chapter 1 (man) MANAGERIAL ACCOUNTING CONCEPTS AND PRINCIPLES discussion questions 1. Financial accounting and managerial accounting are different in several ways. Financial accounting information is reported in statements that are useful to persons or groups outside of a company. These statements objectively report the results of past operations at fixed periods and the financial condition of the business under generally accepted accounting principles. Managerial accounting information
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"Financial accounting produces information for external parties such as stockholders‚ suppliers‚ banks‚ and government regulatory agencies" (Horngren‚ Sundem‚ & Stratton‚ 2005‚ p. 5). "Financial accountants prepare financial statements based on general ledgers and participate in important financial decisions involving mergers & acquisitions‚ benefits/ERISA planning and long-term financial projections"(Accounting: Job Options‚ 2000). These reports are used by owners of a business‚ or by people who
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Tour Package to Senegal‚ Africa Part One: Senegal is a country slightly smaller than South Dakota‚ located on the Western Africa‚ bordering the North Atlantic Ocean‚ between Guinea-Bissau and Mauritania. The Climate is tropical; hot‚ humid; the rainy season (May to November) has strong southeast winds; dry season (December to April) is dominated by hot‚ dry‚ harmattan wind. The most plenty natural resources are fish‚ phosphates‚ iron ore. As of July 2005 the population of Senegal is 11‚126
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on March 1‚ 2012‚ due to unsatisfactory performance. Prepare the journal entry to record this transaction‚ assuming this customer purchased $100‚000 of seeds from Organic Growth. (c) Briefly describe the accounting for these sales‚ if Organic Growth is unable to reliably estimate returns. 18-6 Uddin Publishing Co. publishes college textbooks that are sold to bookstores on the following terms. Each title has a fixed wholesale price‚ terms f.o.b. shipping point‚ and payment is due 60 days after
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CHAPTER 6 MANAGERIAL DECISION MAKING AND INFORMATION TECHNOLOGY True/False Questions *1. Because everybody makes decisions everyday‚ decision making is easy. 2. Decision making is the process of identifying problems and opportunities and then resolving them. *3. The two categories of decision processes rely on either real or imagined problems. 4. A determination made from available alternatives is called a decision. 5. Johnne Morria works for a backpack manufacturer
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A) Straight-line Depreciation Computation End of Year Year DC X DR = ADE AD BV 2012 220‚000 25% 55‚000 55‚000 195‚000 2013 220‚000 25% 55‚000 110‚000 140‚000 2014 220‚000 25% 55‚000 165‚000 85‚000 2015 220‚000 25% 55‚000 220‚000 30‚000 ($250‚000 – $30‚000) 1/4 = 25% Please note abbreviations are the same as bellow Double- Declining-Balance Depreciation Computation End of Year Book Value Annual
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Statement of the Problem Case 3-1 Maynard Company (B) Diane Maynard was grateful for the balance sheets that her friend prepared. In going over the numbers‚ she remarked‚ “It’s sort of surprising that cash increased by $31‚667‚ but net income was only $19‚635. Why was that?” Her friend replied‚ “A partial answer to that questionis to look at an income statement for June. I think I can find the data I need to prepare on for you.” In addition to the data given in the (A)
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It was an unpredictable weather in the summer of 2011‚ with a mixture of vague feeling of excitement and edginess. I was excited since not only will our relatives and I celebrate our family reunion by having a five-day Luzon trip last April‚ but also will it be the first time that I would meet my cousins visiting from Florida‚ Unites States. Edgy‚ confused‚ and a bit worried are somewhat my mood due to a simple fact that I have not been practicing my English. Both initially feeling troubled and
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Bosnia-Herzegovina: 1992-1995 In Bosnia-Herzegovina‚ their was a conflict between three main ethnic groups. They were the Serbs‚ the Croats‚ and the Muslims. The conflict resulted in genocide committed by the Serbs against the Muslims in Bosnia. Bosnia is one of the countries that emerged from the break-up of Yugoslavia. Yugoslavia became a multicultural country after WW1. Yugoslavia was defeated by the Western Allies. During WW2‚ Yugoslavia was invaded by Nazi Germany and was divided. Tito
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Managerial Economics and Economics Managerial Economics has been described as economics applied to decision making. It may be viewed as a special branch of economics bridging the gulf between pure economic theory and managerial practice. Economics has two main divisions :- (i) Microeconomics and (ii) Macroeconomics. Microeconomics has been defined as that branch of economics where the unit of study is an individual or a firm. Macroeconomics‚ on the other hand‚ is aggregate in character and has
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