CHAPTER 3 THE REPORTING ENTITY AND CONSOLIDATED FINANCIAL STATEMENTS ANSWERS TO QUESTIONS Q3-1 The basic idea underlying the preparation of consolidated financial statements is the notion that the consolidated financial statements present the financial position and the results of operations of a parent and its subsidiaries as if the related companies actually were a single company. Q3-2 Without consolidated statements it is often very difficult for an investor to gain an understanding
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Chapter 4 : Account Titles and Preparation of Financial Statements | Article 14 : The balance sheet items shallbe categorized as follows: 1. Assets. (1) Current assets. (2) Funds and long-term investments. (3) Property‚ plant and equipment. (4) Depletable assets. (5) Intangible assets.
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correct picture on the firm’s financial performance and financial position. We have to recognize all transaction occurring in that accounting period‚ irrespective of whether cash has been received or paid. The ultimate objective of adjusting entries is to ensure that the revenues (income) earned in the accounting period are matched by all costs incurred for that same accounting period (Monash College‚ 2011). Prepayment There are two types of adjusting entries‚ prepayments and accruals. Prepayment is
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Kai-shek’s coup marks the desertion of the national bourgeoisie from the revolution‚ which is the clash (emergence) of a Centre a national counter-revolution‚ and the conclusion of a deal between the Kuomintang Rights and the imperialists against the Chinese revolution.. - Chiang Kai-shek’s coup signifies that in South China there will now be two camps‚ two governments‚ two armies‚ two Centre -- the revolutionary Centre in Wuhan and the counter-revolutionary Centre in Nanking. - Chiang Kai-shek’s
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Describe a main character and your thoughts on them. Chinese Cinderella by Adeline Yen Mah Practice Essay In the autobiography ‘Chinese Cinderella’ by Adeline Yen Mah‚ a main character that will be described is Adeline herself‚ as she is such an inspirational person. This essay will describe Adeline’s personality traits‚ being strong willed‚ loyal and courageous. Adeline’s personality traits were shown while being strong willed and being voted as the class president at a very young age. ‘Why should
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1. INTRODUCTION “ While parents are alive‚ one must not travel afar. If one must‚ one’s whereabouts should always be made known” - Analects‚ Book II: Li Ren 19 The idea of filial piety has always remained as a significant part of Chinese tradition from ancient China and even till today’s times. It stands not only as a mere concept but more so‚ something that was an “absolute‚ metaphysical entity‚ something so exalted in (ancient Chinese’s) minds” (Holzman‚ 1998). Perhaps the idea of filial piety
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Text Response: “Chinese Cinderella” by Adeline Yen Mah Explain the main theme (idea) in your text and comment on why the theme is so important. An important theme in the book “Chinese Cinderella” by Adeline Yen Mah is the power of knowledge and perseverance against all problems be they small or big. The book demonstrates the importance of these themes by portraying a character: Adeline who through her adversities‚ perseveres to overcome obstacles and empowers herself by excelling in academic
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The novel Chinese Cinderella is an autobiography written by Adeline Yen Mah about the harsh life she had whilst growing up. Adelineʼs childhood shapes her character‚ the reader can see these developments throughout the novel. One characteristic easily seen is her love for reading and writing. Adeline is also a very intelligent school student who accomplishes many achievements in the novel. Her intelligence also leads to her success. Adelineʼs modesty of her intelligence and impressive writing skills
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Merchandise inventory is generally valued at the price for which the goods can be sold. reported under the classification of Property‚ Plant‚ and Equipment on the balance sheet. reported as a current asset on the balance sheet. often reported as a miscellaneous expense on the income statement. Items waiting to be used in production are considered to be finished goods. merchandise inventory. raw materials. work in progress. In a manufacturing business‚ inventory that is ready for sale is called store
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Cost Accounting -- MIDTERM 1 1) Pointed Pencil company incurs the following costs in its manufacture of pencils. Classify each one of them according to one of the value chain functions: Functions: A) Research and Development B) Design of products‚ services‚ and processes. C) Production D) Marketing E) Distribution F) Customer Service G) Strategy and Administration ____ 1) Cost of wood used in manufacture of pencils. ____ 2) Cost of wood used in packing cartons to ship pencils. ____
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