1 CHAPTER ONE: ACCOUNTING IN BUSINESS Chapter Outline I. Importance of Accounting—we live in the information age‚ where information‚ and its reliability‚ impacts the financial well-being of us all. A. Accounting Activities Accounting is an information and measurement system that identifies‚ records and communicates relevant‚ reliable‚ and comparable information about an organizations business activities. B. Users of Accounting Information 1. External Information Users—those not directly involved
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CHAPTER 1 MANAGERIAL ACCOUNTING‚ TYPES AND ETHICS. 1) Managerial Accounting: Firms internal accounting system and designed to support the information needs of managers in order to make decisions. Not bound by GAAP. a) Managerial accounting has 3 objectives: i) To provide information for planning organization actions ii) To provide information for controlling organization actions. iii) To provide information for making effective decisions. b) Reports that help mangers that are nonfinancial are:
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CHAPTER 2 CONCEPTUAL FRAMEWORK UNDERLYING FINANCIAL ACCOUNTING IFRS questions are available at the end of this chapter. TRUe-FALSe—Conceptual Answer No. Description F 1. Nature of conceptual framework. T 2. Conceptual framework definition. F 3. Levels of conceptual framework. T 4 International conceptual framework. F 5. Statements of Financial Accounting Concepts. T 6. Decision usefulness.Objective of financial reporting. F 7. Financial statement users. T 8. Relevance and
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CHAPTER 9 INVENTORY COSTING AND CAPACITY ANALYSIS 9-1 No. Differences in operating income between variable costing and absorption costing are due to accounting for fixed manufacturing costs. Under variable costing only variable manufacturing costs are included as inventoriable costs. Under absorption costing both variable and fixed manufacturing costs are included as inventoriable costs. Fixed marketing and distribution costs are not accounted for differently under variable costing and absorption
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AP Chemistry Chapter 13 Outline Condensed phases: the liquid and solid phases; phases in which particles interact strongly. 13.1 Gas condensed when cooled and compressed. In the liquid state the forces of attraction among particles are great enough that disordered clustering occurs. It is hard to compress a liquid. Liquids diffuse into other liquids with which they are misicible. The natural diffusion rate is slow at normal temperatures. Cooling a liquid lowers its molecular kinetic energy
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The Hobbit – Chapter 13: Not at home Situation of the excerpt After Bilbo’s discovered Smaug’s weak spot and the group is trapped inside the secret passage in the mountain. Before Smaug attacks lake town and before his death. What happens in this excerpt: The dwarves and Bilbo wait in silence after Smaug’s attack. They are trapped inside the mountain and there is no way out. The door they came in from can’t be used. The dwarves despair‚ but Bilbo proposes that they all go down the tunnel
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Chapter 1 – Introduction to Financial Accounting Learning Objectives: After studying Chapter 1‚ you should be able to * Discuss the different classifications of financial transactions * Define an equity investor and a debt investor and understand the difference * Discuss the role of the Securities and Exchange Commission * Name the Big Four accounting firms and define the term “independent auditor” * Define corporate governance * Discuss GAAP and IFRS and the concept of
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Cost Accounting - Chapter 1 1. Flexibility is said to be the hallmark of modern management accounting‚ whereas standardization and consistency describe financial accounting. Explain why the focus of those two accounting systems differs. Financial accounting is more about the bigger picture—it evaluates the finances of the organization as a whole‚ using historical‚ quantitative‚ monetary‚ and factual data. It is more formal and requires the use of GAAP. The information financial accounting
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Chapter 13: The Hawthorne Studies Hawthorne Studies “The Social Person” was not invented by these studies‚ but was brought to a wider recognition by those who interpreted the results. The studies have been widely publicized‚ misinterpreted‚ praised‚ and criticized over the many years since the event. The studies continue to generate articles and presentations. Hawthorne Plant History & Time Line 1905: Western Electric moved to Cicero‚ Illinois 1914: Absorbed operations from New York & Chicago 1924-1933:
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Chapter Thirteen The Federal Bureaucracy: Administering the Government Test Questions Multiple Choice 1. A principle of bureaucratic organization is (e) Hierarchical authority job specialization formalized rules both hierarchical authority and formalized rules 2. Compared to the president and Congress‚ the bureaucracy (C) has a more direct impact on the daily lives of Americans 3. Whenever Congress has a perceived need for ongoing control of an economic activity
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