Intermediate Accounting 1 Exam 1 Spring 2010 1. What are the statements of financial accounting concepts (sfac) intended to establish? a. Generally accepted accounting principles in financial reporting by businesses. b. Generally accepted accounting principles for businesses‚ not for profit c. The objectives and concepts for use in developing standards of financial accounting and reporting. d. The hierarchy of sources of generally accepted accounting principles. 2. During
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Chapter 14 Study Guide 1. Henyr the Navigator-(motives) were a blend of seeking a Christian kingdom as an ally against the Muslims‚ acquiring trade for Portugal‚ and extending Christianity. (things he done) founded a school for navigators‚ after that Portuguese fleets goes to Africa in search for gold but went to Atlas Mountain in Morocco. Facilitated trade in gold‚ ivory‚ and slaves 2. Vasco da Gama-(motives) sail to Muslim merchant along East Africa then to Calicut and search of “Christian
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in common? Not every book has something in common with another‚ but some have so much in common they could be the same book. In The 13th warrior and in Beowulf there seems to be some slight differences‚ but there are also some major similarities. Beowulf and The 13th Warrior are two completely different stories but yet seem to have so much in common. While both The 13th warrior and Beowulf are based on the same topic‚ they both have very different views of fighting and winning. One similarity that
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Chapter 17 Accounting and Reporting for the Federal Government True / False Questions 1. Responsibility for setting accounting and reporting standards for federal agencies rests primarily with the Federal Accounting Standards Advisory Board. True False 2. By law‚ federal agencies must incorporate the accounting standards (GAAP) established for the federal government into their financial management systems. True False 3. The objectives of federal financial reporting
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Fourteenth Amendment of the United States Constitution was a significant event in the history of our country because it made anyone born here citizens‚ established how representatives each state gets and paid off the war debts for the North. On June 8th and 13th‚ 1866 the Fourteenth Amendment of the United States Constitution was passed by both houses of congress. The stated purpose of the fourteenth amendment was to grant citizenship and to protect and define the civil rights of freed slaves. In reality‚
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CHAPTER 12 STATEMENT OF CASH FLOWS SUMMARY OF QUESTIONS BY OBJECTIVES AND BLOOM’S TAXONOMY |Item | |1. | |42.
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Chapter 1 The Government and Not-For-Profit Environment TRUE/FALSE (CHAPTER 1) 1. The main objective of a typical governmental or not-for-profit entity is to earn a profit. 2. A government’s budget may be backed by the force of law. 3. Governmental entities have no need for an accounting system. 4. A government’s internal managers rely on general purpose financial statements for a considerable amount of information about their government. 5. Governments and not-for-profits
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Exercise 2-2 | | |Product |Period Cost | | | |(Inventoriable) Cost | | |1. |Depreciation on salespersons’ cars | |X | |2.
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Chapter 1 Managerial Accounting: Tools for Decision Making Discussion QUESTIONS Q1-1. Financial accounting is oriented toward external users and is concerned with general-purpose financial statements. These financial accounting statements are highly aggregated‚ report on relatively long time periods‚ are oriented toward the past‚ and must conform to external standards. These standards emphasize the use of objective data. Management accounting is oriented toward internal users and is
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Intermediate Price Theory Problem Set 1 -- Supply and Demand 1. Assume that the United States demand curve for corn is QD = 80 - 2P where P is the price of corn (in dollars per bushels) and QD is the quantity of demanded of corn ( in billions of bushels) and that QS = 20 + 4P is the supply curve for corn where QS is the quantity of corn supplied (in billions of bushels). a. What are the equilibrium price and quantity? At equilibrium‚
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