CGC1/ATO1 Additional Study Questions The following list of questions has been developed as a supplement to the Course of Study and Learning Resources for CGC1 and or ATO1. As you begin working through the textbooks try to answer the questions below in detail. This will provide you with a note-taking tool and a review document at the end or your studies. These questions relate to concepts that will be most likely be tested on the actual assessment. Current Tax System Why do we have an income
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A Guide to Earnings and Financial Reporting Quality A Guide to Earnings and Financial Reporting Quality Quality of reported financial information is a critical element in evaluating financial statement data. The higher the quality of financial reporting‚ the more useful the information is for business decision making. 5-2 A Guide to Earnings and Financial Reporting Quality There are a number of areas on the earnings statement that provide management with opportunities for influencing the
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October 13‚ 2011 330 Inventory 10 Overall 330-10-00 Status Note: General Note The Status Section identifies changes to this Subtopic resulting from Accounting Standards Updates. The Section provides references to the affected Codification content and links to the related Accounting Standards Updates. Nonsubstantive changes for items such as editorial‚ link and similar corrections are included separately in Maintenance Updates. General 330-10-00-1 330- 10-00No updates have been made to
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| Convergence | Acc304 | | Home | 5/22/2011 | This report will discuss the convergence of IFRS and GAAP‚ it will cover some of the similarities and differences between the two‚ go over risk for companies as well as ways for companies to prepare. | IFRS and GAAP and what convergence means. In financial surprise accounting the objective for financial reporting are to provide useful information for potential investors and creditors‚ assessing cash flow‚ and about claims and changes
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ACC 201 Comprehensive Final Study Guide How does the accounting profession distinguish between internal and external users of financial information? Whose needs are considered to be most important in the preparation of the general purpose financial statements? Distinguish between the three primary forms of organization for a business‚ i.e. proprietorships‚ partnership‚ corporations. How are corporate decisions authorized and carried out? What is the accounting equation? Why
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ENTERPRENEUR Financial Accounting - ACC 557 ENTERPRENEUR Describe the type of business you have created including: a. The product or service‚ and general staffing plan. Provide a rationale for your plan. b. The form of your business and the benefits it offers your particular business‚ Introduction We decided to initiate a Bakery with the name and style of LadyDi’s First Class Bakery‚ Our bakery will provide freshly prepared bakery and pastry products at all times during business
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its depreciation policy‚ Harnischfeger had changed its estimated depreciation lives and residual values on certain US PPE‚ which increased net income for 1984 by $3.2 million. • Refer to Note 7‚ Harnischfeger changed the inventories method from FIFO to LIFO in 1984‚ which increased net income by $2.4 million. • Refer to Note 11‚ during 1984‚ Harnischfeger terminated the existing Salaried Employees’ Retirement Plan and established a new plan‚ which is identical to the prior plan except for an improvement
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13. Use this information to calculate the following: Sales returns $ 700 Rent expense 1‚288 Sales discounts 950 Depreciation expense 600 Cost of merchandise sold 7‚600 Gross sales 20‚900 Advertising expense 1‚650 Salary expense 2‚900 Heat expense 900 A. Net sales B. Gross profit C. Total operating expenses D. Net Income 14.A truck costing $25‚000 with a residual value of $5‚000 was purchased by Rim Corporation. The truck’s estimated life is 10 years. At the end of Year 2‚ what is the book
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FIN005 Financial Accounting Comprehensive Revision Exercises Question 1 Tiffany Company carries on business as a retail trader. The trial balance of business as at 31 December 2011 was as follows: Dr Cr $ $ Capital 204‚800 Merchandise inventory 25‚680 Salaries and wages 46‚160 Motor expenses 3‚720 Electricity
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current assets (Notes 6 and 16) 870 594 Total current assets 11‚531 11‚297 b. What method does the company use to value inventory? The Notes indicate that NIKE uses “last in first out‚” or LIFO‚ for domestic inventories and “first in first out‚” or FIFO‚ for international inventories c. What depreciation method does the company use? The Notes indicate that NIKE uses the straight line method for buildings and leasehold improvements and the declining balance method
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