resell to customers. Merchandisers earn net income by buying and selling merchandise. -Wholesalers or retailers Wholesaler: An intermediary that buys products from manufacturers and sells them to retailers or wholesalers. Retailer: An intermediary that buys products from manufacturers or wholesalers and sells them to consumers. Cost of goods sold: The expense of buying and preparing merchandise. Gross profit: Net sales of a product – Cost of goods sold Net income for merchandiser: Net sales – cost of
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preparing common-size statements‚ items on the Balance Sheet are generally stated as a percentage of __________ and items on the Income Statement are generally stated as a percentage of __________. total assets; net income. total shareholders’ equity; net income. total shareholders’ equity; net sales. total assets; net sales. Common-size balance sheets express all assets‚ liabilities‚ and equities as a percent of the balance sheet footing (total assets). Common-size income statements express all sales
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Chapter 10 Concepts John Adams- Federalist who was Vice President under Washington in 1789‚ and later became President by three votes in 1796. Known for his quarrel with France‚ and was involved in the xyz Affair‚ Quais War‚ and the Convention of 1800. Later though he was also known for his belated push for peace with France in 1800. Regarding his personality he was a "respectful irritation". Thomas Jefferson- was the Secretary of State. When Alexander Hamilton wanted to create a new national bank
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greater‚ as soon as they are always recover the investment‚ with little regard expand their scale ‚ three investment blindness ‚ investment direction is difficult to grasp . Lack of corporate Accounting and management talent ‚ management is weak‚ the poor quality of financial accounting ‚ financial accounting SMEs currently a serious shortage of talent ‚ the specific circumstances of each enterprise are different‚ in which some Kong Gang lack of staff ‚ internal restraints can not be achieved ‚ and
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Balance Sheet and Income Statement Commentary Belinda Greer BSA/500 March 24‚ 2012 Murali Ramachandran Balance Sheet and Income Statement Commentary Balance sheets and income statements are a snapshot of a company’s stability and financial situation. Combined the statements show the income‚ expenses‚ and stockholder’s equity in the company. These statements are often analyzed by financial institutions when a company comes to them needing a loan. Stockholders and other investors also look
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The Basic Functions of an Accounting Information System. An accounting information system (AIS) provides financial information about a business. This information helps managers plan and control operations and provides reports to outside parties such as stockholders‚ creditors and government agencies. Parts of an accounting information system might include financial reporting‚ cost accounting‚ management accounting and enterprise resource planning (ERP). A well-designed AIS gives a business
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Quiz 3 Name ______________________________ Class Number _________________ 1. Let X be a random variable with Cumulative Distribution Function (CDF) below. Answer the following probability questions: (You must write out CDF notation) – such as 1 2 3 4 5 6 7 8 9 10 .02 .09 .15 .41 .51 .66 .73 .97 .98 1.0 a) Answer _______________________ c) Answer _______________________ d) Answer _______________________ e) Answer _______________________
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Chapter 2 1. A conceptual framework is a coherent system of interrelated objectives and fundamentals that can lead to consistent standards and that prescribes the nature‚ function‚ and limits of financial accounting and financial statements. A conceptual framework is necessary in financial accounting for the following reasons: (1) It enables the FASB to issue more useful and consistent standards in the future. (2) New issues will be more quickly solvable by reference to an existing framework
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“Basic concepts of educational measurement and assessment.” Summary Measurement‚ Evaluation and Assessment‚ this are the three important things that a learner undergoes for the facilitator to determine a valid and reliable result of achievement. But what is the difference of the three? Can we really measure achievement? If yes‚ then how can we make sure that it is valid? There are different kinds of evaluation and assessment‚ it is not just a series of test‚ continuous quizzes‚ seat-work and
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CHAPTER 12 Accounting for Partnerships ASSIGNMENT CLASSIFICATION TABLE Brief Exercises A Problems B Problems Study Objectives 1. Identify the characteristics of the partnership form of business organization. 2. Explain the accounting entries for the formation of a partnership. 3. Identify the bases for dividing net income or net loss. 4. Describe the form and content of partnership financial statements. 5. Explain the effects of the entries to record the liquidation of a partnership. *6. Explain
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