costs Labor costs of assembly-line workers $110‚000 – Direct labor Sales commissions $35‚000 – Period costs Factory supplies used $13‚000 – Direct materials Salaries paid to sales clerks $50‚000 – Period costs (b) Explain the basic difference in accounting for product costs and period costs. Product costs are manufacturing costs‚ direct components‚ direct labor and manufacturing overhead‚ do not become expenditures until the company sells inventory. Period costs are non-manufacturing costs‚ including
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reading claims in a newspaper or magazine that seem to be unsubstantiated I often get annoyed and provoked. I strongly believe that writers are and should be responsible for what they are putting in their writing. They should make sure that the information given to the readers are true and reliable. I have such a strong and negative reaction‚ because some people may read that magazine and simply “take it” as a truth‚ and in my opinion it is just not fair to them. 2. How do you approach research
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Accounting Concepts Underlying Assumptions‚ Principles‚ and Conventions Assumptions The following are basic financial accounting assumptions: Separate entity assumption - the business is an entity that is separate and distinct from its owners‚ so that the finances of the firm are not co-mingled with the finances of the owners. • Going concern assumption - the business is going to be operating for the foreseeable future. Stable monetary unit assumption - e.g. the U.S. dollar • Fixed
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8 Accounting theory and conceptual frameworks After studying this chapter you should be able to: & explain what accounting theory is & describe the main attempts at constructing an accounting theory & appraise current developments in the area & describe and discuss the contents of the IASB Framework & appraise the quality and usefulness of the IASB Framework in the context of its self-declared purposes & describe and discuss the parts of IAS 1 relating to accounting concepts and policies & appraise
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CHAPTER 1 FInANCIAL ACCOUNTING AND ITS ECONOMIC CONTEXT ISSUES FOR DISCUSSION ID1–1 Security analysts and stockholders: These users would use financial statements to try to estimate the future earnings and cash flow potential of the company‚ which would be used to project a value for the company’s stock. Bank loan officers: These users would use the financial statements to determine the ability of a company to repay loans to the bank. A company’s
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STUDY ABROAD REPORTGUIDELINES Student reports serve as an important source of information for potential outgoing exchange students in regards to the various exchange programs available to GSOM students. An individual’s study abroad experience is as unique as the exchange programs provided by GSOM. As every report will be available for viewing at the GSOM website‚ these contributions will aid in the decision-making process for future outgoing exchange students. The topics below are meant as an
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issued their standard on the cash basis of accounting and the ASB (UK) issued its draft interpretation for public benefit entities (not-for-profit organisations) earlier this year. In each case the private sector model of accounts was followed closely. • What is the experience in the UK of producing full accrual based accounts for public sector organisations? Have the increased value of these accounts been realised in practice? • Who is the defining class of user for the accounts of public sector entities
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* Write an essay in 250 to 300 words‚ Include the following: * The basic assumption of accounting * The constraints of accounting * A conclusion stating how you think sound financial reporting depends on principles‚ assumptions‚ and constraints. Refer to the U.S. GAAP in your response. The basic assumptions of accounting = separate entity assumption- finances from the company finance so that they don’t get intertwined with the owner or shareholders finance. Going concern assumption=
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Uniform at University This essay will examine the positive and negative aspects of wearing university uniform. University uniform is implemented at some universities in the world. The universities of Kurdistan Region do not implement it. Uniform has both positive and negative aspects. Everyone has his/her own point of view about university uniform. Some people think that aside from positive aspects of uniform; it also has negative aspects. The positive aspects of wearing university uniform can
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Comparison of Three Universities Every year thousands of international students try to make the most important decision in their life‚ choosing the right university. However‚ the higher education market is overcrowded by variations of universities. This comparison is supposed to be the guide‚ which helps to weigh up three universities (The University of Lancaster‚ The University of Loughborough and King’s College London) in the business and management area. These universities were taken as substitutes
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