required a. yearly. b. quarterly. c. monthly. d. every time financial statements are prepared. 6. Each of the following accounts is closed to Income Summary except a. Expenses. b. Owner’s Drawing. c. Revenues. d. All of these are closed to Income Summary. 7. Which of these items would be accounted for as an expense? a. Repayment of a bank loan. b. Dividends to stockholders. c. The purchase of land. d. Payment of the current period’s rent. 8. Which of the following would not be included
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ASHFORD UNIVERSITY | Rising Medical Expenses | Are “Sin Taxes” the answer? | ENG122: English Composition IIInstructor: Laura Crittenden | Cory Pelisek | 6/23/2013 | When I think of taxes‚ it reminds me of a quote from one of our greatest presidents in United States history‚ Calvin Coolidge‚ he stated that “Collecting more taxes than is absolutely necessary is legalized robbery.” Raising taxes from one individual to pay for another individual is taking away from our Fifth Amendment
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1.1.1 Health Expense Coverage Health expense coverage can be included by basic health insurance‚ major medical insurance‚ and miscellaneous coverage. Basic health insurance has less cost-sharing provisions and it can be known as three parts: hospital insurance‚ surgical insurance‚ and regular medical expense insurance. 1) Hospital insurance is one of health insurance plan that offering restriction coverage for hospital confinement due to illness‚ accidents‚ and intensive care of convalescence.
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Document templates Submission details Candidate’s name Phone No. Assessor’s name Phone No. Assessment site Assessment date/s Time/s The Assessment Task is due on the date specified by your assessor. Any variations to this arrangement must be approved in writing by your assessor. Submit this document with any required evidence attached. See specifications below for details. Performance objective Candidates must demonstrate the ability to identify documents used by an organisation and develop
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including goodwill‚ patents and trademarks. Read more: What Is the Difference Between an Asset & an Expense? | eHow.com http://www.ehow.com/info_12085244_difference-between-asset-expense.html#ixzz2Lt18CKe5 2 What is an Expense? Expenses are costs related to running the business. Expenses are deducted from revenue to determine the profitability of a company. Typically‚ the largest expense for a company is cost of goods sold -- raw materials‚ direct labor and other costs related to manufacturing
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|MBA 502A--Financial Accounting: Accounting Cycle Project (KidKare‚ Inc. 2011) | | |General Journal | | |G15 | |Date |Account Titles & Explanations |Ref |Debit |Credit | |Dec30 |Childcare Exp.
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that account totals are updated. Solutions Manual‚ Module 3 © Cambridge Business Publishers‚ 2013 3-1 Q3-4. 1. Prepaid Expenses – Allocating assets to expense to reflect expenses incurred during the period. Example: Recording supplies used by increasing (debiting) Supplies Expense and decreasing (crediting) Supplies or recording depreciation expense and reducing PPE (or increasing accumulated depreciation). 2. Unearned Revenues – Adjusting unearned revenues to recognize only revenues
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Inc. Expenses | | 7500 | | | | Cash | | 7500 | 6/15 | PPE | | 62500 | | | | Cash | | 62500 | 6/24 | Inventory | | 75000 | | | | Cash | | 75000 | 7/1 | Service Expense | | 23750 | | | | Cash | | 23750 | 12/31 | Account Receivables | | 69500 | | | Cash | | 685000 | | | | Sales | | 754500 | 12/31 | Inventory | | 175000 | | | | Cash | | 175000 | 12/31 | Advertising Expense | | 22500 | | | | Cash | | 22500 | 12/31 | Salary Expense | |
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GENERAL JOURNAL | PAGE | | | | | GENERAL | | 2012 | ACCOUNT TITLE | DEBIT | CREDIT | Jun | 30 | Supplies Expense | 1280 | | | | Supplies | | 1280 | | | (to record supplies used) | | | Jun | 30 | Utility Expense | 180 | | | | Utilities Payable | | 180 | | | (to record unpaid utility) | | | Jun | 30 | Insurance Expense | 240 | | | | Prepaid Insurance | | 240 | | | (to record insurance expired) | | | Jun | 30 | Unearned
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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 the cash basis.
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