1. (TCO 3) At the end of the period it is necessary to close all temporary accounts. (1) Explain why this process is required (10 points) and (2) provide an example of the closing of an expense account, Salary Expense in the form of a journal entry. (10 points) (Points : 20) 1. We have to close temporary accounts at the end of a period because when the temporary accounts are closed, it brings their balances back down to zero. 2. I would Debit Salary Expense and Credit to PayrollExpenses 12/31
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A review of Kroger’s annual report. Introduction This paper takes a look Kroger’s fiscal year 2010 Annual Report. Introduction The first part of Kroger’s annual report is an introduction on managements responsibility for financial reporting and managements report on internal control. These statements are an introduction to the report and set the tone for the annual report. In this section Kroger states their firm belief in operating ethically and identifies the group that audits their
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Accounting Practices 1 Accounting Practices and Entries Axia College of University of Phoenix Angela Sherrell HCA/270 July 4, 2010 Accounting Practices 2 Business owners view companies as similar to human beings. As people visit their doctors regularly to help maintain their physical health, business owners have to monitor their business’s health on a regular basis. Accounting, which is defined as “the process of identifying, measuring, and communicating economic information
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ACCT 201 Final Exam Answers http://www.homeworkwarehouse.com/downloads/acct-201-final-exam-answers/ ACCT 201 Final Exam Answers 1. The term “double taxation” refers to which of the following: A. A sole proprietorship must pay income taxes on its net income and the owner is also required to pay income taxes on withdrawals. B. In a partnership, both partners are required to claim their share of net income on their tax returns. C. Corporations must pay income taxes on their net income, and their
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production units, rather than real costs; after full costs are accumulated in regards to basic costs, these totals are compared to genuine accumulated costs, and the distinctiveness is charged to a variance account First-in first-out costing (FIFO). FIFO is a more complex calculation that builds levels of costs, one for any units of production that were started in the earlier production period but not completed, and another level for any production that is started in the present period. (Horngren
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FINANCE –EXAM 3 1. The Hasting Company began operations on January 1, 2003 and uses the FIFO method in costing its raw material inventory. An analyst is wondering what net income would have been if the company had consistently followed LIFO (instead of FIFO) from the beginning, 1/1/2003. He has the following information available to him: What would net income have been in 2004 if Hastings had used LIFO since 1/1/2003? $ 110,000 $ 150,000 $ 170,000 $ 230,000 2. A customer is currently
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ACC 560 WK 3 Quiz 3 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-560-WK-3-Quiz-3-All-Possible-Questions-19.htm ACC 560 WK 3 Quiz 3 - All Possible Questions TRUE-FALSE STATEMENTS 1. Process cost accounting focuses on the process involved in mass-producing products that are very similar in nature. 2. Process cost systems are used to apply costs to a specific job, such as the manufacturing of a specialized machine. 3. A company
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(before sold, changes in FMV)Available-for-sale sec (d/eq neither holding nor selling) (more likely to be misinterpreted)B/S: Fair ValueI/S: No effect (ur. G/L goes to other comprehensive inc) | Inventory | FIFO/Weighted ave costB/S: lower of the cost or NRVWrite-down to the value is allowed | FIFO/LIFO/WACB/S: lower of the cost or MVWrite-down is forbidden If LIFO is used, LIFO reserve (COGSLIFO-COGSFIFO) should be disclosed in the footnotes. | PP&E | B/S: org cost-A.dep; if it was written-up
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ACCOUNTING FOR MATERIALS – MATERIALS Definition Materials: | In cost accounting material is defined as the part of inventory. Basically, material and raw material are used for same purpose. This is main part of total cost of production. It can reduce or increase according to the fluctuation in production. So, this is very flexible and controllable source of production. For making furniture, wood is the material. 60% to 70% proportion in the total cost of production will be material cost
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Chihab EL ALAOUI Student ID: 118989 Title: Case of the Manzana Insurance Fruitvale Branch 1. Describe and evaluate Manzana's operations strategy Manzana has an operations strategy focusing on autonomy among branch offices that shows in the case operational inefficiencies, and it considers each branch as a separate profit and loss center with the space to underwrite
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