C H A P T E R O N E INTRODUCTION 1.1 BACKGROUND OF THE STUDY Accounting as a profession or discipline‚ has always been seen as an information-generating one‚ which fittingly makes the job of the Accountant to be that of observing economic activities‚ recording the observations in the prescribed books‚ analysing the recordings‚ interpreting his analysis and preparing reports to all users of Accounting Information. The prepared reports are generally referred to as financial statements‚ which clearly
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|Ally Zmijeski | |Financial Management Section C | |Homework 2: Integrated Case Questions | Chapter 2 Integrated Case 2-11 A) In a well-functioning
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You are the news director of a local television station. The city council has just voted to close city parks 3 days a week to save money. Meanwhile‚ a major celebrity has died. The park story has greater effect on your viewers‚ but the celebrity death will get bigger ratings? Which do you make your lead story and why? As a viewer I would normally say put the park story first 100 percent. This is local broadcast I want to hear about information that affects me directly. This is not the case‚
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Visual entertainment media is a part of everyday life‚ anywhere from cellphones‚ television‚ internet‚ newspaper‚ etc. All of the forms of visual entertainment media have helped shaped America‚ also the culture and values that have developed over the years. The most common visual entertainment media form that has shaped‚ influenced‚ the culture and values in America is cable television. Cable television covers so many different forms within itself‚ news channels‚ religious channels‚ debate channels
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Does Fair Value Accounting for Non-Financial Assets Pass the Market Test? Hans B. Christensen and Valeri V. Nikolaev The University of Chicago Booth School of Business 5807 South Woodlawn Avenue Chicago‚ IL 60637 Abstract: The choice between fair value and historical cost accounting is the subject of longstanding controversy among accounting academics and regulators. Nevertheless‚ the market based evidence on this subject is very limited. We study the choice of fair value versus historical
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Lecture 2: Study Week 2 The Accounting Equation & the Double Entry System Objectives for today 1. Analyzing transactions using the Accounting Equation 2. Next Week: How do firms actually measure Income?: Accrual vs. Cash Accounting g 3. Next Week: Determine when a company should record revenues and Expenses: The Matching Principle The Operating Cycle Start with cash and end with more cash Collect cash from customers Purchase inventory Make sales to customers The Recording
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What factors will you use to determine SONIC’s strategic group? According to the assigned textbook‚ a strategic group is composed of firms that direct the same strategy to the same target market (p. 51). Sub sequentially‚ factors that determine SONIC’s strategic group are based upon market strategy and target market. Any smartphone competitor that aligns with at least two factors within each category outline below. MARKET STRATEGY: Pricing range between $250.00- $400.00 Similar product offers (features)
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Independent External Auditor A. The corporation’s independent auditor is Price Waterhouse Coopers LLP. They are located in Dallas‚ Texas.(37) B. The auditor believes that the financial statements were presented fairly as a result of them issuing a report on the effectives of their internal control over financial reporting as of January 29‚ 2011.(F2) 3. It provides complete balance sheets for two years‚ cash flow statements for 3 years‚ and 3 years of income statements. 4. Income statement(23)
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ANSWERS TO QUESTIONS 1. Sustainable income is defined as the most likely level of income to be obtained in the future. It is the amount of regular income that a company can expect to earn from its normal operations. In order to distinguish a company’s net income from its sustainable income‚ irregular items‚ such as a once-in-a lifetime gain or discontinued operations‚ are reported separately on the income statement. 2. Items (a)‚ (d)‚ and (g) are extraordinary items; item (h) is debatable
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realized if the securities were sold today. The amount of unrealized gain or loss appears in the owners’ equity section of the balance sheet. An unrealized gain increases total owners’ equity‚ and an unrealized loss decreases owners’ equity. 5. I = P x R x T –or– Interest = Principal x Rate of Interest x Time Principal – Amount of debt Rate of Interest –
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