Merchandise inventory is generally valued at the price for which the goods can be sold. reported under the classification of Property‚ Plant‚ and Equipment on the balance sheet. reported as a current asset on the balance sheet. often reported as a miscellaneous expense on the income statement. Items waiting to be used in production are considered to be finished goods. merchandise inventory. raw materials. work in progress. In a manufacturing business‚ inventory that is ready for sale is called store
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Hand-CARPAL BONES-Scaphoid‚ Lunate‚ Triquetrum‚ Pisiform‚ Trapezium‚ Trapezoid‚ Capitate‚ Hamate‚ Hamulus of Hamate-METACARPLES-PROXIMAL PHALANX-MIDDLE PHALANX (2-5)-DISTAL PHALANX Humerus A/V- Head‚ Grater/Lesser tubercle‚ Intertubercular sulcus‚ Surgical neck‚ deltoid tuberosity‚ Medial supracondylar ridge‚ radial fossa‚ Coronoid fossa‚ Medial epicondyle‚ Capirulim‚ Trochlea. P/V- Anatomical neck‚ Nutrient Foramen‚ Lateral supracondylar ridge‚ Olecranon Fossa. Femur-Fovea capitis‚ Head‚ Neak
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HISTORY OF ACCOUNTING LEARNING OUTCOMES Understand the history of accounting dating from prehistoric times to written record keeping. Identify the seven preconditions for the emergence of systematic book keeping. Know Luca Pacioll contributions in introducing double entry book keeping. Accounting is a tool‚ invented by humankind‚ to fulfill needs of society. Unlike the explorers of the past who discovered new lands‚ accounting cannot in any true sense be said to have been discovered
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Offering Support (York SOS) to accompany our ACTG2011 Exam-AID session. It is intended for students enrolled in any sections of 2012/2013 INTRODUCTION TO FINANCIAL ACCOUNTING II-ACTG2011 course who are looking for an additional resource to assist their studies in preparation for the exam. References Friedlan‚ John (2010). Financial Accounting: A Critical Approach – 3rd Ed. McGraw Hill. What is Students Offering Support? Students Offering Support is a national network of student volunteers
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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 the cash
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CHAPTER 1 FINANCIAL ACCOUNTING AND ACCOUNTING STANDARDS Multiple Choice—Conceptual Answer No. Description d 1. Users of financial reports. d 2. Identify the major financial statements. a 3. Financial reporting entity. d 4. Efficient use of resources. d 5. Capital allocation process. c 6. Financial statement information. c 7. Objectives of financial reporting. b 8. Common set of standards and procedures. c 9. Role of SEC. c 10. Powers of the SEC. d 11. SEC enforcement
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Accounting Principles Questions for IT Students (Second Semester – 2007/2008) For each of the following questions‚ indicate the single best answer: 1. A basic assumption of accounting that requires activities of an entity be kept separate from the activities of its owner is referred to as the a. stand alone concept. b. monetary unit assumption. c. economic entity assumption. d. corporate form of ownership 2. All of the financial statements are for a period of time except the a. income
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Why Some Students cheat The first thing to realize is that we all have cheated at one time or another‚ be it on a game‚ a test‚ an exam‚ or a quiz. The question is why do some students do it? Do they do it for the fun of it‚ the thrill? Most people‚ both young and old say that cheating is immoral‚ but yet they have done it at one time. Some students cheat on their tests because they did not study‚ fear of failing‚ or the pressure. First of all‚ students don’t study for test because they think it
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Chapter 3-1 The Accounting Information System Chapter 3-2 Financial Accounting‚ Fifth Edition Study Objectives 1. Analyze the effect of business transactions on the basic accounting equation. 2. Explain what an account is and how it helps in the recording process. 3. Define debits and credits and explain how they are used to record business transactions transactions. 4. Identify the basic steps in the recording process. 5. Explain what a journal is and
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1. IntroductionPensonic Company Pensonic is one of the most successful trading companies in Penang‚ Malaysia that sells a wide variety of electrical appliances. In addition to its own brand “Pensonic”‚ the company also owns the German brand “Lebensstil Kollektion” and owns the sole-distribution rights for the Dutch brand “Princess” in Malaysia. Pensonic also established a mass production hub and international distribution network of electrical home mechanism and an international distribution network
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