Acct 496 CH5 Assignment Kangkang Guo Q1. What is a provision‚ and when must a provision be recognized? Provision provides guidance for reporting liabilities of uncertain timing‚ amount‚ or existence. A provision should be recognized when: 1). The entity has a present obligation (legal or constructive) as a result of a past event. 2). It is probable (more likely than not) that an outflow of resources embodying economic events will be required to settle the obligation. 3). A reliable estimate of
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Introduction Over the past four decades‚ spending on healthcare in the United States grew more rapidly than the economy (Baker‚ Birnbaum‚ Geppert‚ Mishol‚ Moyneur‚ 2008‚ p. 541). Healthcare has nearly tripled its share of national income during this time (p. 543). All aspects of the nation’s health system have been affected by this ongoing spending growth. Strategically marketing the development of products and services during this intense competition and uncertainty is vital for any healthcare
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Firm Research: Prosthetic Limbs Strayer University BUS505 Assignment 1 October 27‚ 2013 CERTIFICATION OF AUTHORSHIP: I certify that I am the author of this paper and that any assistance I received in its preparation is fully acknowledged and disclosed in the paper. I have cited any sources from which I used data‚ ideas‚ or words‚ either quoted directly or paraphrased. I also certify that this paper was prepared by me specifically for this course. Signature: _________________________________
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Grading Summary These are the automatically computed results of your exam. Grades for essay questions‚ and comments from your instructor‚ are in the "Details" section below. Date Taken: 8/3/2014 Points Received: 188 / 200 (94%) Question 1. Question : (TCO A) The Financial Accounting Standards Board employs a "due process" system‚ which: has all CPAs in the United States vote on a new statement. enables interested parties to express their views on issues under consideration.
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ANSWERS Quiz 1 profit margin on sales for 2013. Net income/net sales. receivables turnover ratio net sales/average A/R inventory turnover ratio for 2013. COGs/average inventory asset turnover ratio for 2013.Net sales/average total sales average collection period for 2013.365/receive turnover ratio. average days in inventory for 2013.365 / inventory turnover ratio decimal place. return on assets for 2013. Profit margin*assets turnover. return on stockholders’ equity for 2013. Net income/ average
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Lecture 6 Receivables 1. Types of receivables (1)Accounts receivable: the amounts owed to the firm by customers on account from the sale of goods or services (2)Notes receivable: the amounts owing to the firm outside normal trade for which formal instruments of credit are issued evidencing the debt‚ and on which interest is generally payable (3) Other receivables include non-trade receivables such as interest receivable‚ loans‚ advances and GST receivable. 2. Accounting for A/R Accounts receivables
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: Ethics and the Manager; Shut Down or Continue Operations Marvin Braun had just been appointed vice president of the Great Basin Region of the Financial Services Corporation (FSC). The company provides check processing services for small banks. The banks send checks presented for deposit or payment to FSC‚ which then records the data on each check in a computerized database. FSC sends the data electronically to the nearest Federal Reserve Bank check-clearing center where the appropriate transfers
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ACCT 346 Final Exam CLICK TO DOWNLOAD ANSWERS Page 1 1. (TCO 1) A difference between actual costs and planned costs 2. (TCO 1) Which of the following is not likely to be a fixed cost? 3. (TCO 2) Which of the following is not a manufacturing cost? 4. (TCO 2) A job-order costing system is likely used by a 5. (TCO 3) Equivalent units are calculated by 6. (TCO 3) The Freedom Corporation’s painting department had a beginning inventory of 580 units‚ which had direct material costs of $22‚715
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Study Guide Chapter 5 1. “More than a toleration of an alien culture is required…there is need for affirmative acceptance as different but equal.” Elaborate. This statement refers to cultural adaptation. It is important for different cultures to meet in the middle and not lose what makes their culture unique. There are three aspects to adaptation. These are‚ cultural imperatives‚ cultural electives‚ and cultural exclusives. Imperatives are aspects of business that all cultures come
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Accounting Theory Positive Accounting Theory Background In previous accounting subjects‚ we explored what should happen when a firm uses a particular set of accounting principles and practices. However‚ in real life‚ we know this is not always the case. Hence‚ Positive Accounting Theory (PAT) tries to explain‚ and possibly predict‚ accounting practices. Assumptions As always there are some assumptions that PAT takes: • • • • Everyone takes measures to maximise their own self-interest; even at the
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