recorded in the accounting records. TRUE 5. The drawings account is a subdivision of the owner’s capital account and appears as an expense on the income statement. FALSE 6. Revenues are a subdivision of owner’s capital. TRUE 7. The trial balance has no limitations or weaknesses. FALSE 8. In an automated system‚ the entering of data and transferring of information is done by following the same steps as in a manual system. TRUE 9. Adjusting entries are often made because
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What is a theory? In this book we consider various theories of financial accounting. Perhaps‚ there¬fore‚ we should start by considering what we mean by a ’theory’. There are various perspectives of what constitutes a theory. The Oxford English Dictionary provides various definitions‚ including: A scheme or system of ideas or statements held as an explanation or account (description) of a group of facts or phenomena. Explanation or Account (description) of a group
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—Conceptual 21.Which of the following is not considered cash for financial reporting purposes? a.Petty cash funds and change funds b.Money orders‚ certified checks‚ and personal checks c.Coin‚ currency‚ and available funds d.Postdated checks and I.O.U. ’s 22.Which of the following is considered cash? a.Certificates of deposit (CDs) b.Money market checking accounts c.Money market savings certificates d.Postdated checks 23.Travel advances should be reported as a.supplies. b.cash because
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Angela’s Ashes Journal Entry-Frank Today‚ my classmate Mickey Spellacy’s sister finally passed away. Mickey’s hope became real. Now Mickey can get a week off from school because of sister’s death. He seemed really happy today. However‚ he did not keep the promise. Mickey promised to Billy Campbell and me that if we pray that his sister will die in the middle of school term‚ he said he will invite us to his sister’s wake. It was so silly and wrong that Billy and I prayed that Mickey’s sister will
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sectors and other sectors throughout the world. College Admission Test Result is one of the major factor that the students can enrolled in this institution. Its plays a crucial role in motivating the students to learn and develop her knowledge. In this Result period teachers found complexity‚ especially in posting the records of the students who are qualified to enroll in this institution. Since the Admission test result used computer to record‚ there is easy retrieval of data. Thus a student’s
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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 of the total resources controlled
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To: Carminho Building Products Ltd From: Rodrigues Accounting Dear Sir/Madam‚ We are submitting herewith our report entitled UK Subsidiary Expansion. The main purpose of this report is to help Carminho Building Products Ltd decide the potential and suitable site for the formation of a public listed subsidiary. This report will include United Kingdom’s current financial reporting environment and other information that Carminho Building Products Ltd would need in order to make a sound decision
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president Abraham Lincoln. Many states are making it mandatory for blacks to sign a yearly labor contract and if failed to do so they would be arrested and fined or put into practically forced into unpaid labor. When i asked one of the workers what is was like to be free he replied with “ it’s a good feeling knowing i’m legally free but at the same time I’m living the same way I did before‚ hard labor.” We then asked him about his concerns of the Black Codes‚ and he doesn’t have much to say
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year. Writing class in my life has always been centered on analyzing mediums such as books‚ articles‚ movies‚ poems‚ and other things of that nature. The analysis would always consist of considering both viewpoints of an argument: what the author is saying and what the author is contrasting his or her viewpoints with. In addition to this‚ I have always been expected to incorporate my own thoughts on the subject of analysis. I feel as if I am a very good formal writer on serious subjects‚ and a
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ACCOUNTING SUBSTANCE OVER FORM Substance over form is an accounting concept where the entity is accounting for items according to their substance and economic reality and not merely their legal form. It is one of the key determinants of reliable information. For most transactions there will be no difference and in some cases however‚ the two diverge and the choice of how to present the transactions can give very different results. This differences occurs when an asset or liability is not recognized
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