Choose the one alternative that best completes the statement or answers the question. 1) Changing the value of closing inventory from cost to net realisable value is an application of which accounting concept? A) B) C) D) 2) Going concern. Historical cost. Consistency. Prudence. Which statement relating to depreciation is true? A) The cash account is affected by charging depreciation B) Accumulated depreciation represents the portion of an asset’s cost that has been transferred to depreciation
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------------------------------------------------- Forensic Accounting and the use of technology: The Toronto Sun October 4‚ 2009 Sunday FINAL EDITION Investigate the world of forensic accounting BYLINE: BY SHARON ASCHAIEK‚ SPECIAL TO SUN MEDIA SECTION: NEWS; Pg. CE11 LENGTH: 733 words Lately‚ cooking the books seems to be a national pastime in some corners of North American corporate culture. Over the last several years‚ Canadians and Americans have witnessed a rash of accounting and financial fraud incidents
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Business Memo The importance of budgeting I developed a spreadsheet including three budget schedules of Spiffy Shade Corporation‚ which is Production Budget‚ Direct-labor Budget‚ and Manufacturing Over-head Budget. According to the budget schedules‚ the company can plan ahead and meet the needs of demand. For example‚ form the Production Budget‚ the company can plan how many sunglasses should be produced for each month and quarter. Budget can also facilitating communication and coordination‚ and
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Equity of the business. Hint: You can refer to the Softbyte example we discussed in class for guidance on giving effect to these transactions. Grading System: Each Transaction carries 1 point for a correct answer and 0 points for an incorrect answer Transaction #1: On December 1‚ 2013‚ Mr. Bansal started Algo Parts Limited by investing INR 10‚000 Transaction #2: On December 5‚ Algo Parts Limited paid registration and licensing fees for the business‚ INR 370. Transaction #3: On December 6‚ the company
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Chapter 1 Problem and its Setting Introduction The youth nowadays are so in to those computer games. They are losing their interests in playing physical and traditional games like “tumbang preso”‚ “luksong baka”‚ “patintero”‚ “syato”‚ and many more. They are now playing Counter-Strike‚ Plants vs. Zombies‚ and most especially‚ DotA. Defense of the Ancients (commonly known as DotA) is a real-time online or LAN strategy games composing of two to ten or twelve players where you can choose from
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CHAPTER 1 COVERAGE OF LEARNING OBJECTIVES | |FUNDA- |CRITICAL THINKING | |CASES‚ EXCEL‚ | | |MENTAL |EXERCISES AND EXERCISES| |COLLAB.‚ & INTERNET | | |ASSIGN-MENT | | |EXERCISES | |
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Corporate Finance AIG Accounting Scandal Explained December 8th‚ 2012 ________________________________________________________________________________ On February 9th‚ 2006‚ the SEC and the Justice Department settled with AIG for an amount in excess of $1.6B related to alleged improper accounting‚ bid rigging (defined by Investopedia as a scheme in which businesses collude so that a competing business can secure a contract for goods or services at a pre-determined price)‚ and practices involving
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CHAPTER 1 THE ACCOUNTANT’S ROLE IN THE ORGANIZATION TRUE/FALSE 1. Management accounting information focuses on external reporting. Answer: False Difficulty: 1 Objective: 1 Terms to Learn: management accounting Management accounting information focuses on internal reporting. 2. A good cost accounting system is narrowly focused on a continuous reduction of costs. Answer: False Difficulty: 2 Objective: 1 Terms to Learn: cost accounting A good cost accounting system
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_______________ Chapter 1 1. An accounting principle that states that assets should be recorded at their cost. 2. Debts and obligations of a business. 3. Resources owned by a business. 4. The amount by which expenses exceed revenues. 5. An association of two or more persons to carry on as co-owners of a business for profit.
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company that began operations on January 1‚ 2004. It has just completed its fourth full year of operations on December 31‚ 2007. Ending Year Balances for the prior year that ended on December 2006 were as follows: Retained Earnings: $ 225‚000 Common Stock at par: $ 500‚000 Additional Paid-in Capital: $1‚000‚000 Treasury Stock: $ 200‚000 Income before taxes for 2007 totaled $240‚000 Effective Tax Rate was 40% for all years of operation including 2007 The following information
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