d 8 a 9 b 10 c P 1-1 a. Wages Interest Add Equip 6‚000‚000 500‚000 900‚000 7‚400‚000 b. Wages Interest 6‚000‚000 500‚000 6‚500‚000 c. Bonds Wages Interest 6‚000‚000 500‚000 10‚000‚000 16‚500‚000 E 1-2 b b d b b c c b a b d. The cash basis of accounting requires the company to expense the entire $10 million of equipment in year ten. The taxpayers of the tenth year incur the entire expense rather than depreciating $1 million per year. P 1-2 1. The fact that the church reported only $0.2 million
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11-6 a. Briefly describe three strategies for testing internal controls when information technology is used for significant accounting processing. The three strategies for testing internal controls would first be to assess a control risk based on user controls. This can be done by comparing computer-generated output with the source documents that can support the transactions. The second strategy would be by planning for a low control risk assessment based on application controls. This means
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Scarcity -Basic Economic problem - unlimited wants‚ but limited resources The question is: How do we allocate these limited resources? 3 questions that any economic system must answer: - What should be produced - How should we produce it? - Who gets it? Command Economy - You have heavy state involvement - State of ownership of resources and control of production - What should be produced - the state decides - How to produce it - the state decides - Who gets it - the state decides Market
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2-1 BU8101 Accounting: A User Perspective Lecture 2 The Accounting Cycle Wednesday‚ 17 August 2011 Mrs. Ho Yin Kheng S3-01C-88 Nanyang Business School Nanyang Technological University Email: yklau@ntu.edu.sg Tel: 67905694 2-2 LO 2 Lecture Outline 1. Analyzing Business Transactions 2. Recording Process a. b. c. d. e. f. The Source Document The journal The accounts Debit and Credit rule Recording process illustrated Unadjusted trial balance 3. Adjusting entries
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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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E2.5. Classifying Accounting Items a. Current asset b. Net revenue in the income statement: a deduction from revenue c. Net accounts receivable‚ a current asset: a deduction from gross receivables d. An expense in the income statement. But R&D is usually not a loss to shareholders; it is an investment in an asset. e. An expense in the income statement‚ part of operating income (and rarely an extraordinary item). If the restructuring charge is estimated‚ a liability is also
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EXERCISE 14-1 (15-20 minutes) Valuation account relating to the long-term liability‚ bonds payable (sometimes referred to as an adjunct account). The 3‚000 would continue to be reported as long-term. Current liability if current assets are used to satisfy the debt. Current liability‚ 200‚000 long-term liability‚ 800‚000. Current liability. Probably noncurrent‚ although if operating cycle is greater than one year and current assets are used‚ this item would be classified as current. Current liability
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CHAPTER 11 THE LATE MIDDLE AGES: CRISIS AND DISINTEGRATION IN THE FOURTEENTH CENTURY _____________________________ CHAPTER OUTLINE I. A Time of Troubles: Black Death and Social Crisis A. Famine and Population B. The Black Death 1. Spread of the Plague 2. Life and Death: Reactions to the Plague C. Economic Dislocation and Social Upheaval 1. Noble Landlords and Peasants 2. Peasant Revolt in France 3. An English Peasant Revolt 4. Revolts in the Cities II. War and
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Analysis: Compare chapter 11: How to Read Literature Like a Professor-“…More Than It’s Gonna Hurt You: Concerning Violence” to chapter 2 (part 2) of The Fountainhead. At the beginning or chapter two of The Fountainhead‚ Dominique is thinking about Roark again. She is thinking about his body in ways no one can imagine. Then Dominique destroys her fireplace on purpose just to have Roark come over to her house. But when he does come over‚ Roark completely ignores Dominique. He leaves and then he comes
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DIDACTICS Upstream-Pre—intermediate Virginia Evans-Jenny Dooley USA-2004 Upstream Pre-intermediate is an English course book for adolescents and young learners of English language. It is presented in a student’s book and a workbook‚ with ten units each. This book shows an important influence from the communicative method for students to effectively speak English. Students are encouraged to use the language in classroom to interact with classmates (unit 1 page 11 and 13). Then you can
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