Chapter 1: The Accounting Environment – What is Accounting and Why is it Done? Accounting is a system for gathering data about an entity’s economic activity‚ processing and organizing the data and in turn‚ communicating that information to people who want to use it to make decisions. Data are unprocessed facts about an entity’s economic activity that is entered into an accounting system whereas information results from organizing and presenting the data in ways that make it useful for decision
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Act I Scene I Gainesville Square. Public place Sampson and Gregory enter (with guns and body armor) From the Atlas Pizzeria Sampson Gregory‚ I swear‚ We cannot let them make fun of us like that. We can’t take that junk. Gregory (Teasing Sampson) No. Because then we would be trash. Sampson What I mean is that if they make us mad. We will pull our guns and fight! Gregory Maybe you should try and not get in trouble Sampson. Sampson I beat people up when I am angry. Gregory We all know that it
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Chapter 6 Notes o Cost Of Merchandise Sold- revenue is reported as sales‚ cost is reported as merchandise sold o Sales- Cost of Merchandise Sold = gross Profit o Gross profit-operating expenses = net income o Merchandise. Inventory- merchandise on hand (not sold) at the end of the accounting period o Multi-step income statement- contains several sections‚ subsections‚ subtotals o Sales-total amount charged customers for merchandise sold – (cash sales‚ and sales on
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Prologue Prologue Chapter One Maus 1. The literary device that Spiegelman is using is called a catachresis. 2. Vladek’s response was him questioning if they were his real friends. It shows that Artie and Vladek aren’t that close. 1. We first learned that she committed suicide. 2. Vladek objects because he says that they have many wooden hangers and that wooden hangers are fancier. It’s as if he is trying to impress Artie. 3. Vladek believes that Artie should be drawing
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Chapter 1 The Financial Statements Short Exercises (5 min.) S 1-1 Computed amounts in boxes Total Assets = Total Liabilities + Stockholders’ Equity a. $300‚000 = $150‚000 + $150‚000 b. 280‚000 = 110‚000 + 170‚000 c. 210‚000 = 50‚000 + 160‚000 (5 min.) S 1-2 Ethics is a factor that should be included in every business and accounting decision‚ beyond the potential economic and legal consequences
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The Legal Context of Employment Decisions Questions This Chapter Will Help Managers Answer 1. | How are employment practices affected by the civil rights laws and Supreme Court interpretations of those laws? | 2. | What should be the components of an effective policy to prevent sexual harassment? | 3. | What obligations does the Family and Medical Leave Act impose on employers? What rights does it grant to employees? | 4. | When a company is in the process of downsizing‚ what strategies
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CHAPTER 1 The Changing Role of Managerial Accounting in a Dynamic Business Environment ANSWERS to Review Questions 1-1 The explosion in e-commerce will affect managerial accounting in significant ways. One effect will be a drastic reduction in paper work. Millions of transactions between businesses will be conducted electronically with no hard-copy documentation. Along with this method of communicating for business transactions comes the very significant issue of information security. Businesses
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Chapter 1 H.W. Quiz Questions 1. Data differ from information in which way? b. Information is output‚ and data are input. 2. Which of the following is NOT a characteristic that makes information useful? c. It is inexpensive 3. Which transaction cycle includes interactions between an organization and its suppliers? b. expenditure cycle 4. Which of the following is NOT a means by which information improves decision making? a. increases information overload 5. In the value chain concept‚ upgrading
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Chapter 1 Marketing: Creating and Capturing Customer Value 1) All of the following are accurate descriptions of modern marketing‚ EXCEPT which one? A) Marketing is the creation of value for customers. B) Marketing is managing profitable customer relationships. C) Selling and advertising are synonymous with marketing. D) Marketing involves satisfying customers’ needs. E) Marketing is used by for-profit and not-for-profit organizations. Answer: C Diff: 2 Page Ref: 2 and 4 Skill: Concept
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CHAPTER 1 OUTLINE “The first job we have is to turn out quality merchandise that consumers will buy and keep on buying. If we produce it efficiently and economically‚ we will earn a profit‚ in which you will share.” - William Cooper Procter Quality assurance ...is any action directed toward providing customers with goods and services of appropriate quality. HISTORY OF QUALITY * Egyptian * Zhou Dynasty * Age of craftmanship * Early 20th Century: (1900s) * Quality
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