V. Free Blacks: Slaves Without Masters 1. By 1860‚ free Blacks in the South numbered about 250‚000. 2. In the upper South‚ these Blacks were descended from those freed by the idealism of the Revolutionary War (“all men were created equal”). 3. In the deep South‚ they were usually mulattoes (Black mother‚ White father who was usually a master) freed when their masters died. 4. Many owned property; a few owned slaves themselves. 5. Free Blacks were prohibited from working in
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1. Contrast the characteristics of economic growth in the HPAE with those characteristics of Latin America. Shared growth‚ rising economic quality‚ rapid accumulation of physical and human capital‚ rapid growth of manufactured exports‚ and stable macroeconomic environments. 2. How can passage through a demographic lead to high savings and investment rates. Increases the ratio of economically active to the total population. This creates a larger pool of income out of which savings and investment
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correct picture on the firm’s financial performance and financial position. We have to recognize all transaction occurring in that accounting period‚ irrespective of whether cash has been received or paid. The ultimate objective of adjusting entries is to ensure that the revenues (income) earned in the accounting period are matched by all costs incurred for that same accounting period (Monash College‚ 2011). Prepayment There are two types of adjusting entries‚ prepayments and accruals. Prepayment is
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Objective 1. Determine the total considerations transferred. 2. The land and buildings should be recorded on the premise of “in-use” or “in-exchange”. 3. Determine the fair value recorded for the intangible assets. Applicable accounting pronouncement ASC 805-20-25 Business Combinations-Identifiable assets and liabilities and any non controlling interest-Recognition Recognition Conditions 25-2 To qualify for recognition as part of applying the acquisition method‚ the
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to suppliers. Liability (D) Bonds payable. Liability (E) Amount earned from selling a product. Revenue (F) Cost of advertising. Expense Part 2 Ex 1-8 (A) An expression about whether financial statements conform with generally accepted accounting principles. – 8 Auditors opinion (B) A business that raised money by issuing shares of stock. – 1 Cooperation (C) The portion of stockholders’ equity that results from receiving cash from investors. – 6 Common Stock. (D) Obligations to suppliers
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ACC 556 – Financial Accounting for Managers Chapter 1 Homework Due Week 1 and worth 10 points Directions: Answer the following four questions on a separate document. Explain how you reached the answer or show your work if a mathematical calculation is needed‚ or both. Submit your homework assignment using the homework assignment link in the course shell. E1-1 Here is a list of words or phrases discussed in this chapter: 1. 2. 3. Corporation Creditor Accounts receivable 4. 5. 6. Partnership Stockholder
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1.Temblador Corporation purchased a machine 7 years ago for 319‚000 when it launched product E26T. Unfortunately‚ this machine has broken down and cannot be repaired. The machine could be replaced by a new model 330 machine costing 323‚000 or by a new model 230 machine costing 285‚000. Management has decided to buy the model 230 machine. It has less capacity than the model 330 machine‚ but its capacity is sufficient to continue making product E26T. Management also considered‚ but rejected‚ the alternative
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Merchandise inventory is generally valued at the price for which the goods can be sold. reported under the classification of Property‚ Plant‚ and Equipment on the balance sheet. reported as a current asset on the balance sheet. often reported as a miscellaneous expense on the income statement. Items waiting to be used in production are considered to be finished goods. merchandise inventory. raw materials. work in progress. In a manufacturing business‚ inventory that is ready for sale is called store
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SHANGRI-LA You are partner in charge of the audit of Shangri‑La‚ Inc. The company is a real estate developer‚ specializing in luxury vacation areas. The company’s operations have been profitable‚ although not spectacular. Most of the development property is pledged as collateral for bank loans; there is a reasonable stockholders’ equity of about $10‚000‚000. Shangri‑La has a substantial
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professional conduct is clear that an accountant should follow all the six principles so that a healthy work environment could be created in the interest of the company‚ society and nation. The second discussion is focused on evaluation of ethicality of accounting activities. Manipulating the financial statements for personal interest or for loyalty towards company or its executives is unethical and the person responsible for such act will be punishable. Misstatement of financial statements is ethically wrong
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