E1-3. The Long Run Golf & Country Club details the following accounts in its financial statements. Accounts payable and accrued liabilities a) liability (L) b) operating activity (O) Accounts receivable a) asset (A) b) operating activity (O) Property‚ plant‚ and equipment a) asset (A) b) investing activity (I) Food and beverage operations revenue a) revenue (R) b) operating activity (O) Golf course operations revenue a) revenue (R) b) operating
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In this paper I will give you a description of the case that was discussed‚ I will also discuss what you should do if conflicting medical opinions are presented by your general physician and the companies physician‚ and which medical expert’s advice counts more and why? I am also going to discuss if the case presented is a charge of discrimination and if it is relevant to this case and why? Lastly‚ if I was presented with a case similar to this what would I do? This case is about an employee
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A company’s fiscal year must correspond to the calendar year. T154. Accounting periods should be of equal length to facilitate comparison between periods. T155. When there is no direct connection between revenues and costs‚ the costs are systematically allocated among the periods benefitted. T156. Applying accrual accounting results in a more accurate measurement of profit for the period than does the cash basis of accounting. F157. Adjusting entries affect cash flows in the current period. T158
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Econometrics Continuous and Discrete Data What is Econometrics? Literal meaning is “measurement in economics”. Definition of financial econometrics: The application of statistical and mathematical techniques to problems in finance and accounting. Continuous data can take on any value and are not confined to take specific numbers. Discrete data can only take on certain values‚ which are usually integers Types of Data Dummy variable A dummy variable (also known as indicator
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Grace Luo‚ it should not be recorded in the company’s book. (3 marks) • Accrual Concept (or Matching principles) – which states that expenses once incurred must be recorded in the book disregard if payment been made or not. All expenses incurred last year must be recorded as to match the revenue concurrently earned during the year. (3 marks) • Full disclosure principle which requires that events that make a difference to financial statement users must be disclosed. The hiding
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Chapter 7 Accounting Information Systems Questions 1. What is the right side of an account called? 2. What is the left side of an account called? 3. An organizational scheme used to classify accounts as assets‚ liabilities‚ or owners’ equity is known as what? 4. What journal is used to record both the account(s) to be debited and the account(s) to be credited? 5. A collection of specific asset‚ liability and owners’ equity accounts in known as what? 6. What type
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This industrial attachment exercise is an essential part of the course structure of the department of management studies‚ University for Development Studies. During this period‚ student acquire additional practical experience to complement the academic knowledge‚ they are exposed to various experience in the world of works. This serves as a good training and preparatory grounds for students in their future careers. The attachment helps student to develop good attitude to work. Learn more skills
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STATEMENTS d 3. Pro forma financial statements are: a. statements recapping the performance of a firm for the past five years. b. accounting statements filed with the Securities and Exchange Commission. c. accounting statements filed with the Internal Revenue Service. d. projected accounting statements based on a sales forecast. e. the most-recently compiled accounting statements of a firm. PLUG VARIABLE e 4. The designated source of external financing required to make a pro forma balance sheet
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If you want to know what it’s like to live like a hamster‚ than look no further than La Villa Hamster. Tucked away down an unremarkable side-street near the centre of the western French city‚ La Villa Hamster offers guests the "unique" opportunity to live the life of a rodent.The hotel has all basic amenities essential for a rodent such as containers of organic grain‚ a metal water spigot activating by pushing a giant lever with your foot‚ and a double bed accessible only by a step ladder and
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1. What is the FASB Accounting Standards Codification? The FASB Accounting Standards Codification® is the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied to nongovernmental entities. 2. When did the codification become effective? The Codification is effective for interim and annual periods ending after September 15‚ 2009. 3. The FASB had three primary goals in developing the Codification. Identify them. a.
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