Distinguish between internal and external sources of funds. Do corporations rely more on external or internal funds as sources of financing? Question 1 of 20 5.0/ 5.0 Points Which transaction would be recorded in a cash basis system of accounting? A.Purchase of equipment by signing a note B.Purchase of supplies on credit C.Sale of goods against a note Correct D.Sale of goods for cash Answer Key: D Question 2 of 20 0.0/ 5.0 Points The credit terms of a sale are normally
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ASSIGNMENT Accounting Manager Decision Making Submitted by: Ashish Lakhani Submitted to: Tariq Shameem Case 5-35 | (a) | Stage 1: Allocation of S1 and S2 costs to production departments | | | | Department P1 | Department P2 | | | Directly traceable | $480‚000 | $780‚000 | | | S1 | 1‚176‚000 × = 420‚000 | 1‚176‚000 × = 756‚000 | | | | | | | | S2 | 1‚120‚000 × = 280‚000 | 1‚120‚000 × = 840‚000 | | | | | | | | Total support | $1‚180‚000 | $2
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Multiple Choice (12 marks) Choose the best answer for each of the following 8 multiple choice questions. Circle your answer directly on the quiz booklet. Only one answer will be accepted for each multiple choice question. There is no penalty for guessing. Question No. 1 (2 marks) Bobcat Company uses a job-order costing system. During April‚ the following costs appeared in the Work in Process Inventory account: Beginning balance $ 24‚000 Direct material used 70‚000 Direct labor incurred 60
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Week 3: Accounting for Intangible Assets Introduction Change from a manufacturing to a “knowledge based” industry Increase market to book gap Intangible Assets play a major role Assets: Definition * Resource controlled by an entity as a result of past events from which future economic benefits are expected to flow to the entity Assets Recognition Criteria * Recognition Criteria * Under AASB Framework (par 89) an asset is to be recognised in the balance sheet only when * It
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Health Promotion in Nursing Care Robert Driver GCU Family-Centered Health Promotion NRS-429 Jennifer Wood October 12‚ 2014 Health Promotion in Nursing Care Health Promotion is the social science and art of helping individuals discover the interaction between their optimal health and core passions‚ increasing their ambition to strive for optimal health‚ and encouraging them in changing their lifestyle to move toward a state of ideal health. Lifestyle change is made possible through educational
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Internet Based Tax Briefing 1 – Haig Simmons Aqeel A Sahibzada‚ University of Maryland University College ACCT 613/9040 – Professor Bruce McClain October 14‚ 2012 Subject: Haig Simmons – Loss recognition on anthracite coal future contracts‚ capital or ordinary loss Facts Taxpayer Haig Simmons operates an in home coal heating and delivery service for consumer uses in Baltimore and Anne Arundel counties. Due to the instability of coal resources and prices‚ Haig Simmons enters
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Vania Yarijanian Acct 325 Leader and Follower Society is made up of leaders and followers. While many wants to‚ not all can be leaders. A leader is somebody who guides or directs others by showing them the way. A leader is someone that can influence people. He is someone that people want to follow and respect‚ makes good decisions‚ can think quickly. He is self-confident‚ and knows what to do next. A leader is someone who can guide others to their own empowerment. My parents always told me to be
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According to our textbook the closing process serves a dual purpose 1. The temporary accounts (revenues‚ expenses‚ gains and losses) are reduced to zero balances‚ ready to measure activity in the upcoming accounting period‚ and 2. These temporary accounts are closed (transferred) to retained earnings to reflect changes that have occurred during that accounting period. (Spiceland p. 79). There are three times during an accounting period when a company should perform a closing process‚ daily‚ monthly
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Case Study 2 – Internal Control A review of policies and procedures for LBJ Company has been conducted‚ and there is a distinct lack of internal control that must be addressed in order for the company to go public. Internal control is identified as: “the process designed to ensure reliable reporting‚ effective and efficient operations‚ and compliance with laws and regulations” (Edwards‚ 1994). Additionally‚ to attract prospective investors‚ LBJ Company must follow the guidelines identified by the
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1. Question : (TCO A) Wages paid to an assembly line worker in a factory are a 2. Question : (TCO A) A cost incurred in the past that is not relevant to any current decision is classified as a(n) 3. Question : (TCO A) Depreciation of office buildings and office equipment is also known as 4. Question : (TCO A) When the activity level is expected to increase within the relevant range‚ what effects would be anticipated with respect to each of the following? 5. Question : (TCO F) Which
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