Chapter 2: National Income Accounting Difficulty: Easy 1. In calculating this year’s GDP‚ national income accountants A) include any increase in stock values B) include an estimate for income from illegal activities C) exclude Social Security payments to retirees D) exclude the value of any repairs made on existing property E) exclude the value of new pollution control equipment that is being installed Ans: C Difficulty: Medium 2. Assume you built a new house‚ bought a used
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1. Sources of GAAP and basic framework and concepts ........................................................... 3 2. Reporting net income ................................................................................................... 14 3. Income statement: Income from continuing operations ................................................................................ 17 Discontinued operations ...............................................................................
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Chapter 1: The Challenge of Food and Beverage Operations Travel and Tourism: The Umbrella Industry Travel and tourism industry: all of the businesses that provide products and/or services to the traveling public. It is comprised of 5 segments: lodging operations‚ food and beverage operations‚ transportations services‚ retail stores‚ and destination activities. Food and beverage service is not merely one major segment; it is also an important part of each other segment of travel and tourism industry
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Chapter 1 Notes First step: Tell the truth about who you are and what you want‚ it’s an important key to becoming a master student. The ways we express our “first steps” are more powerful when they are specific. The truth has power! The discovery wheel exercise will show you a picture of how you see your own strengths and weaknesses as a student today. After completing the exercise for myself I found that I rated all skills fairly even. Discovering how you learn: Discovering new options
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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 9—Break-Even Point and Cost-Volume-Profit Analysis MULTIPLE CHOICE 1. CVP analysis requires costs to be categorized as a. | either fixed or variable. | b. | direct or indirect. | c. | product or period. | d. | standard or actual. | ANS: A PTS: 1 DIF: Easy OBJ: 9-1 NAT: AACSB: Reflective Thinking LOC: AICPA Functional Competencies: Decision Modeling 2. With respect to fixed costs‚ CVP analysis
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Page 1 of 47 4 Student: _______________________________________________________________________________________ 1. To have a strong internal control system‚ a business must have good administrative controls. Administrative controls include: A. B. C. D. the reconciliation of the bank statement. the accuracy of the recording procedures. assessing compliance with company policies. maintenance of accurate inventory records. 2. Which of the following statements concerning internal controls is
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Review questions 1. When someone on a good income says that they ‘can’t afford’ a plasma screen television‚ what do they really mean? [LO 4] 2. A friend of yours says‚ ‘Private tennis lessons are definitely better than group lessons.’ Explain what you think they mean by this statement. Then use the cost–benefit principle to explain why private lessons are not necessarily the best choice for everyone. [LO 4] 3. Which is more valuable: saving $100 on a $2000 plane ticket to Tokyo or saving
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What is Accounting Ethics? The term accounting ethics are formed by the combination of two different words‚ namely accounting and ethics. Fortes‚ (2011) believes that ‘accounting is the collection‚ measurement‚ analysis and reporting of events in financial terms.’ While Karthik‚ (2010) believes that ‘ethics in its broader sense‚ deals with human conduct in relation to what is morally good and bad‚ right and wrong. It is the application of values to decision-making. These values include
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decisions making‚ and control. An information system need not be a computerized system‚ but the use of computer in information systems can improve the efficiency of information collection‚ processing‚ storing‚ transformation and distribution. An accounting information system (AIS) is the information subsystem within an organisation that accumulates information from the entity’s various subsystems and communicates it to the organisation’s information processing subsystem. The information processing
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