Chapter 1 CA 1-1 · GAAP is the term used to indicate the whole body of FASB authoritative literature. True · Any company claiming compliance with GAAP must comply with most standards and interpretations but does have to follow the disclosure requirements. False This statement is false because the companies they not only have to comply with most GAAP standards and interpretations but also have to follow the disclosure requirements. · The primary governmental body that has influence over
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Pr. 23-128—Statement of cash flows (indirect method). The net changes in the balance sheet accounts of Keating Corporation for the year 2011 are shown below. Account Debit Credit Cash $ 82‚000 Short-term investments $121‚000 Accounts receivable 83‚200 Allowance for doubtful accounts 13‚300 Inventory 74‚200 Prepaid expenses 17‚800 Investment in subsidiary (equity method) 20‚000 Plant and equipment 210‚000 Accumulated depreciation
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CHAPTER 9 Reporting and Analyzing Long-Lived Assets ANSWERS TO QUESTIONS 1. For plant assets‚ the cost principle states that plant assets are recorded at cost‚ which consists of all expenditures necessary to acquire the asset and make it ready for its intended use. 2. In a cash transaction‚ cost is equal to the cash paid. In a noncash transaction‚ cost is equal to the cash equivalent price paid‚ which is the fair market value of the asset given up or the fair market value of the asset received
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Cost Behavior Cost behavior is term for describing whether a cost changes when the level of output changes. The cost can vary proportionately with the changes in the level of activity or unaffected by changes in the level of activity. Costs can be variable‚ fixed‚ or mixed. A cost that does not change in total as output changes is a fixed cost. A variable cost‚ on the other hand‚ increases in total with an increase in output and decreases in total with a decrease in output. Understanding how costs
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Courtney Verblaauw Literature I Dr. Graves October 8‚ 2010 The Unethical Depiction of Women in Homer’s The Odyssey In Homer’s The Odyssey‚ women are depicted and morally seen as “the controlled” ones with the men being “the controllers.” The treatment of the women by men can most certainly be exemplified as sexist. Unfortunately‚ women are only acknowledged and viewed differently based upon their physical appearance. Throughout The Odyssey‚ the imperative men deem a woman rewarding if she
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that it was a hard decision to make between the two‚ but I viewed Anna’s as unethical in Fitzgerald’s case. I believe it’s unethical to create a child to meet specific genetic requirements‚ such as to have higher IQ‚ or to have a certain physical appearance. Life isn’t something people can pick and choose; it is something that people try to make the best thing out of no matter what they get. I believe it is also unethical to conceive a child to meet certain genetic requirements in most situations
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Question 1 Discuss the accounting principles and concepts that were violated in the case. Explain the appropriate accounting treatments that should be used. Accounting is a systematic recording of business transactions and statements relating to assets‚ liabilities and summarizes the financial events that occur in a business. There are certain accounting principles and concepts to preparing reports on financial statements. These accounting principles and concepts are usually referred to as
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This essay is to critically evaluate the usefulness of the accounting theory to practicing accountants today. It will provide a general assessment of information asymmetry and the fundamental problem of accounting‚ and it will also briefly discuss the normative and positive accounting theories and their usefulness to practicing accountants. After those discussions‚ it will specifically discuss the strength and limitation of positive accounting theory and assess its usefulness to practicing accountants
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people should live by in their everyday lives. Within the world of business especially though‚ ethics play a huge role. Having bad ethics in the work of business can seriously damage a person’s firm and ultimately ruin their career. In the field of accounting‚ ethics are most important in order to be a successful account that is looked up upon. This can be due to the fact that accountants work very closely with their clients and on a personal level too. There are a set of principles‚ or rules that accountants
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Reflective Blog: Attitudes and Behavior: Attitudes symbolize the working environment’s goal and willing to work in a cohesive manner to achieve success in my office. Attitudes are infectious and can affect the people that are near the person‚ which in turn can influence their behavior. The broaden-and-build theory of positive emotions suggests that positive emotions broaden one ’s awareness and encourage novel‚ varied‚ and exploratory thoughts and actions. (IntroductiontoPsychology/Retrieved
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