Quiz I (Chapters 1and 2) Date: Name: ID: Answer the following Questions: 1. Tower Inc. owns 30% of Yale Co. and applies the equity method. During the current year‚ Tower bought inventory costing $66‚000 and then sold it to Yale for $120‚000. At year-end‚ only $24‚000 of merchandise was still being held by Yale. What amount of inter-company inventory profit must be deferred by Tower? A. $6‚480 B. $3‚240 C. $10‚800 D. $16‚200 E. $6‚610 2. All of the following statements regarding the investment account
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Internal Control Report For LJB Company Table of Contents Introduction 3 IPO and Internal Controls 3 Successful Existing Internal Controls 4 Internal Controls for Consideration 4 Conclusion 5 Bibliography 6 Introduction Internal controls are vital to any company’s business and financial sustainability. Internal controls consist of measures taken by a company safeguarding against
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A. Student Name: Heather Barton B. Lab 1 Part C Questions: 1. Entities in the conceptual model eventually are converted to tables in the database‚ and the attributes convert to the fields within the tables. Given this information‚ list the attributes (fields) found in the supplier table. The attributes in the supplier table include ID‚ Company‚ Last Name‚ First Name‚ Email Address‚ Job Title‚ Business Phone‚ Home Phone‚ Mobile Phone‚ Fax Number‚ Address‚ City‚ State/Province‚ Zip/Postal
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NAME: ___Seth Johnson__________________ Quiz Questions for Chapter 6 **ANSWERS ARE HIGHLIGHTED 1. A truck was purchased for $25‚000. It has a six-year life and a $4‚000 salvage value. Using straight-line depreciation‚ what is the asset’s carrying value (book value) after 2 years? d. $18‚000. 2. The sale for $2‚000 of equipment that cost $8‚000 and has accumulated depreciation of $6‚700 would result in what reflected in the income statement? d. loss of $1‚300. The following
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Prepared by Coby Harmon University of California‚ Santa Barbara Westmont College 23-1 23 Budgetary Planning Learning Objectives After studying this chapter‚ you should be able to: [1] Indicate the benefits of budgeting. [2] State the essentials of effective budgeting. [3] Identify the budgets that comprise the master budget. [4] Describe the sources for preparing the budgeted income statement. [5] Explain the principal sections of a cash budget. [6] Indicate the applicability of budgeting in
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ACCT1511 REVISITING FINANCIAL STATEMENT ANALYSIS (1) SEMINAR QUESTION: FINAL EXAM SEMESTER 1‚ 2014 Question 7 (6 marks) The following information regarding five airlines‚ were obtained from Yahoo!Finance‚ reuters.com and company financial statements: Five year relative stock price chart. (base of zero as at 30 Mar 2009): Cathay Singapore Qantas China Southern Malaysian Price EPS Company Stock code 24 Mar 2014 (TTM) Qantas Airways QAN.AX AUD1.055 –0.15 Cathay Pacific Airways 0293.HK HKD15.10 1
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ACCT505 Part B Capital Budgeting problem Clark Paints‚ Inc. Data: Cost of new equipment $200‚000 Expected life of equipment in years 5 Disposal value in 5 years $40‚000 Life production - number of cans 5‚500‚000 Annual production or purchase needs 1‚100‚000 Initial training costs 0 Number of workers needed 3 Annual hours to be worked per employee 2‚000 Earnings per hour for employees
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CA 1-3 GAAP stands for: d) Generally accepted accounting principles E 2-5 (a) Arises from peripheral or incidental transactions. Gains‚ Losses (b) Obligation to transfer resources arising from a past transaction. Liabilities (c) Increases ownership interest. Investment by owners‚ comprehensive Income (d) Declares and pays cash dividends to owners. Distribution to owners (e) Increases in net assets in a period from non-owner sources. Comprehensive Income (f) Items characterized by service potential
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CGA-CANADA MANAGEMENT INFORMATION SYSTEMS 2 EXAMINATION June 2005 Marks 20 Time: 4 Hours Question 1 Select the best answer for each of the following unrelated items. Answer each of these items in your examination booklet by giving the number of your choice. For example‚ if the best answer for item (a) is (1)‚ write (a)(1) in your examination booklet. If more than one answer is given for an item‚ that item will not be marked. Incorrect answers will be marked as zero. Marks will not be awarded for
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Khalia Brewer ACCT 555 Week 6 Homework 14-21 A. (2)- Occurrence B. (1)- Accuracy C. (3)- Monthly statements are sent to customers and any discrepancies are resolved by someone independent of cash handling and accounting. D. (4)- existing cash receipts are recorded. 14-22 A.(4)- Receiving reports are prepared for all materials received and such reports are accounted for on a timely basis. B.(3)- Employees involved in the credit-granting function are separated from the sales function C.(1)-
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