ACCOUNTING EXAM 2 STUDY GUIDE Chapter 5 1. Know the following terms: merchandise inventory‚ sales‚ sales returns and allowances‚ sales discounts‚ net sales‚ cost of merchandise sold‚ gross profit‚ operating expenses‚ operating cycle‚ purchase discounts‚ purchase returns and allowances‚ FOB shipping point‚ FOB destination‚ and inventory shrinkage. 2. Be able to prepare a multiple step income statement. 3. Be able to prepare the journal entries for the seller and buyer including
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Chapter 01 1. The business entity assumption requires that a business be accounted for separately from other business entities‚ including its owner or owners. 2. The four basic financial statements include the balance sheet‚ income statement‚ statement of retained earnings and statement of cash flows. 3. A balance sheet covers a period of time‚ such as a month or year. 4. The income statement shows the financial position of a business on a specific date.
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Demand 3 Inelastic Demand 3 Misperception Theory 3 Recommendations 3 References 4 Determinants of Demand Elasticity There are a few determinants of the elasticity of demand‚ one being the availability for substitutes. From the case‚ the data that was provided for previous studies of student’s application to colleges‚ projects an upward sloping demand curve. Students have many choices when choosing a liberal arts college. From the data previously taken‚ when the cost is higher
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Chapter 1 Managerial Accounting‚ the Business Organization‚ and Professional Ethics Management accounting produces information for managers within an organization. Financial accounting produces information for external parties‚ such as stockholders‚ suppliers‚ banks‚ and government regulatory agencies. What kind of accounting information do managers need to achieve their goals and objectives? Good accounting information helps answer three types of questions: 1. Scorecard questions 2. Attention-directing
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can this statement relateto accounting? A syntactic theory is one that is capable of testing on the basis that it is valid in terms of itslogical consistency. Thus the calculation of accounting profit and determination of assetvaluation can be valid in relation to their conformity with rules prescribing the measurementof accounting profit and asset valuations. This can be described as sterile as it does notnecessarily relate to the real world. Historical cost accounting has been represented as being purely
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themselves and how it may affect their own interests‚ rather than considering effects for the success of the business. When Perrier planned to cut 15% of its workforce‚ there was an uproar from CGT. To make it more worse‚ Perrier’s management purchased cases of a competitor’s latest beverage‚ Badoit Rouge‚ and placed it throughout the company cafeterias. For some workers it was a sign of provocation. To
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“I am not afraid; I was born to do this”. Joan of Arc‚ also known as “Maid of Orleans”‚ is saying that leading an army to victory was her destiny. With the glory of God on her side‚ she has nothing to be scared of. She was born to save her country. She felt that she had a purpose in life and fighting for her country was what God intended for her. Joan of Arc is an important figure in world history because as a woman she was able to do things only men did‚ at a time when women had very little input
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Myers Psychology 6/e Test Bank II CHAPTER 5 Sensation Learning Objectives Sensing the World: Some Basic Principles (pp. 172-177) 1. Contrast the processes of sensation and perception. 2. Distinguish between absolute and difference thresholds‚ and discuss research findings on subliminal stimulation. 3. Describe the phenomenon of sensory adaptation‚ and explain its functional value. Vision (pp. 177-188) 4. Explain the visual process‚ including the stimulus input‚ the structure of the
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Emily Getzinger History 121-304 Svetlana Jovanov Joan of Arc Joan of Arc was one of the most influential and historical females of the 15th century. At the time of Joan of Arc’s birth‚ France was involved in a long-running war with England known as the Hundred Years’ War. Her journey through this war eventually led France to an astonishing victory over England. But it wasn’t she alone who helped her through this but God himself. She claims at an early age to have heard a Saint of God inform her of
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E17-5 1 On the basis of the reorganization value‚ Baxter Hardware qualifies for fresh start reporting because the estimated reorganization value of $2‚000‚000 is less than the postpetition liabilities and allowed claims. | Estimated reorganization value | | $2‚000‚000 | | Liabilities: | | | | Postpetition liabilities | $1‚200‚000 | | | Prepetition liabilities | 1‚500‚000 | | | Fully secured debt | 900‚000 | 3‚600‚000 | | Excess liabilities over reorganization value
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