Case Study Two Situation A. The missing component here is; Ensure accurate, reliable accounting records. I say this because there is no one going behind the purchasing agent to review his or her work. The purchasing agent is responsible for the purchasing of the diamonds, the approving of the purchasing agreement and signing of the check. Without proper controls, records may be unreliable, making it impossible to tell which part of the business is profitable and which part needs improvement. I
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1. (1) Cookie-jar reserves is accounting practice take reserves against losing in a profitable years, and use this reserves in a loss years to make company in a good condition year to year. (2). The strategy of manipulating a company's income statement to make poor results look even worse. http://www.investopedia.com/terms/b/bigbath.asp (3). According to the FAS 5, first, the asset on the financial statement needs to be impaired, and the liability recorded on the finance statement actually
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Accounting Discussions: Discuss the rules that impact a business' Accounting Information System. What types of compliance are required? Visit the website of the Financial Accounting Standards Board (FASB) to learn about Generally Accepted Accounting Principles (GAAP). Go to www.fasb.org. Additionally, you may read more about compliance from www.aicpa.org, the site of the American Institute of Certified Public Accountants (AICPA). What rules impact a business' Accounting Information System? What
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Case #2 – Performance Drinks: Applying Activity Based Costing Taylor Goodwine Davenport University December 11, 2015 1. Cost-Driver Rate= AC/AV (Ex: 22,500/85=264.70) Particular | Amount | Equipment Set Ups | Production Runs | Number of Products | Machine-Hour Capacity | Indirect Labor | $55,000 | $11,000 | $24,750 | $8,250 | $11,000 | Fringe Benefits on Indirect Labor | $24,750 | 4950 | 11,138 | 3,713 | 4,950 | Utilities | $5000 | 250 | 3,250 | - | 1,500 | Processing Equipment
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4-11. a TOWN OF BENTON ALEX BENTON PARK ENDOWMENT FUND GENERAL JOURNAL FOR YEAR ENDED JUNE 30, 2014 Debits Credits 1. DECEMBER 31, 2013: CASH 500,000 REVENUES—CONTRIBUTIONS FOR FOR ENDOWMENT 500,000 2. DECEMBER 31, 2013: INVESTMENT IN BONDS 406,300 ACCRUED INTEREST RECEIVABLE 6,000 CERTIFICATE OF DEPOSIT 70,000 CASH 482,300 3. MARCH 31, 2014:
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FINANCIAL ACCOUNTING (Williams et al.) Suggested Answers for “Your Turn” cases Chapter 1 You as a Creditor As a creditor, you are interested in the borrower’s ability to repay the $10,000 that she borrows, plus an additional amount for the use of your bank’s money for the time the loan is outstanding. Information that would assist you in making a decision regarding the creditworthiness of the potential borrower would include employment and income information, other expenses that she must
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ACCT 2102 - MANAGERIAL REVIEW CHAPTERS 14, 15 THE TEST CONSISTS OF 25 - 30 MULTIPLE CHOICE QUESTIONS THAT WILL ASK YOU TO APPLY THE CONCEPTS YOU HAVE LEARNED IN THE CHAPTERS. MEMORIZATION OF CONCEPTS WITHOUT KNOWING HOW TO APPLY THEM WILL NOT WORK. HAVE A WORKING KNOWLEDGE OF THE VOCABULARY AT THE END OF THE CHAPTER. REVIEW ALL EXERCISES AND PROBLEMS ASSIGNED. CHAPTER 14 Who are the users of managerial information? What are the distinguishing features of managerial accounting? Explain
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ACCT 346 Entire Course / ACCT 346 Entire Course Type: ACCT 346 ( Devry ) ACCT 346 Entire Course / ACCT 346 Entire Course To Buy this Class Copy & paste below link in your Brower http://sourceofhomework.com/downloads/acct-346-entire-course/ Or Visit Our Website Visit : http://sourceofhomework.com Email Us : sourceofhomework@gmail.com ACCT 346 Entire Course / ACCT 346 Entire Course Type: ACCT 346 ( Devry ) ACCT 346 Entire Course / ACCT 346 Entire Course To Buy this Class Copy & paste
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------------------------------------------------- ------------------------------------------------- ACCT 358 ------------------------------------------------- Tutorial for Week Beginning 11 March 2013 ------------------------------------------------- Tutorial: Company Taxation: Imputation, RWT/NRWT (continued) Dividend Imputation 1. SpannerWorks Limited is a closely held private company incorporated on 1 April 2001. Its share capital comprises $40,000 $1 ordinary shares fully
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Acct 306 Case Project Summer 2014 On January 1, 2014, NeedMoreRoom, Inc. (NMR) entered into a lease agreement with WeRentSpace, Inc. (WRS) to rent space for its corporate offices. Based on the lease agreement, the lease is properly classified as an operating lease. The lease has a 10-year lease term (expires on December 31, 2023), and there is no option to renew nor is the ability to negotiate for renewal provided in the lease agreement. In addition, the lease agreement contains two provisions that
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