ACCT 421A: CORPORATE TAX : Chapter Sixteen DISCUSSION QUESTIONS 5. How are farmers treated differently from other producers in regard to tax accounting? Since farmers are usually allowed to use the cash method of accounting‚ the UNICAP rules do not apply to farmers‚ except in the case of plants with a reproduction period of more than two years. The farmer can elect to use the farm price method of the unit-livestock-price-method. A farmer may also elect to average the income from farming
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Question 4: Data integrity is essential for a company ’s operations. Describe various steps companies can use to ensure the integrity of its information. Just as the question states‚ data integrity is imperative to the success of a company’s operations. Data integrity is processing integrity which is one the five principles of systems reliability (Romney‚ & Steinbart‚ 2012‚ p. 274). For a company to be successful they must have a reliable system that is accurate‚ easily manipulated‚ timely‚
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Name: _____________________________________ Date: _________________ Third Midterm -- Chapters 8‚ 9‚ 10 & 11 100 points Key Section Possible Points True/False Multiple Choice Problems Total 25 24 55 104 Your Score Your Points ___________ Be legible!!!! (If I can’t read what you put down‚ I can’t grade it and I will not guess at what you might have written.) Mark the True/False answers in the appropriate column!! Put the letter answer to the Multiple
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CA1-1 1. True. 2. False. Any company claiming compliance with IFRS must comply with all standards and interpretations‚ including disclosure requirements. 3. False. The SEC is the governmental body that has influence over the FASB‚ not the IASB. 4. True. 5. False. The IASB has no government mandate and does follow a due process in issuing IFRS. CA1-3 CA1-3 (Financial Reporting and Accounting Standards) Answer the following multiple-choice questions. 1. GAAP stands for: ANS: D) generally
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1. Two primary external users of accounting information are investors and creditors. TRUE 2. The economic resources that are owned by a business are called stockholders’ equity. FALSE 3. Net income for the period is determined by subtracting total expenses and dividends from revenues. FALSE 4. The heading for the income statement might include the line “As of December 31‚ 20xx.” TRUE 5. Net income is another term for revenue. FALSE 6. The primary purpose of the statement of cash
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Intro The fact that… reflects inherent characteristics of Glob. As presented in this class. The dominant approach to Glob based on neoliberal ideology has shaped the actual process of glob‚ with specific consequences. While there will always be bade acts‚ the way Neoliberal form creates an environment that makes such cases a systematic problem rather than solely the result of isolated bad acts. In order to understand why‚ it is important to consider how inherent characteristics of glob incentivize
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ACC121 FINAL EXAM – Problems (130 points total) First 10 problems @ 11 points each; 1 problem @ 20 points Student name _Katerina Worley______________________ Date _6/23/15____________________ 1. Given the following information about purchases and sales during the year‚ compute the cost to be assigned to ending inventory under each of three methods: (a) average-cost‚ (b) FIFO‚ and (c) LIFO. (Show your work.) Assume that a periodic inventory system is used. Jan. 1 Beginning inventory 225 items
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Asignación 1 acct. 1162 Pág.870 E19-3 a. Identify each of the costs as direct materials (DM)‚ direct labor (DL)‚ manufacturing overhead (MO)‚ or period costs (PER). Direct materials Materials used in product. Direct labor Labor cost of assembly-line workers Manufacturing overhead Depreciation on plant‚ property taxes on plant‚ delivery expense‚ factory supplies used. Period cost Advertising expense PER Property taxes on store. b. Explain the difference in
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FINANCIAL REPORTING: FINANCIAL TRANSACTIONS‚ ACCT 642-001 Fall Semester 2014 Faculty Name: Office Location: Faculty E-mail: Phone: Office Hours: Emily L. Lindsay‚ CPA‚ CGMA‚ MSA KSB‚ Room 14 Lindsay@american.edu (preferred contact) (202) 885-1902 (office); (240) 731-9764 (cell) M/TH 9:00 AM – 10:00 AM & 11:45 AM – 12:45 PM TH 3:15 PM – 5:15 PM and other days & times by appointment. Class Time & Location: TH 5:30 PM – 8:00 PM‚ KSB T-61 COURSE DESCRIPTION: With ACCT-641‚ this course is part of a two course
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Keller Graduate School ACCT 593 Financial Accounting and Reporting NOVEMBER 2012 Syllabus Important Deadlines Course Start Date 10/29/2012 Course Completion Date 1/6/2013 Portal Access Deadline 02/28/13 Discussions Required on a Weekly Basis By its nature‚ the evaluation of participation in the threaded discussions will be subjective based both on quantity and quality of contributions. Not all threads will require
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