We carefully examined and evaluated your financial statements in 2011 and identified several accounting policies and procedures inconsistent with U.S. GAAP. To better present the net income of your company, we provide the various recommendations for you to revalue your revenues and expenses in the following statements. Inappropriate revenue recognition criteria and policies (should change revenue recognition method or change the allowance estimation, 2011 allowance amount should be larger than 2010
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Accounting Principles By: Mae Sejour American InterContinental University Unit 1 IP ACCT205-1204B-06 October 7, 2012 Abstract This paper will be giving in details the main objectives of accounting, the basic terminology of accounting process, the job responsibilities of an accountant to individuals and businesses, the part technology play in a business and how accounting can affect my personal life; stressing accounting role in professional ethics. Accounting Principles Accounting
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MA360 EXAM SOLUTIONS – 2011 SECTION A Question 1 (a) |Selling Price per|Year 1 Sales Units |Year 1 Year End Stock units |Year 2 Unit Sales |Sales Revenue Year 1 | |Unit (£) | | | |(£) | |20,000 |800,000 |400,000
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ACCT 222 ( Kelvin ) WENDY’S CHILLI 1. The cost of ground beef is a joint cost. The ground beef is made into beef patties which are used first for hamburger. However, the “well-done” beef patties that cannot be served as “hot ‘n juicy” old-fashioned hamburgers will be used to make chili. At this point, the ground beef patties used for hamburgers and the ground beef patties used to chili split off and become separately identifiable. 2. Hamburgers account for 55% of Wendy’s total sale, while
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WINDCATCHER SA Tutorial 3: Full costing – traditional method Solution guide Assignment questions 1/ Establish the full cost of the order on a cost centre (departmental) basis and state any assumptions that you have made in deriving this figure. You are highly recommended to: a/ list the direct and indirect costs related to the specific cost unit involved in this case study; and identify the basis of cost apportionment for each overhead cost; b/ identify the cost centres (what relevant distinction
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ASSIGNMENT 3 Assignment 3 will account for 1.75% of your final grade. It consists of three questions from Chapter 5. The assignment is due by October 29. Please complete the assignment with a computer and turn in a hard copy. Question 1: Requirements 1, 2, 3 and 5 of Exercise 5-11 (pp. 215-216) Question 2: Requirements 1, 2, and 4 of Exercise 5-12 (p. 216) Question 3: Problem 5-21 (pp. 220-221) Hint: To answer question 6 of the problem, you need to find the change in contribution margin using
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38.For an activity base to be useful in cost behavior analysis, a.the activity should always be stated in dollars. b.there should be a correlation between changes in the level of activity and changes in costs. c.the activity should always be stated in terms of units. d.the activity level should be constant over a period of time. Ans: B, LO: 1, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: None, IMA: Business Economics
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Chapter 2 Brief Exercises and Cases Bambi Price 4/27/14 Brief Exercises 1. a.) False b.) False c.) True d.) True f.) False 2. a.) decrease b.) decrease c.) increase d.) increase e.) decrease f.) increase g.) decrease 3. a.) manufacturing cost b.) manufacturing cost c.) manufacturing cost d.) nonmanufacturing cost e.) manufacturing cost f.) nonmanufacturing cost 4. a.) True b.) False c.) False d.) True e.) True 5. a.) direct labor b.) direct material
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Landline Should Go For Net Revenue The accounting issue at hand in this case is revenue. Landline is offering call routing services for PRU and the former entity has to make some receipts from the services rendered. To put the issue at hand in context, revenue is generally the income received by any company from selling goods or services. In abroad sense, revenue is the income received by any commercial institution for the goods sold or services rendered. It is basically the incoming receipts generated
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At the time the SEC was created, no group—public or private—issued accounting standards. The SEC encouraged the creation of a private standard-setting body because it believed that the private sector had the appropriate resources and talent to achieve this daunting task. AICPA The AICPA's mission is to provide members with the resources, information and leadership that enable them to provide valuable services in the highest professional manner to benefit the public, employers and clients. CAP
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