ACC 556 – Financial Accounting for Managers Chapter 1 Homework Due Week 1 and worth 10 points Directions: Answer the following four questions on a separate document. Explain how you reached the answer or show your work if a mathematical calculation is needed‚ or both. Submit your homework assignment using the homework assignment link in the course shell. E1-1 Here is a list of words or phrases discussed in this chapter: 1. 2. 3. Corporation Creditor Accounts receivable 4. 5. 6. Partnership Stockholder
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To: Carminho Building Products Ltd From: Rodrigues Accounting Dear Sir/Madam‚ We are submitting herewith our report entitled UK Subsidiary Expansion. The main purpose of this report is to help Carminho Building Products Ltd decide the potential and suitable site for the formation of a public listed subsidiary. This report will include United Kingdom’s current financial reporting environment and other information that Carminho Building Products Ltd would need in order to make a sound decision
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materials were charged to Job 88 ’s job cost card‚ how much overhead was applied to Job 88? Answer a. $70‚000 b. $120‚000 c. $72‚400 d. $35‚100 Unit costs for each job are computed by dividing Answer a. estimated total costs by planned units to be produced. b. actual costs by actual units sold. c. cost of direct materials‚ direct labor‚ and overhead by number of units produced. d. estimated total costs by actual units produced. The _________ provide(s) the most direct means of calculating
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Ben Jonson was an English dramatist and poet‚ born in 1572 and whose classical learning‚ gift for satire‚ and brilliant style made him one of the great figures of English literature. Although he had very little formal education he had a vast knowledge of Latin and Greek literature. His work became popular and he wrote entertaining plays for the court of King James I. These plays displayed his erudition‚ wit‚ and versatility and contained some of his best lyric poetry. Although Ben Jonson lived during
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correct picture on the firm’s financial performance and financial position. We have to recognize all transaction occurring in that accounting period‚ irrespective of whether cash has been received or paid. The ultimate objective of adjusting entries is to ensure that the revenues (income) earned in the accounting period are matched by all costs incurred for that same accounting period (Monash College‚ 2011). Prepayment There are two types of adjusting entries‚ prepayments and accruals. Prepayment is
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placing “trashy” people on shows like "Jerry Springer"‚ people are dehumanized and placed on television only for the sheer enjoyment‚ like the Romans did with gladiators. Stereotypes like being “trashy” are used towards people‚ because it’s basically a word used to describe someone in a specific way. Today‚ stereotypes are used almost every day. By looking at a person it is easier to see what they look like‚ in contrast to whom the person really is. On the Jerry Springer show‚ most guests are poorly
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CHAPTER 3 THE REPORTING ENTITY AND CONSOLIDATED FINANCIAL STATEMENTS ANSWERS TO QUESTIONS Q3-1 The basic idea underlying the preparation of consolidated financial statements is the notion that the consolidated financial statements present the financial position and the results of operations of a parent and its subsidiaries as if the related companies actually were a single company. Q3-2 Without consolidated statements it is often very difficult for an investor to gain an understanding
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by events that are not necessarily positive. In the novel The Chocolate War‚ Jerry Renault‚ the protagonist‚ loses his innocence and matures due to two main events: his mom’s death and the cruelty with which students reacts towards him for not selling the chocolates as a way to manifest his beliefs. The fact that Jerry’s mom died when he was relatively young had a significant impact on his life. The event forced Jerry to become more independent since he has grown apart from his father and finds
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In the works of Ben Franklin and John Smith the Native Americans were portrayed with no disregard for feelings. By portraying the Native Americans as savages what were the long term outcomes? First off they were not respected by anyone because they were different in their beliefs. Second they were also thought of as being stupid and not educated correctly. Third they were used for the skills that they knew (i.e. hunt‚ survive)‚ since white men could not do many of the things Indians could do. I
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The basic accounting concepts have defined the conception of the preparation of financial statements and the process of preparation in the UK is well regulated. But financial accounting requires a fair amount of flexibility in some certain areas‚ so the need of judgements and estimations for accounts preparers is demand. Meanwhile it leaves a significant approach in accounting treatments. For example‚ when organizations decide which of several inventory valuation methods to utilize; managers make
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