Wednesday January 11th‚ 2012 Chapter 1 Introduction to Management Accounting What is Managerial Accounting? -managerial accounting is providing information for a company’s internal users -it is the firm’s internal accounting system -it is designed to support the information that managers need -it is not bound by any formal criteria such as GAAP or IFRS (International Financial Reporting Standards) -managerial accounting has 3 basic objectives: 1. Provide information for planning the organizations
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holding period of the equipment in the hands of the partnership? 3 years E. how will the partnership depreciate the equipment in the year of contribution? The partnership starts depreciating it in the third year. 52. A. how much income must Barry report from BK Partnership? Barry income: Guaranteed payment $55‚000 Ordinary income ($24‚000*50%) $12‚000 $67‚000 B. What is the effect on Barry’s partnership basis? Barry basis: Income basis $12‚000 Withdraw $10‚000 $ 2‚000 current
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Memorendium to: from: subject: date: The purpose of this brief report is to explain the need for the internal control system within the organization. When controls are in place with an insurance and portfolio approach. An internal control system in any organization is a way to regulate‚ to reduce lost‚ to minimize risks‚ and to accomplish the organizational goals and success (McCarthy‚ 2004). The majority of organizations depend on the insurance approach and the portfolio risk management
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legal and contracting firms that accept deposits should record these deposits as unearned revenue as well. On the contrary‚ once the services and products are complete the company should properly adjust the previous entry of unearned revenue and report the deposit or payment as earned revenue. According to the text unearned revenue is a liability because although the customer purchased the item technically the item has not been claimed. There are many things that can go wrong and the company
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You are an Investment Analyst Strayer University ACC557 – Financial Accounting Professor Levi Beckwith March 16‚ 2014 1. Analyze each company’s history‚ product/services‚ major customers‚ major suppliers‚ and leadership and provide a synopsis of each company. The Coca-Cola (NYSE: KO ) vs. PepsiCo (NYSE: PEP ) war is one of the greatest rivalries in corporate history‚ just like Apple vs. Microsoft. Coca-Cola and Pepsi are the two most popular and widely recognized
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Accounting Equation Paper NAME ACC/300 INSTRUCTOR DATE The basic accounting equation is: Assets = Liabilities + Stockholders’ Equity. When looking at the balance sheet one can assume that assets must balance out each transaction and balance the claims to the assets (Kimmel‚ 2010). A balance sheet provides Assets of the company first and foremost‚ then Liabilities and Stockholders’ Equity and last retained earnings. This shows the companies incoming money‚ outgoing payments‚ and the
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Net Income – Dividends = Ending Retained Earnings Cost Principle: Assets are recorded at the cost to acquire them Going Concern: That a company will continue to operate in the near future 4 Fundamental Financial Statements 1.) Income Statement a. Reports the results from Operations in a specific period of time b. Revenues‚ expenses‚ and Net Income/Loss (Part of “performance”) 2.) Balance Sheet a. Shows the financial position of the company up to date b. Assets‚ Liabilities‚ and Shareholders’ Equity
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ACC/561 Sample Final Examination Week One: Decision Making Objective: Explain the role of budgets and performance reports in the management decision-making process. 1. The Hola Company held a Christmas party. The company expected attendance of 100 persons and prepared the following budget: Hotel room rental $600 Food 500 Entertainment 800 Decorations 300 Totals $2‚200 After all bills for the party were paid‚ the total came
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To: Senior Tax Manager‚ Stellar CPA Consulting‚ Inc. From: Team D‚ Stellar CPA Consulting‚ Inc. Date: August 30‚ 2010 Subject: Impact of Shared-Based Payments and Special Purpose Entities on Financial Statements and Audits Economies of scales have created consolidation of ventures between companies. As a result of mergers‚ shared-based payments and special purpose entities (SPEs) have become prevalent in business. In addition to strengthening competition of the combined companies‚ several
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Starbucks Corporate Analysis Team C ACC/ 561 June 7‚ 2014 Mr. Smith Starbucks Corporate Analysis Starbucks is one of America ’s true success stories and a wonder of today ’s corporate world. A brand known throughout the world‚ Starbucks is a beacon for coffee lovers everywhere. The coffee house phenomenon that started as a dream to come up with the best coffees‚ best customer service and best coffee experience any coffee lover would appreciate. Starbucks started as a coffee roasting company
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