Question 1. Question : (TCOs A, B, and C) Which of the following statements concerning users of accounting information is incorrect? Student Answer: The marketing vice president is considered an internal user. Present and prospective creditors are considered external users. *Regulatory authorities, such as the SEC, are considered internal users. The IRS is considered an external user. Instructor Explanation: Chapter 1 Points Received: 3 of 3 Comments: Question 2. Question
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a) Why would reclassifying period as product cost increase this periods reported earning? Product cost include all cost incurred to make a product (direct labor and material and manufacturing overhead). They are initially assigned to an inventory account in the balance sheet until they are sold. Period cost on the other hand are non-product costs, such as admin and sales expenses. These are expensed in the year they are incurred in the income statement. The income statement reports earnings
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Debits and credits are the terms used to identify either an increase or decrease in an account. It depends on the type of account that you are talking about as to whether the increase or decrease is a Debit or a Credit. The first step in understanding debits and credits is to forget what your bank tells you. As they are looking at it from their point of view, when they tell you that they will "credit" your bank account (in other words, put money in your account) they are correct. However, to you
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Celil DİNÇEL 26.09.2014 E-MBA – Student No: 9501133724 1. Prestige data service is a new company there will be a transient period and it will need time to gain market share. When we looked the financial result of the firms, the company looks relatively losing money. a. If you check the excel sheet Q1-Cost Based Calculation which is showing Prestige data company currently pays expenses, after closing the Data company, prestige phone company will have to pay these expenses because
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globally accepted system and presents advantages over other currency systems. It is not subject to currency fluctuations and value manipulations. | 2. Do you consider it as necessary? | Yes. Bitcoin as an innovation does away with the traditional double-entry entry system of accounts. Instead, it uses a triplicated cryptographic digitally signed receipts as evidence that a sales contract existed. | The product is in the initial stages of development. Its adoption should be supported till it has been
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Belinda Saboor 05/05/2015 Phase 4 Summary In order for me to complete phase 4 Individual Project. I have to setup in new company and use December 2011 as the first accounting period for QuickBooks and then I set up the chart of accounts. Then I went ahead and setup employee accounts and 2 new vendors & 2 new customers I also include the opening balances as of December 1, 2011. When it was time to input Journal Entries in phase 4, I went to the Company menu; (in QuickBooks) select
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Accg100 Accounting 1A Lecture Notes Semester 2, 2012 1 Table of Contents Lecture Notes Week 1: Introduction to Accounting, Ethics, Business Entities, Financial Statements Week 2: Accounting for Transactions –Part 1 Week 3: Accounting for Transactions –Part 2 Week 4: Accounting for Adjustments- Part 1 Week 5: Accounting for Adjustments- Part 2 Week 6: Completion of Accounting Cycle Accounting Systems Revision Chapters 1 – 4 Week 8: Accounting for Retailers Week 9: Accounting for Inventories
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University of Phoenix Material QuickBooks® Online Assignment Supplementary Material Use the following information to complete your QuickBooks® Online assignments in Week’s 2–4. Week 2 Creating Deposits • Select the large + sign in the upper-middle part of the screen. • On the right-hand side under the Other menu, select Bank Deposit. • At the top left of the deposit screen, make sure account 100 Cash-Checking Acct is selected. • Enter the appropriate date to match data
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Assignment 2 1. On February 7, 2014, a subsidiary sold land to its parent for $25,000, and showed a loss of $4,000. The parent sold the land to an outside party in 2018 for $30,000. At what amount should the land be shown on the December 31, 2014 consolidated balance sheet? How much gain/loss on the sale of the land should be reported on the 2018 consolidated income statement? 2. Sally Corporation (a 75%-owned subsidiary) owned a truck with an original cost of $12,000. It had been depreciated
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San Francisco State University Accounting 504 Midterm I The point value for each question is indicated below. Since the test will be graded using a positive grading system, it is to your advantage to ATTEMPT EVERY QUESTION. If you have any questions, please ask me. Good Luck!! 1. A statistical section should be included in a. A Comprehensive Annual Financial Report b. The basic financial statements c. The notes to the financial statements d. Required Supplemental
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