AC553: FINAL EXAM STUDY GUIDELINES The Final Exam will be administered during Week 8. It consists of 16 multiple-choice questions (five points each) totaling 80 points and 10 essay questions (17 points each) totaling 170 points for a grand total of 250 points. It is a 3.5-hour exam. There are some basic calculations involved, so a simple calculator may be useful. Showing your work will count towards your overall points, so make sure that your answer consists of more than just numbers. The Final
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AC553: FINAL EXAM STUDY GUIDELINES The Final Exam will be administered during Week 8. It consists of 16 multiple-choice questions (five points each), totaling 80 points; and 10 essay questions (17 points each) totaling 170 points, for a grand total of 250 points. It is a 3.5-hour exam. There are some basic calculations involved, so a simple calculator may be useful. Showing your work will count towards your overall points, so make sure that your answer consists of more than just numbers. The
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figure is important in determining a business's ability to meet its financial obligations. Accrual accounting. An accounting method whereby income and expenses are booked when they are incurred, regardless of when they are actually received or paid. Revenues are recognized during the period in which the sales activity occurred; expenses are recognized in the same period as their associated revenues. Accruals. An amount incurred as an expense in a given accounting period—but not paid by the end of
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acct 1511 notes Chapter 6 – Financial Reporting Principles, Accounting Standards and Auditing 6.2 Accounting Principles and the use of Accounting Information Doing accounting takes expert knowledge, considerable experience and continuous attention to new problems and solutions. Concepts and principles are important, as they form logical structure that practising accountants use every day to consider problems to make recommendations GAAP (Generally Accepted Accounting Principles) applied
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3, 4, 5, 6, 7, 8, 9, 10, 12 1, 2, 4, 6 1, 4, 9, 10, 12 Brief Exercises 1, 2 Exercises 1, 2, 3, 4, 17 Problems 1 5. 6. 7. 8. *9. *10. *11. Financial statements. Closing. Inventory and cost of goods sold. Comprehensive accounting cycle. Cash vs. Accrual Basis. Reversing entries. Worksheet. *These topics are dealt with in an Appendix to the Chapter. Copyright © 2011 John Wiley & Sons, Inc. Kieso, Intermediate Accounting, 14/e, Solutions Manual (For Instructor Use Only) 3-1 ASSIGNMENT
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liability resulting from the use of accrual basis vs. cash basis accounting? Choose 1 answer | | A. | | The cash basis of accounting considers all income for the year when it is earned and pays taxes on the gross income amount, regardless of when funds are actually collected. The accrual basis of accounting considers all income for the year when it is collected and pays taxes on that amount, regardless of when it is earned. | B. | | The accrual basis of accounting considers all income
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3, 4, 5, 6, 7, 8, 9, 10, 12 1, 2, 4, 6 1, 4, 9, 10, 12 Brief Exercises 1, 2 Exercises 1, 2, 3, 4, 17 Problems 1 5. 6. 7. 8. *9. *10. *11. Financial statements. Closing. Inventory and cost of goods sold. Comprehensive accounting cycle. Cash vs. Accrual Basis. Reversing entries. Worksheet. *These topics are dealt with in an Appendix to the Chapter. Copyright © 2011 John Wiley & Sons, Inc. Kieso, Intermediate Accounting, 14/e, Solutions Manual (For Instructor Use Only) 3-1 ASSIGNMENT
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The Framework of FRS F.R.A SS7 Two systems worldwide R22: Financial Statement Analysis: An Introduction R23: Financial Reporting Mechanics R24: Financial Reporting Standards The Financial Accounting Standards Board (FASB) The Statement of Financial Accounting Standards (SFAS) R25: Understanding the I/S R26:Understanding the B/S R27: Understanding the C/F R28: Financial Analysis Techniques R29: Inventories R30: Long-Lived Assets R31: Income Taxes R32: Long-Term Liabilities
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Financial statement account identification LG 1; Basic | (a) | (b) | Account Name | Statement | Type of Account | Accounts payable | BS | CL | Accounts receivable | BS | CA | Accruals | BS | CL | Accumulated depreciation | BS | FA* | Administrative expense | IS | E | Buildings | BS | FA | Cash | BS | CA | Common stock (at par) | BS | SE | Cost of goods sold | IS | E | Depreciation | IS | E | Equipment | BS | FA | General expense | IS | E | Interest expense | IS | E
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p. 469 Review Summary of Study Objectives Answer Self-Study Questions Complete Assignments ✓ The Navigator Feature Story FINANCING HIS DREAMS What would you do if you had a great idea for a new product, but couldn’t come up with the cash to get the business off the ground? Small businesses often cannot attract investors. Nor can they obtain traditional debt financing through bank loans or bond issuances. Instead, they often resort to unusual, and costly, forms of nontraditional financing
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