Application of Accounting Concepts Matching Principle & Accrual Concept Accrued / Prepaid Expense & Accrued or Advance Revenue To ensure an accurate matching of expenses and revenue under the accrual basis‚ it is necessary to include all revenue earned but not received and expenses incurred but not paid. Such adjustments comprise adjustments for : Accrued Revenue Accrued Expenses On the other hand‚ many recorded costs and revenues benefit more than one accounting period. Therefore‚ adjusting
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14-28 (Controls over cash receipts processing at a church) You have been asked by the board of trustees of a local church to review its accounting procedures. As a part of this review‚ you have prepared the following comments relating to the collections made at weekly services and recordkeeping for members’ contributions: 1. The church’s board of trustees has delegated responsibility for financial management and audit of the financial records to the finance committee. This group prepares the annual
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withdrawals. What is the first year ’s net income for Matlocke Company? A) $ 600‚000. B) $ 800‚000. C) $1‚000‚000. D) $3‚000‚000. E) $3‚200‚000. 3. Annie ’s Attic has the following account balances for the dates given: Cash‚ Sept 1 $40‚000 Cash‚ Sept 30 60‚000 Accounts receivable‚ Sept 1 10‚000 Accounts receivable‚ Sept 30 14‚000 Capital‚ Sept 1 ? Capital‚ Sept 30 ? Supplies‚ Sept 1 30‚000 Supplies‚ Sept 30 24‚000 Accounts payable‚ Sept 1 6‚000 Accounts payable
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Statement of Cash Flows Solutions to Questions 14-1 The statement of cash flows highlights the major activities that impact cash flows and hence affect the overall cash balance. 14-2 Cash equivalents are short-term‚ highly liquid investments such as Treasury bills‚ commercial paper‚ and money market funds. They are included with cash because investments of this type are made solely for the purpose of generating a return on temporarily idle funds and they can be easily converted to cash. 14-3 (1)
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Running Head: COMPETENCY DIFFERENCES‚ ASN VS. BSN NURSES Competency Differences‚ ASN vs. BSN Nurses By‚ Genethia Guerrero Grand Canyon University: NRS-430V Professional Dynamics (0102) Kimberly Stout March 6‚ 2011 Abstract Competency Differences‚ ASN vs. BSN Nurses A nurse is a healthcare professional‚ who in collaboration with other members of a health care team is responsible for the treatment‚ safety‚ and recovery of acutely or chronically ill individuals. Nurses are also accountable
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facilities in 2014 in order to reduce their pollutants. Emissions Allowance are given by the government in order to offset pollution expense‚ with the goal being to reduce pollution 2010 Transactions After 2014‚ Polluter will emit less pollution‚ but until then it will need more EAs in order to avoid penalties. Transactions Fiscal Year 2010 After 2014‚ Polluter Corp will emit less pollution‚ but until then it will need more EA’s in order to avoid penalties‚ Polluter buys extra EA’s for 2012 from Clear
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Firm’s optimum cash balance under certainty. It is extensively used and highly useful for the purpose of cash management. As per the model‚ cash and inventory management problems are one and the same. William J. Baumol developed a model (The transactions Demand for Cash: An Inventory Theoretic Approach) which is usually used in Inventory management & cash management. Baumol model of cash management trades off between opportunity cost or carrying cost or holding cost & the transaction cost. As such
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2-3 Use the information in each of the following separate cases to calculate the unknown amount: a. During October‚ Shandra Company had $97‚500 of cash receipts and $101‚250 of cash disbursements. The October 31 Cash balance was $16‚800. Determine how much cash the company had at the close of business on September 30. b. On September 30‚ Li Ming Co. had a $97‚500 balance in Accounts Receivable. During October‚ the company collected $88‚950 from its credit customers. The October 31 balance in
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Recognizing Contract Risk and Opportunities Alen Edilersky LAW/531 – Business Law Professor Rickard D’Ambrosio February 02‚ 2009 The contract is the special document demanding careful development‚ acceptance and the control over observance of its conditions. As a rule‚ contracts consist when planned mutual relations of participants have long-term character. This long term can concern both to the process of interaction‚ and to those consequences for participants who can come as a result
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Contents of Curriculum Unit 96.03.05: * Narrative * Lesson Plan * Lesson Plan * Lesson Plan * Notes * Films * Television Shows * Children ’s Reading List * Teachers Bibliography To Guide Entry The practice of racial stereotyping through the use of media has been used throughout contemporary history by various factions in American society to attain various goals. The practice is used most by the dominant culture in this society as a way of suppressing
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