2 Company Operations Tutorial Solutions Chapter 3 Company operations Review Questions 11. When do dividends become a legal debt of the company? When are they to be recognised as liabilities? Where a company has a constitution that provides for directors to declare a dividend‚ then a dividend becomes a debt of the company once the dividend is declared. Where no such statement exists in a company’s constitution‚ then the debt will only arise when the time for payment of the dividend arrives. However
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CHAPTER 7 CONTROL AND ACCOUNTING INFORMATION SYSTEMS SUGGESTED ANSWERS TO DISCUSSION QUESTIONS 7.1 Answer the following questions about the audit of Springer’s Lumber & Supply a. What deficiencies existed in the internal environment at Springer’s? The "internal environment" refers to the tone or culture of a company and helps determine how risk consciousness employees are. It is the foundation for all other ERM components‚ providing discipline and structure. It is essentially the same
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CHAPTER 11 Depreciation‚ Impairments‚ and Depletion EXERCISE 11-4 (15–25 minutes) (a) $315‚000 – $15‚000 = $300‚000; $300‚000 ÷ 10 yrs. = $30‚000 (b) $300‚000 ÷ 240‚000 units = $1.25; 25‚500 units X $1.25 = $31‚875 (c) $300‚000 ÷ 25‚000 hours = $12.00 per hr.; 2‚650 hrs. X $12.00 = $31‚800 (d) 10 + 9 + 8 + 7 + 6 + 5 + 4 + 3 + 2 + 1 = 55 OR n(n + 1) = 10(11) = 55 2 2 10 X $300‚000 X 1/3 = $18‚182 55 9 X $300‚000 X 2/3 = 32‚727 55 Total for 2015 $50‚909 (e) $315‚000 X 20% X
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ACCOUNTING TOOLS FOR BUSINESS DECISION MAKING SIXTH EDITION MANAGERIAL This page intentionally left blank Jerry J. Weygandt PhD‚ CPA University of Wisconsin—Madison Madison‚ Wisconsin Paul D. Kimmel PhD‚ CPA University of Wisconsin—Milwaukee Milwaukee‚ Wisconsin John Wiley & Sons‚ Inc. Donald E. Kieso PhD‚ CPA Northern Illinois University DeKalb‚ Illinois Dedicated to the Wiley sales representatives who sell our books and service our adopters in a professional and ethical
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In 1973‚ the Financial Accounting Standards Board (FASB) was created and their mission is “to establish and improve standards of financial accounting and reporting for the guidance and education of the public‚ including issuers‚ auditors‚ and users of financial information.” (FASB.org‚ 2009a). The FASB is a private‚ not-for-profit organization whose primary purpose is to develop generally accepted accounting principles (GAAP) within the United States. The Securities and Exchange Commission (SEC)
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Question 1: Define accounting. Answer : Accounting is a process of identifying the events of financial nature‚ recording them in Journal‚ classifying in their respective ledgers‚ summarising them in Profit and Loss Account and Balance Sheet and communicating the results to the users of such information‚ viz. owner/s‚ government‚ creditors‚ investors etc. According to the American Institute of Certified Accountants‚ 1941‚ “Accounting is an art of recording‚ classifying and summarising in a significant
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due process in issuing a standard. CA1-3 (Financial Reporting and Accounting Standards) Answer the following multiple-choice questions. 1. GAAP stands for: (a) governmental auditing and accounting practices. (b) generally accepted attest principles. (c) government audit and attest policies. (d) generally accepted accounting principles. 2. Accounting standard-setters use the following process in establishing accounting standards: (a) Research‚ exposure draft‚ discussion paper‚ standard.
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Derek Greenfield Intermediate Accounting I 3/2/2012 CA1-1.) 1. True 2. False‚ must comply with all standards and interpretations including disclosure requirements 3. True 4. False‚ FASB must operate in full view of public through a “due process” system that gives interested parties ample opportunity to make their views known CA1-3.) 1. D 2. A 3. D 4. B 5. A 6. B 7. A 8. B E2-5.) Assets- F Liabilities- B Equity- I Investment by owners-
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Intermediate Accounting by Spiceland 7th Edition Test Bank Contact me here sellertbsm2014@hotmail.com to download the test bank INSTANTLY!!! PRICE FOR THE TEST BANK‚ SOLUTION MANUAL AND BOOK PDF: Test Bank 20$ USD Solution Manual 20$ USD BooK PDF 30$ USD This is a sample chapter Chapter 01 Environment and Theoretical Structure of Financial Accounting True / False Questions 1. The primary function of financial accounting is to provide relevant financial information to parties
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Name: __________________________ Student #:_________________ PLEASE PRINT When you are finished please hand in your quiz at the front and QUIETLY leave the room. Class will resume at 2:00//8:00 at which time we will review the solutions to the quiz and spend the balance of the time on a student directed review session. Materials allowed–normal writing materials and approved non–programmable calculators that do not have "translator" capabilities. Your work must be your
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