You have just paid him his salary. What accounts will this transaction impact? 1. Expense Account will be affected and Cash account will be affected. |Salary (E) | 5,000 | |Cash (A) |-5,000 | 2. Bravo Corporation borrows Rs 1,000,000 on 1st Jan 2013 from a bank for corporate expenses. As per the terms of the agreement, Bravo Corporation will need to pay the bank $1,728,000
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Appendix C Budgets Matrix Directions: Using the matrix, define each of the budgets listed and briefly describe its uses. |Budget |Definition |Describe its uses | |Sales budget |A detailed paper showing what the expected sales of any given |Determine how much of a product will need
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accounting world. When you reverse an entry made in a prior period, you prevent duplication of revenues or expenses, which improves accuracy. For example, you made an entry to recognize a phone expense last month as part of the closing of the month process. Now the bill has been entered in the accounting system, and an expense was again recognized. The reversing entry will zero out the expense, correcting the situation. Reversing entries related to period closing always are paired with entries from
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Exam 1 Research Xilin Song 1. Exam Question Number: 3 Facts: asymmetric information of capital market Issue: Which of the following best illustrates the concept of asymmetric information in a capital market? Analysis: In the article “ Transparency Financial Accounting Information and Corporate Governance” Robert and Abbie stated that “In the investigation of the economic effects of private information acquisition and dissemination, future research can consider the independent
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Complete the following exercise (Research and Application 2-28) and submit to your instructor. The questions in this exercise are based on Dell, Inc. To answer the questions, you will need to download Dell’s 2005 Form 10-K. You do not need to print this document in order to answer the questions. What is Dell’s strategy for success in the marketplace? Does the company rely primarily on a customer intimacy, operational excellence, or product leadership customer value proposition? What evidence supports
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Dear Mr. Jeff Hasting and Ms. Rachel Becker, Upon request to analyze CAC’s accounting methods and financial statements to better understand the company and come to an investing decision, my accounting team and I have the following information to report: CAC’s Current Financial Situation: Based on the assessment of Custom App Company’s financial statements, we evaluated several of the company’s financial ratios to determine the trend of its profitability, liquidity, and sustainability as well as
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adjustment was made at year end to account for this as deferred revenue. (5) You noticed that the professional fees showed legal and accounting fees of $25,000 related to the re-financing of the company’s long-term debt. (6) In miscellaneous expenses you saw that some application software of $12,000 was expensed, as was $30,000 for landscaping the grounds around their office building. (7) The company expensed a total of $55,000 on meals and entertainment, including $18,000 for a summer picnic
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Personal Use of Company Resources Karen M. Boozer Baker College Center for Graduate Studies July 12, 2011 Abstract Everyone, at one time or another, has used company resources for personal usage. Considering all the time that people spend at a desk it is almost inevitable that this will happen. The important thing is to make sure that the usage is not abusive nor against company policy. Research suggests that people either very diligent about excessive usage or very abusive of
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disadvantages of it. Depreciation: Is a reduction in the value of tangible fixed assets. It also refers to an expense recorded to allocate a tangible asset’s cost over its life. Because it is a non-cash expense, it increases free cash flow while decreasing reported earnings. Depletion: Is the gradual reduction of natural resources. Unlike depreciation which describes the deduction of expenses due to aging of equipment and property, depletion is the actual physical reduction of natural resources. Depletion
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time. Services needed for space or item or services close enough, cost for services that need to be implemented, networking, electrical, parking and security. Understanding cost such as “design fees, construction, moving expenses, and furnishing in addition to operating expenses”. (University of Missouri System, 2013) Funding type & availability needs to be determined with the company’s business officer or treasurer. (Mayo, 2012) Factors Involved in Lease vs Purchase Deciding whether to lease
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