application. (10 points) (TCO 2) Transaction analysis results in the development of a journal entry. Supplies are purchased on account agreeing to pay $500 within 30 days. (1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount (10 points) and (2) explain how the Accounting Equation is impacted. (10 points) (TCO 3) Adjusting Entries are required at the end of the period to ensure that accrual accounting principles are applied. At the beginning of the
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ACCT 212 Course Project (Devry) FOR MORE CLASSES VISIT www.acct212papers.com This course has two course projects due. The first, Course Project 1, reinforces the basic principles of accounting and application of the accounting information system. It is completed in two parts. The second, Course Project 2, is an opportunity to show the ability to analyze financial statements to arrive at conclusions based upon the analysis. Course Project 1 - Overview and Guidelines | Course Project 2 - Overview
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forward-looking information. | | financial measurements | Self Test, Question 4 | | | | Correct. | | | All of the following are objectives of financial reporting except to provide information: | that is useful in investment and credit decisions. | | about enterprise resources, claims to those resources, and changes in them. | | about the management and major shareholders of an enterprise. | | that is useful in assessing cash flow prospects | Self Test, Question
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period in which cash is paid. - This method does not recognize income when goods are sold and services are performed on credit - Costs of goods and services consumed during the current period, but not paid for, are recognized as expenses in a subsequent period when cash is paid - Good for small businesses, not so good for businesses whom conduct most of activities on credit or government. • Accrual basis: Income (inc. revenues) is recognized in the period in which the expected inflow of economic
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STANDARD INTERNAL AUDIT PROGRAMME ----- I. SALES: 1 To study the system for approval and acceptance of orders and to give suggestions for improvement. 2 To check the order acceptance with price list, if any, and to report the financial impact of sales below the price list. 3 To compute the percentage mix of sales made to new parties developed during the period under review and also compute the opportunity loss due to non-development of prospective parties as customers
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deductions (i.e., state and local tax, real estate tax, cash contributions, non-cash contributions, unreimbursed employee expense, medical expense, and mortgage interest). 7. Determine applicable credits (e.g., earned income tax credit, child tax credit, education, retirement savings, dependent and child care credit). 8. Understand tax payments (e.g., withholding, estimated payments). 9. Recognize items that
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Small Business Management Discussion Questions chapters 11 and 22 October 22, 2014 Chapter 11 1. Stuart Frankel, a Subway franchisee, came up with the idea for Subway’s “$5 foot long” to combat slow weekend sales at his restaurants. It was such a hit that Subway introduced the idea to all of its 33,000 outlets, and in 1 year it generated $3.8 billion in sales. One marketing consultant asks, “Is the $5 foot long just a flash in the pan, or is it a function of consumer price points and
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CHAPTER 07 REVIEW 1. One of the most difficult issues facing accountants concerns the recognition of revenue by a business organization. Although general rules and guidelines exist, the significant variety of marketing methods for products and services make it difficult to apply the rules consistently in all situations. Chapter 7 is devoted to a discussion and illustration of revenue transactions that result from the sale of products and the rendering of services. Throughout the discussion
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Accounting 200 Review for Exam 1 Chapter 1: 1. Forms of Business Organizations: a. Sole Proprietorship i. Business owned by a single person ii. Ex. If you want to start a business without outside investors b. Partnership iii. Business owned by two or more persons iv. Ex. If you want to start a business with a friend you can form a partnership c. Corporation v. Completely different from proprietorship or partnership
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Establish, Use, and Protect Your Credit How to Establish Credit How to Establish, Use, and Protect Your Credit What you need to know Good credit is valuable. Having the ability to borrow funds allows us to buy things we would otherwise have to save for years to afford: homes, cars, a college education. Credit is an important financial tool, but it can also be dangerous, leading people into debt far beyond their ability to repay. That is why learning how to use credit wisely is one of the most valuable
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