d. of an entity be kept separate from the activities of its owner. 3. Owner’s equity is best depicted by the following: a. Assets = Liabilities. b. Liabilities + Assets. c. Residual equity + Assets. d. Assets – Liabilities. 4. The basic accounting equation cannot be restated as a. Assets – Liabilities = Owner’s Equity. b. Assets – Owner’s Equity = Liabilities. c. Owner’s Equity + Liabilities = Assets. d. Assets + Liabilities = Owner’s Equity. 5. If total liabilities increased by $15
Premium Balance sheet 1966 1969
Personality types in Office Space 2 Office space is a movie about a drone working in a cubicle somewhere in corporate America schemes where co-workers get back at the company that’s sucking the life out of them all. The movie shows the main character of Peter Gibbons unable to endure another mind numbing day at Initech Corporation. He gets fired up and decides to get passionate. With his new altitude‚ he masters the art of neglecting his job‚ which quickly propels him into the
Premium Psychology
Super Bakery Inc. Strategies Super Bakery... Save Paper Costing Methods system will work and be effective. A job order cost system and a process order cost system would not work for Super Bakery‚ Inc. for different reasons. A... Save Paper Cost Accounting Test Name: ________________________ ID: A 47. KCT Printing Company uses a job order cost system. (a) Indicate the source of the data for debiting Work in Process... Save Paper Costing Methods Paper that identifies abuse by customers‚ brokers
Premium Cost Costs Cost accounting
CASE 4-33 ACCOUNTING | 15% Commission | 20% Commission | Own Sales Force @ 7.5% | Sales | $ 16‚000‚000 | 100% | $ 16‚000‚000 | 100% | $ 16‚000‚000 | 100% | Variable Expenses: | | | | | | | Manufacturing | $ 7‚200‚000 | | $ 7‚200‚000 | | $ 7‚200‚000 | | Commissions | $ 2‚400‚000 | | $ 3‚200‚000 | | $ 1‚200‚000 | | Total Variable Expenses | $ 9‚600‚000 | 60% | $ 10‚400‚000 | 65% | $ 8‚400‚000 | 52.5% | Contribution
Premium Operating leverage Income tax Net income
Review of Accounting Fundamentals The Accounting Equation Assets = Liabilities + Equity Equity = Contributed Capital + Retained Earnings Retained Earnings = Beginning Retained Earnings + Net Income for the Period – Dividends Net Income = Revenues – Expenses + Gains – Losses Assets ( Probable future economic benefits obtained or controlled by a particular accounting entity as a result of past transactions or events Liabilities ( Probably future sacrifices of economic benefits
Premium Balance sheet Generally Accepted Accounting Principles Revenue
CHAPTER 9 Reporting and Analyzing Long-Lived Assets ANSWERS TO QUESTIONS 1. For plant assets‚ the cost principle states that plant assets are recorded at cost‚ which consists of all expenditures necessary to acquire the asset and make it ready for its intended use. 2. In a cash transaction‚ cost is equal to the cash paid. In a noncash transaction‚ cost is equal to the cash equivalent price paid‚ which is the fair market value of the asset given up or the fair market value of the asset received
Premium Depreciation Asset
The 1999 film‚ Office Space is contingent with both Marxist and Weberian theories in regards to the institution of work. In modern America‚ the general consensus regarding work is that it is a necessary evil—an obligation. Under the guidance of American capitalist ideology‚ the institution of work is not only a civic duty but a responsibility that society owes itself. Concepts from Weber’s The Protestant Ethic and the Spirit of Capitalism have a constant presence in Mike Judge’s film. As such‚ the
Premium Max Weber Ideology Gangsta rap
ACQUISITION Answers to Discussion Questions How Does a Company Really Decide which Investment Method to Apply? Students can come up with literally dozens of factors that should be considered by Pilgrim in making the decision as to the method of accounting for its subsidiary‚ Crestwood Corporation. The following is simply a partial list of possible points to consider. Use of the information. If Pilgrim does not monitor its own income levels closely‚ applying the equity method would seem to be a
Premium Generally Accepted Accounting Principles Goodwill Depreciation
Student Number: __________________________ Pages: 12 Questions- Section A: 6 Section B: 15 UNIVERSITY OF TASMANIA EXAMINATIONS FOR DEGREES AND DIPLOMAS October- November 2008 BFA707 THE ACCOUNTING FRAMEWORK Examiner: Mrs Debbie Wills Time Allowed: THREE (3) hours Instructions: This examination paper is to be marked out of 100. It has two sections. Write your student number clearly at the top of this examination paper. Hand in the examination paper. Do not remove any part
Premium Generally Accepted Accounting Principles Balance sheet Liability
the purpose of accomplishing a goal. Resourcing encompasses the deployment and manipulation of human resources‚ financial resources‚ technological resources‚ and natural resources. Management can also refer to the person or people who perform the act(s) of management. Basic functions of management Management operates through various functions‚ often classified as planning‚ organizing‚ leading/motivating and controlling. Planning: deciding what needs to happen in the future (today‚ next week‚ next
Premium Management accounting