CHAPTER 3 THE REPORTING ENTITY AND CONSOLIDATED FINANCIAL STATEMENTS ANSWERS TO QUESTIONS Q3-1 The basic idea underlying the preparation of consolidated financial statements is the notion that the consolidated financial statements present the financial position and the results of operations of a parent and its subsidiaries as if the related companies actually were a single company. Q3-2 Without consolidated statements it is often very difficult for an investor to gain an understanding
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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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YARMOUK UNIVERSITY FACULTY OF ECONOMICS AND ADMINISTRATION SCIENCES DEPARTMENT OF ACCOUNTING COURSE SYLLABUS FALL SEMESTER 2011/2012 COURSE: Title: ACC471— Accounting Information System Instructor:Dr. Iaad Sartawi Class Time: Section (1) – 8:00-9:00 Sunday‚ Tuesday‚ & Thursday. Section (2) – 10:00-11:00 Sunday‚ Tuesday‚ & Thursday. Section (3) – 8:00-9:30 Monday & Wednesday. Class Room: LAB 104A Office Hours: 11:00-12:00 Sunday‚ Tuesday‚ & Thursday. 9:30-10:30
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Demo Homework Chapter 1 Demonstration Problem 1-2 Effect of Product and Period Costs Klyn Manufacturing Company experienced the following accounting events during its first year of operation. Except for the depreciation adjusting entries‚ all transactions are cash transactions. 1. Acquired $50‚000 cash from the issue of common stock. 2. Paid $6‚800 for the materials that were used to make its products. All products started were completed during the period. 3. Paid salaries of $4‚300
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CASE 1 Q 1. What makes George David such a highly regarded manager? Ans.: As a CEO of United Technologies Corporation (UTC)‚ George David has created the ambience of company with decentralization decision making by creating several business partitions. David was very helpful‚ who does lot of things for his employees. Q 2. How does David get things done through people? Ans.: David gets things done through people with the help of decentralization method and cutting the range of head offices
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University ACC 403 Mod 1 CA March 8‚ 2013 Part I. Generally Accepted Accounting Principles (US GAAP) The common set of accounting principles‚ standards and procedures that companies use to compile their financial statements are called Generally Accepted Accounting Principles. GAAP are a combination of authoritative standards (set by policy boards) and simply the commonly accepted ways of recording and reporting accounting information. “Published accounts have to follow the GAAP for the particular
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papers‚ and effects‚ against unreasonable searches and seizures‚ shall not be violated‚ and no warrants shall issue‚ but upon probable cause‚ supported by oath or affirmation‚ and particularly describing the place to be searched‚ and the persons or things to be seized. Amendment V No person shall be held to answer for a capital‚ or otherwise infamous crime‚ unless on a presentment or indictment of a grand jury‚ except in cases arising in the land or naval forces‚ or in the militia‚ when in actual service
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excellence is seen in the company’s hard work that continuously strengthens their quality control and ensures all the aspects of products; technology and service standards are high by keeping up with the improving technology in design‚ planning and etc. This is made possible by the company’s highly accomplished team of dedicated engineers and technicians. Panasonic Panasonic Corporation is among the largest electronic product manufacturers in the world‚ operating more than 634 companies. It manufactures
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In 1911‚ Frederick Taylor’s work‚ The Principles of Scientific Management was published. In his work‚ Taylor provided a demonstration of how the application of scientific principles to management could significantly increase the efficiency of an organization by spurring productivity among its workers (Evans & Holmes 2013‚ p. 7). The scientific method of operation involved simplifying tasks and optimizing their execution in a manner that encouraged specialization since the task was done in the best
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Financial Statements Principles of Accounting/ACC280 Date Instructor Name Abstract Understanding what is happening financially in the company insights provides the financial information system of accounting. One must have knowledge of numbers when working in accounting. The three basic activities in accounting are identifies‚ records‚ and communicates. The four financial statements are income statements‚ retained earnings statement‚ balance sheet‚
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