d. accounts payable. ANS: Q. Which of the following is considered an asset? a. Accounts payable b. Prepaid expense c. Bad debt d. Stockholders’ equity ANS: Compiled by Manek. 2011. P age |1 ACCY111 / SAMPLE TEST PAPER Q & A Q. The role of accounting in business is best defined as a. an information system that provides reports to stakeholders about the economic activities and condition of a business. b. a method of forecasting the future profitability of a company. c. the policies‚ procedures
Premium Generally Accepted Accounting Principles Balance sheet
Cruel and Unusual Punishment The simplest definition of the word murder is the killing of one human being by another. Coincidentally‚ the definition of capital punishment is the same. Since childhood‚ the act of murder has been ingrained in our minds as unethical and wrong. So why then do states continue to use the death penalty? The question is widely debated but the answer is simple. Capital punishment needs to be abolished on the grounds that it carries dangerous risks of punishing innocent people
Premium Capital punishment Crime Prison
1st of February and today is 1st of March of the same year. You have just paid him his salary. What accounts will this transaction impact? Answer : Engineers cash account increases and company balance decreases . In terms of accounting head : (DR) Salary account (L) (CR) operating expense account ( Bank) (A) Bravo Corporation borrows Rs 1‚000‚000 on 1st Jan 2013 from a bank for corporate
Premium Generally Accepted Accounting Principles Expense Depreciation
raised by the transformation from U.S. Generally Accepted Accounting Principles (US GAAP) to International Financial Reporting Standards (IFRS) in the timber industry. I will cover the following topics: different accounting treatment under U.S. GAAP and IFRS‚ the influence on investment decisions‚ Plum Creek’s reason for the opposition against transformation‚ and conclude with my preferred accounting treatment under different roles. ACCOUNTING TREATMENT The concern is mainly on recognition of the
Premium Generally Accepted Accounting Principles Financial statements Balance sheet
My Name October 28‚ 2013 Mrs. K. - English The Money That Wasn’t Did your parents ever keep a secret from you? In the book Mama’s Bank Account‚ by her daughter Kathryn Forbes‚ Mama keeps a secret from her children all throughout their childhood. She raises her poor‚ struggling Norwegian immigrant family‚ residing in San Francisco in the early 1900’s. Throughout Katrin’s childhood‚ they encounter numerous
Premium House Money Family
t Unusual headache. History Patient is 63-year-old right-handed white female who presents with her husband for evaluation of an unusual headache followed by hallucinations. She does have a history of migraine headaches with aura. These started over 20 years ago. At that time‚ she had a negative workup‚ including a negative CAT scan. Her headaches usually start with biperipheral scintillating scotoma‚ which in itself can be debilitating because it significantly disrupts her vision and makes it
Premium Family Bipolar disorder Sleep
(10 min.) E 1-23 Req. 1 The owner’s equity increased during the year by $4‚000. Beginning owner’s equity: $19‚000 – $9‚000 = $10‚000 Ending owner’s equity : $27‚000 – $13‚000 = $14‚000 Change in owner’s equity: $14‚000 – $10‚000 = $4‚000 Req. 2 Owner’s equity can change three ways: Owner’s equity can increase through: Owner contributions and/or Net income Owner’s equity can decrease through:
Premium Generally Accepted Accounting Principles Balance sheet Liability
Sunset Boards. Sunset Boards is a small company that manufactures and sells surfboards in Malibu. Tad Marks‚ the founder of the company‚ is in charge of the design and sale of the surfboards‚ but his background is in surfing‚ not business. As a result‚ the company’s financial records are not well maintained. The initial investment in Sunset Boards was provided by Tad and his friends and family. Because the initial investment was relatively small‚ and the company has made surfboards only for
Premium Generally Accepted Accounting Principles Balance sheet Income statement
Tottenham Hotspurs‚ Plc. This certain case has many different possibilities for evaluation which gives it much complexity and much liberty while evaluating it. The soccer business sure has a certain relation with the performance and their revenues which makes it highly unstable when speaking of forecasted income of the club. We must first value the firm at its current position in order to be able to value as compared to acquiring the new stadium and obtaining a new goal scorer. In
Premium Cash flow Discounted cash flow Investment
Accounting Employment Outlook and Financial Planning The Bureau of Labor Statistic claims that there are approximately 1.2 million accounts in the United States‚ most being in cities and regions with lots of businesses. The responsibilities of an accountant require making sure financial records are accurate. This includes making sure taxes are paid on time and with proper information. Accountants also are the ones who put together and prepare as well as enamine a person or businesses finances. This
Premium Economics Investment Management