Partnership – Basic Considerations and Formation 1 CHAPTER 1 MULTIPLE CHOICE ANSWERS AND SOLUTIONS 1-1: a Jose’s capital should be credited for the market value of the computer contributed by him. 1-2: b (40‚000 + 80‚000) 2/3 = 180‚000 x 1/3 = 60‚000. 1-2: c 1-3: a Cash P100‚000 Land 300‚000 Mortgage payable ( 50‚000) Net assets (Julio‚ capital) P350‚000 1-4: b Total Capital (P300‚000/60%) P500‚000 Perla’s interest ______40% Perla’s capital P200
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CHAPTER 1 Partnership Formation and Operations EXERCISES Exercise 1 –1 |1.a |Campos‚ Capital |14‚000 | | | | Allowance for Uncollectible Accounts | |14‚000 | | | | | | |
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IV Paper-16 : ADVANCED FINANCIAL ACCOUNTING & REPORTING DIRECTORATE OF STUDIES‚ THE INSTITUTE OF COST AND WORKS ACCOUNTANTS OF INDIA Group-IV : Paper-16 : Advanced Financial Accounting & Reporting 47 FINAL EXAMINATION (REVISED SYLLABUS - 2008) GROUP - IV Paper-16 : ADVANCED FINANCIAL ACCOUNTING & REPORTING Q1. Write short notes on the Advantages and disadvantages of setting of Accounting Standards. Answer 1. The Accounting Standards seek to describe the accounting principles‚ the
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Reorganization and Troubled Debt Restructuring 135 CHAPTER 8 MULTIPLE CHOICE ANSWERS AND SOLUTIONS 8-1: a Trade accounts payable (P52‚000 + P62‚700) P114‚700 12% preferred stock (5‚000 x P1) P 5‚000 Paid in capital in excess of par (5‚000 x P9) 45‚000 Cash (P62‚700 x P0.80) _50‚160 _100‚160 Gain from discharge of indebtedness P 14‚540 8-2: c 8-3: c 8-4: b Carrying value of the
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Chapter 8 Segment and Interim Reporting Chapter Outline I. FASB Accounting Standards Codification Topic 280‚ Segment Reporting (FASB ASC 280)‚ provides current guidance on segment reporting. A. ASC 280 follows a management approach in which segments are based on the way that management disaggregates the enterprise for making operating decisions; these are referred to as operating segments. B. Operating segments are components of an enterprise which meet three criteria. 1. Engage in business
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1 Intercorporate Acquisitions and Investments in Other Entities McGraw-Hill/Irwin Copyright © 2009 The McGraw-Hill Companies‚ Inc. All rights reserved. The Development of Complex Business Structures • Enterprise expansion as a means of survival and profitability – Size often allows economies of scale – New earning potential – Earnings stability through diversification – Management rewards for bigger company size – Prestige associated with company size 1-2 Organizational
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Long-Term Construction Contracts 163 CHAPTER 10 MULTIPLE CHOICE ANSWERS AND SOLUTIONS 10-1: a Percentage of Completion Method: Contract Price P1‚000‚000 Less: Total estimated cost Cost incurred P 200‚000 Estimated remaining cost _400‚000 __600‚000 Gross profit estimated 400‚000 % of completion (200‚000/600‚000) __33 1/3% Gross profit to be recognized P 133‚333 Zero Profit Method: 0 10-2: a P100‚000 2007 2008 Contract Price P9
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ACCT2202 Advanced Corporate Accounting Week 1: Unit introduction ACCT2202 Advanced Corporate Accounting: Unit staff • Lecturer-in-charge and tutor • Dr Rick Newby • Tutors • Mr Val Chin (Val.Chin@uwa.edu.au) • Mr Kevin Burns (Kevin.Burns@uwa.edu.au) Unit overview: Learning outcomes • Completion of this unit should help you to: • interpret and apply specific requirements of a range of Australian Accounting Standards (AASBs) • critically evaluate accounting requirements
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ACCOUNTING THEORIES 1. What is the difference between a positive theory of accounting and a normative theory of accounting? 2. What do we mean when we say that ‘theories are abstractions of reality’? Do you agree that theories of accounting are necessarily abstractions of reality? 3. Identify and explain 5 different criteria we might use to establish a theory as being suitable for use in our research. 4. Is the study of financial accounting theory a waste of time for accounting
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Chapter 1 Cost Accounting: Information for Decision Making Solutions to Review Questions 1-1. Financial accounting is designed to provide information about the firm to external users. External users include investors‚ creditors‚ government authorities‚ regulators‚ customers‚ competitors‚ suppliers‚ labor unions‚ and so on. Cost accounting systems are designed to provide information to internal users (managers). This difference is important‚ because it affects the design of the systems. Financial
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