Introduction to Financial Accounting ACCT6331 –Prior Year Suggested Time: 90 minutes 1. When the amount of expenses recognized for the purpose of financial reporting exceeds the expenses recognized for the purpose of tax reporting‚ a company will have deferred tax assets. Please indicate if the above statement is true or false. a. true b. false 2. BJ Services is an oil and gas service firm. The company does not issue any preferred stocks or convertible securities.
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Date: _____________ 1.|An account is a part of the financial information system and is described by all except which one of the following?| A)|An account has a debit and credit side.| B)|An account is a source document.| C)|An account consists of three parts.| D)|An account has a title.| 2.|Which statement about an account is true?| A)|In its simplest form‚ an account consists of two parts.| B)|An account is an individual accounting record of increases and decreases in specific asset
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Financial Accounting Assignment 2 1 of 25 The credit term 2/10 n/30 means: that after 10 days 2% interest is charged. that there is a 10% discount if payment is received within 30 days. that there is a 2% discount if payment is received within 10 days. there is a 10% discount if paid immediately and 2% if paid within 30 days. 2 of 25 Family Food Stores purchased canned goods at an invoice price of $3‚000 and terms of 2/10‚ n/30. Half of the goods had been mislabeled and were returned immediately
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technique”. Critically evaluate this statement. Compare and contrast between MBO and MBE. Pg 85 1.2 FINANCIAL MANAGEMENT 1. “The profit maximization is not an operationally feasible criteria.” Do you agree? Illustrate your views. Pg 6 2. “The function of Financial Management is to review and control decisions to commit or recommit funds to new or ongoing uses. Thus in addition to raising funds‚ financial Management is directly concerned with production‚ marketing and other functions within an enterprise
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From their accounting records‚ Lane prepares the following schedule and financial statements on a yearly basis: (a) Cost of goods manufactured schedule. (b) Income statement. (c) Balance sheet. For each of the items‚ complete the following matrix by placing an X mark under the appropriate schedule or financial statement in which the item will appear. (An item may appear in more than one financial statement). Item Cost of Goods Manufactured Income Statement Balance Sheet None of These (indicate
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Specification Point: Notes: The major features of science. Objectivity – objective knowledge should be free of opinion or bias and based purely on empirical evidence. Replicability – the ability to check and verify the information by repeating a study. Falsifiability – the ability to demonstrate that a theory is wrong. Validating new knowledge and the role of peer review. New knowledge is published in scientific journals which act as permanent records of research. It is checked by professionals
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Planktons: groups of tiny floating organisms that cannot swim against the current. *Taxonomy: size‚ function‚ autotrophs-producers‚ heterotrophs-consumers/decomposers‚ mixotrophs‚ complex‚ symbiotic/parasitic *Small to big: femtoplankton (viruses)‚ pico (bacteria)‚ nano (diatoms‚ dinoflagellates)‚ micro(sameasnano+protozoa)‚ meso(mostly zooplankton)‚ macroplankton *Grazing food chain: Phyto->zooplk->fish *Sinking flux: dead fall to deeper ocean POM: Particulate organic material DOM:
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Associated Press Style Quick Reference Guide ● To subscribe to The Associated Press Stylebook online‚ or to find out about purchasing hard copies of the book‚ start here. ● To find out about StyleGuard for Word‚ start here. ● For slide presentations of AP Style basics‚ go here. Style Rules Examples Academic degrees ● Use an apostrophe and spell out academic degrees She has a bachelor’s degree. ● Use abbreviations for degrees only when you need to include a list of credentials after a name;
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CHAPTER 4 Consolidation of Wholly Owned Subsidiaries Acquired at More than Book Value ANSWERS TO QUESTIONS Q4-1 The carrying value of the investment is reduced under equity method reporting when (a) a dividend is received from the investee‚ (b) a differential is amortized‚ (c) an impairment of goodwill occurs‚ and (d) the market value of the investment declines and is less than the carrying
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Financial accounting is the only branch of accounting and it is not perfect. There are large numbers of limitations which open new way to use other tools of accounting. To know what are the main limitations of financial accounting. It is very necessary for accountants. Accountants are often blind to these limitations. So‚ I am covering its limitation a lot of ground. Read below and understand:- Net effect of transactions are recorded in financial accounting which has happened in past. These
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