ch5 Key 1. On November 8‚ 2009‚ Power Corp. sold land to Wood Co.‚ its wholly owned subsidiary. The land cost $61‚500 and was sold to Wood for $89‚000. From the perspective of the combination‚ when is the gain on the sale of the land realized? A. Proportionately over a designated period of years B. When Wood Co. sells the land to a third party C. No gain can be recognized D. As Wood uses the land E. When Wood Co. begins using the land productively Difficulty: Easy Hoyle - Chapter 05 #1 2. Edgar
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1.Inventec Corporation Case Study Q1: Despite its growth and size‚ why is Inventec not very profitable? It can be concluded into 3 main factors : 1. Rivalry existed In the existing ODM industry‚ there are lots of competitors such as Quanta‚ Mitac and Compal. Because of the fierce competition‚ there is increase difficulty for completing differentiation. Moreover‚ client companies tend to limit ODM use to highly commoditized products commoditized products. There is also inherent risk associated
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Question 1 (25 marks) Several accounting standards include ceiling tests (also called impairment tests). Required: a. What is a ceiling test? Identify two IASB accounting standards that contain a ceiling test and describe the test. (7 marks) The ceiling test is an accounting standard that stipulates that capital assets such as property‚ plant and equipment must be written down if their net carrying value exceeds the net recoverable amount. This is to prevent overvaluation of capital assets
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Multiple choice When preparing a bank reconciliation‚ which of the following items should be added to the book balance? EFT receipts deposits in transit collection items both EFT receipts and collection items Which of the following must be added to beginning Retained Earnings to compute ending Retained Earnings? net income expenses dividends all of these answers are correct The use of the FIFO method increases taxable income: when prices are constant when prices are declining
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ALL INFORMATION RELEVANT TO ANSWERING THE PROBLEMS IS FOUND ON THE LAST PAGE OF THE SAMPLE EXAM. PROBLEM 1 (20 POINTS) 1. Compute the issue price of the bonds on January 1‚ 2010. (3 points) 2. Complete the amortization schedule below for the dates indicated. (3 points) DATE CASH INTEREST EXPENSE AMORTIZATION BOOK VALUE 1/1/10 12/31/10 3. Prepare all necessary journal entries‚ from issuance through the January 1‚ 2011 bond retirement
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University of New South Wales School of Accounting Auditing and Assurance Services 2013 LECTURE 1 Introduction to the Audit Function Assurance Framework Australian Corporate Audits Auditing Standards Lecture Overview • Announcements • Overview course requirements • Introduction to the course – Assurance – Auditing – Legal requirements – Auditing standards Announcements • 1. Tutorial Allocation – Once classes are full no more will be admitted – No new classes will be scheduled
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Exam 1 for Customer Relations for Mangers | | | | Materials‚ products and services that are state of the art‚ competitively priced and meet the needs of customers are the elements that define a successful organization. These include: Answer | | | | | Correct Answer: | Products and services | Response Feedback: | | | | | | | | | The number of women in the workforce continues to grow and is projected to increase from about 47 percent in 2000 to approximately 75
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Part A: Accounting for income tax For journal entries‚ narration is NOT required. The accounting profit before tax of Happy Star Ltd for the year ended 31 December 2012 amounted to $10‚000 after including the following information. The financial year of the company was from 1 January 2012 to 31 December 2012. Equipment: The Company purchased the equipment for the amount of $100‚000 on 1 January 2011. Ending balance of equipment based on accounting as at 31 December 2011 was $100‚000
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Ex 9-2 1 D 2 A 3 C 4 D 5 D 6 B 7 B 8 D 9 C 10 A Ex 13-1 1 B 2 D 3 C 4 A 5 C 6 D 7 D 8 B 9 A 10 A 9-10. MODIFIED ACCRUAL/ ADJUSTMENT ACCOUNT AFFECTED ACCRUAL ACCOUNT Debit Credit 1. DEPRECIATION EXPENSE Accrual 674300 BUILDINGS & EQUIPMENT Accural 674300 2. SALARY EXPENSE Accural 39123 SALARIES PAYABLE Accural 39123 3. BUILDINGS & EQUIPMENT Accural 29049 EXPENDITURES Modified 29049 4. BONDS PAYABLE Accural 50000
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Question 1: At any of these dates‚ did Intel have a contingent liability as defined by SFAS #5? June 30: Intel has discovered the flaw No contingent liability‚ no disclosure. According to Intel‚ a series of tests has showed that an error would occur only once every nine billion random calculations‚ or every 27‚000 years for most users. Therefore‚ the chance that customers would encounter errors in calculations on their Pentium-driven PCs is slight and the event that customers would
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