A. What is the difference between accrual-basis accounting and cash-basis accounting? The difference between the two types of accounting is when revenues and expenses are recorded. In cash basis accounting revenues are recorded when cash is actually received and expenses are recorded when the expenses are actually paid. B. Why would politicians prefer the cash basis over the accrual basis? The accrual basis system deals with deprecation of the value of equipment‚ land and such. Politicians would
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employees is fair. In most cases when a union is involved‚ there is a percentage of compensation that has been agreed upon. 1.7) Financial accounting (i) Management accounting (h) Financial reporting (g) Financial statements (f) General-purpose assumption (b) Integrity (c ) Internal control (e) Public accounting (d) Bookkeeping (a) 2.3) Amber Company’s assets total $150‚000 and its liabilities total $85‚000. What is the amount of Amber’s
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← Abstract Faced with various issues of international accounting in cultural‚ economic‚ ethical and social level‚ after comparing US with China about the GAAP‚ analyzing the differences and difficulties in global accounting standard‚ it’s necessary to separate different accounting standards because of the diversification in different countries‚ it shows that accountancy professions play an important role in capital market‚ which can provide useful‚ relevant and reliable information to interested
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Homework Week 2 Exercise E1-1 SEC – K Audit – G Sole Proprietorship – I Corporation – E Accounting – A Accounting Entity – D Audit Report – J Cost Principle – F Partnership – C FASB – L IASB – H Unit of Measure – B GAAP – N IFRS – M E1-2 Accounts receivable – Asset Cash and cash equivalents – Asset Net sales – Revenue Notes payable – Liability Taxes payable – Liability Retained earnings – Stockholders’ Equity Cost of products sold – Expense Marketing‚ administrative
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CHAPTER 2 21. Generally accepted accounting principles a. are fundamental truths or axioms that can be derived from laws of nature. b. derive their authority from legal court proceedings. c. derive their credibility and authority from general recognition and acceptance by the accounting profession. d. have been specified in detail in the FASB conceptual framework. 22. A soundly developed conceptual framework of concepts and objectives should a. increase financial statement users’
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By the end of the novel‚ The Chocolate War‚ Jerry Renault was broken down mentally and ruined by the Vigils. The Vigils is a club of the school that only certain people can be a part of‚ they give people assignments that must be completed no matter what they are. The Vigils are very strong and have a lot of power in the school system. Jen Menzel states in her article‚ Intimidation in Cormier’s Tunes for Bears To Dance To‚ We All Fall Down‚ and The Chocolate War that‚ “The Vigils have the capability
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Abstract The observance of international accounting standards is playing an increasingly significant role in dynamic regulatory developments and presents several challenges‚ which may necessitate a variety of procedural and technical data processing changes. Regulatory consolidation under the influence of international accounting standards The observance of international accounting standards is playing an increasingly significant role in dynamic regulatory developments. On the one hand‚ publicly
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ACC206: Principles of Accounting II Final Paper Instructor: Emmett Denham March 25‚ 2013 ABC Company could reach $3 million in annual sales within 3 years if the company used shingle scrap material to build cedar dollhouses. The new product would add additional costs but would project an aggressive growth in revenue for the company. In the following reports I will show you how beneficial the cedar dollhouses would be to ABC Company. [ABC Company] | Cash Flow Satement | | | | Date:
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However‚ the examples that Dr. Airely gave back up his argument that external factors can make people pick certain options over another. My favorite example that he used was the example of “Ugly Tom and Ugly Jerry”. In this example‚ he showed people pictures of individuals named Tom and Jerry and asked which one the person
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SUMMARY Gifted Hands: The Ben Carson Story Part 1 Ben Carson lived with his mother and elder brother when he was 5th grade student. His performance in education was poor at school‚ and usually he got none mark. One time a student from his class teased him during break‚ so Ben beat him and principle called his mother to his office‚ Ben told that it was an accident. After that when his mother saw his poor grades she was shocked and Ben told that this school is more difficult
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