Question 1 2 out of 2 points Correct A corporation uses the Internal Revenue Service’s Web site to learn how to pay its estimated quarterly income taxes. This is an example of ________. Answer Selected Answer: b. G2B Correct Answer: b. G2B Question 2 2 out of 2 points Correct Dell’s cornerstone business model is based on the concept of: Answer Selected Answer: c. build-to-order which allows customers
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Question 1 Suppose Nike‚ Inc. reported the following plant assets and intangible assets for the year ended May 31‚ 2014 (in millions): other plant assets $965.8; land $221.6; patents and trademarks (at cost) $515.1; machinery and equipment $2‚094.3; buildings $974; goodwill (at cost) $193.5; accumulated amortization $47.7; and accumulated depreciation $2‚298. Prepare a partial balance sheet for Nike for these items. (List Property‚ Plant and Equipment in order of Land‚ Buildings and Equipment
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between principles-based accounting and rules-based accounting? Almost all companies are required to prepare their financial statements as set out by the Financial Accounting Standards Board (FASB)‚ whose standards are generally principles-based. Recently‚ there has been much debate on whether principle-based accounting would be more efficient than the popular rules-based accounting - especially in response to accounting scandals‚ such as Enron and Worldcom‚ the current way of accounting has been
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Generally Accepted Accounting Principles (United States) In the U.S.‚ generally accepted accounting principles‚ commonly abbreviated as US GAAP or simply GAAP‚ are accounting rules used to prepare‚ present‚ and report financial statements for a wide variety of entities‚ including publicly-traded and privately-held companies‚ non-profit organizations‚ and governments. Generally GAAP includes local applicable Accounting Framework‚ related accounting law‚ rules and Accounting Standard. Similar to
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Accounting Assumptions‚ Principles‚ and Constraints XACC/280 Accounting Assumptions‚ Principles‚ and Constraints The basic assumptions of accounting include the monetary unit assumption and economic entity assumption. The monetary unit assumption is described as what companies require as only transactional data that can be expressed in terms of money (Weygandt‚ Kimmel‚ & Kieso‚ 2008). The purpose of the monetary unit assumptions is to only reflect the financial impact of the business
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Generally Accepted Accounting Principles September 2‚ 2013 NUR/571 Generally accepted accounting principles (GAAP) is the term “used to describe the body of and requirements that shape the preparation of the four primary financial statements (Cleverley & Cameron‚ 2007).” These statements include the balance sheet‚ the statement of revenues and expenses‚ statement of cash flow‚ and statement in changes of net assets (Cleverley & Cameron‚ 2007). These statements track financial information and
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Accounting Principles and Health Care Samantha Mrazek HCS 571 March 19‚ 2012 John Hodnette Accounting Principles and Health Care There are no formal accounting principles that apply to health care. However‚ there are five generally accepted guiding principles used in the management of the financial aspects of health care management (Cleverly‚ Song & Cleverly‚ 2011). Understanding the five guiding principles are important in understanding financial information and managerial accounting
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Accepted Accounting Principles Stephanie R. Stewart HCS/571 September 24‚ 2012 Anne Harney Finlon Generally Accepted Accounting Principles Generally Accepted Accounting Principles (GAAP) are important ideas to understand when discussing finances of any kind. It is important for all nurses‚ especially those in management roles‚ to understand financial concepts and be involved in the budgetary process. This paper will help to create an understanding of GAAP‚ the purpose of the principles‚ and
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Accounting Principles i Running head: GENERAL ACCEPTED ACCOUNTING PRINCIPLES General Accepted Accounting Principles Accounting Principles ii Abstract My paper is about the GAAP (General Acceptance of Accounting Principles) which were created by the Accounting Principles Board (APB). The board was created by American Institute of Certified Public Accountants (AICPA) in 1959. APB issued 31 Opinions from 1959 to 1973 and those Opinions created GAAP. I think GAAP is interesting
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Basic Accounting Principles and Concepts http://misscpa.com/basic-accounting-principles-and-concepts/ Accounting is called the language of business that which communicates the financial condition and performance of a business to interested users‚ also referred to as stakeholders. In order to become effective in carrying out the accounting procedure‚ as well as in communicating the financial information of the business‚ there is a widely accepted set of rules‚ concepts and principles that
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