3 Adjusting Accounts and Preparing Financial Statements QUESTIONS 1. The cash basis of accounting reports revenues when cash is received while the accrual basis reports revenues when they are earned. The cash basis reports expenses when cash is paid while the accrual basis reports expenses when they are incurred (and matched with revenues they generated). 2. The accrual basis of accounting generally provides a better indication of company performance and financial condition than does
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my fire I heard a loud sound of crumpling leaves‚ as if someone was stepping on them. I turned around and called out asking if anyone was there. No one replied. A few minutes later I heard it again and then again. This time I decided to get up and check to see what it was. Suddenly an old man came out from behind a tree and said “Are you lost too?” I looked at him with a weird stare and he stared back. “Yes I am. I suppose you are too?” I answered. “Well I have been lost here for several
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Steps to Writing a Grant Proposal Theresa Alcorn HSM/270 BONITA COMER Grant proposals differ from program to program however they have the same process that makes the difference in whether it is supported financially. It is very important to be aware of the dates that agencies specify for applying for a grant as to when they are accepting applications. In the case of PEACE‚ a Domestic Violence Agency‚ the grant starts by identifying the program’s critical needs within the targeted community
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Checks and Balances at Work Our checks and balances system is an endless circle of power. Delegates at the constitutional convention did not want any one man or group of men to have all the power over the United States of America. They were afraid that if they gave too much power to one person or a group of people the United States would end up in a dictatorship. In order to avoid such problem they divided the government into three branches: executive branch‚ legislative branch and judicial branch
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Sample Grant Proposal Use this sample grant proposal to help you in the process of preparing your own request for funding. Check with your state department of education to see if they require a certain format in their request for proposal (RFP). Many foundations also have specific requirements. This sample grant proposal contains: • • • • Sample Cover Letter Sample Cover Page Sample Grant Proposal Sample Letter Format Grant Proposal for Foundations Kurzweil Educational Systems 14 Crosby Drive
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Accounting Basics: Introduction Accounting is a glorious but misunderstood field. The popular view is that it’s mostly mind-numbing number-crunching; it certainly has some of that‚ but it’s also a rich intellectual pursuit with an abundance of compelling and controversial issues. Accountants are often stereotyped as soulless drones laboring listlessly in the bowels of corporate bureaucracies. But many accountants will tell you that it’s people skills‚ not technical knowledge‚ that are crucial to
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The lecture last night discussed accrual accounting concepts such as timing issues‚ and the basics of adjusting entries. The discussion went into more detail on periodicity assumption and how accounting divides the economic life of a business into artificial time periods. These time periods are generally a month‚ a quarter‚ or a year‚ now whether it is a fiscal year or a calendar year that is determined by the company itself. The lecture then reviews the revenue recognition principle which expects
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Barriers to entry are economic‚ procedural‚ regulatory‚ or technological factors that obstruct or restrict entry of new firms into an industry or market. Barriers to exit are perceived or real impediments that keep a firm from quitting uncompetitive markets or from discontinuing a low-profit product. 2. Types of barriers: Innocent barriers are those that are part and parcel of the nature of the industry and have not been specially erected by the incumbents to hinder the entry of other firms
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Chapter 1 Question 1-18 Consumers Union is a nonprofit organization that provides information and counsel on consumer goods and services. A major part of its function is testing of different brands of consumer products that are purchased on the open market and then the reporting of results of the tests in Consumer Reports‚ a monthly publication. Examples of the types of products it tests are middle-sized automobiles‚ residential dehumidifiers‚ flat-screen TVs‚ and boys’ jeans. a.) In what ways
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1. You made what you thought was an excellent suggestion to an instructor. The instructor looked uninterested but said she would check on the matter right away. Three weeks have passed and nothing has been changed. First interpretation: The instructor has done as requested‚ but possibly it’s hung up somewhere higher up. There are specific rules and regulations matters have to go through. Second interpretation: Maybe the instructor was just being kind and really didn’t find the matter as trivial
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