decisions. Not bound by GAAP. a) Managerial accounting has 3 objectives: i) To provide information for planning organization actions ii) To provide information for controlling organization actions. iii) To provide information for making effective decisions. b) Reports that help mangers that are nonfinancial are:
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