account is a source document.| C)|An account consists of three parts.| D)|An account has a title.| 2.|Which statement about an account is true?| A)|In its simplest form‚ an account consists of two parts.| B)|An account is an individual accounting record of increases and decreases in specific asset‚ liability‚ and stockholders’ equity items.| C)|There are separate account for specific assets and liabilities but only one account for stockholders’ equity items.| D)|The left side of an account
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Chapter 5- GLOBAL COMPANY PROFILE: Regal Marine world’s 3rd largest boat manufacturer; Regal uses CAD computer aided design; Regal uses JIT inventory to deliver parts as needed. GOODS & SERVICES SELECTION: The good or service provided is basis for an organization’s existence and the key to success; To maximize success‚ companies focus and concentrate on few products; Companies must look constantly for new products to design; Product Decision- to develop‚ implement a product strategy that meets
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An accounting information system is system that keeps record for a business to maintain its accounting system. Accounting information systems combine the study and practice of accounting with the design‚ implementation and monitoring of information systems. The use of such systems uses modern information technology resources together with traditional accounting methods to provide the users with the necessary information to manage their Organisation. Accounting information systems has its strengths
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2007. It has been depreciated using the straight-line method based on estimated salvage value of $5‚000 and an estimated useful life of 5 years. Prepare Beka Company’s journal entries to record the sale of the equipment in these four independent situations. Sold for $28‚000 on January 1‚ 2010. (For multiple debit/credit entries‚ list amounts from largest to smallest eg 10‚ 5‚ 3‚ 2.) | | Beka Company owns equipment that cost $50‚000 when purchased on January 1‚ 2007. It has been depreciated
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Intro to accounting Business Activites Financing Investing Operating Types of Financing Equity investors: Stockholders Hope to receive dividends or increase in stock price—no guarantees! Public versus private company Debt investors: Creditors of the business Expect principal and interest payments SEC (Securites and exchange commission) Established in 1933 Requires of public companies: Form 10-K (annually) Form 10-Q (quarterly) Audited financial statements (annually) by an “independent
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COURSES > ACCOUNTING FOR GOVERNMENTAL AND NONPROFIT ENTITIES:‚ 15/E- WILSON > CONTROL PANEL > POOL MANAGER > POOL CANVAS Pool Canvas Add‚ modify‚ and remove questions. Select a question type from the Add Question drop-down list and click Go to add questions. Use Creation Settings to establish which default options‚ such as feedback and images‚ are available for question creation. Add !"#$%&#’()*+%‚’ Creation Settings Name Chapter 06 Accounting for General Long-Term Liabilities and Debt Service
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Diane Phengdy Journal Entry #1 MY IDEAL CAFE Dear journal‚ In a few years from now‚ I would really like to open up some sort of cafe‚ specifically a boba shop. I would like for it to be located in California‚ specifically Southern California so it can compete with other boba shops. The menu would be filled with a variety of milk teas‚ flavored teas‚ and lattes that can be paired with various toppings such as boba‚ grass jelly‚ egg pudding‚ different popping boba flavors‚ and an array of different
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Ultimate Butter Popcorn issues 5%‚ 5-year bonds with a face amount of $52‚000. The market interest rate for bonds of similar risk and maturity is 4%. Interest is paid semiannually. At what price will the bonds issue? (Do not round PV factors. Round your answer to the nearest dollar amount. Omit the "$" sign in your response.) Issue price $ 54‚336 4. Discount Pizza retires its 5% bonds for $54‚000 before their scheduled maturity. At the time‚ the bonds have a carrying value
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Types of Entrepreneurs 1. Classic Entrepreneur. Wants to innovate‚ grow big and make a lot of money. The classic entrepreneur is not interested in starting a business to give herself a job. If you want to start a company‚ make it profitable and sell it‚ then you are a classic serial entrepreneur. The SAC Entrepreneurship and Innovation Program wants to make sure that everyone understands Classical Entrepreneurship. Most community college entrepreneur programs focus on small business
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CHAPTER 1 Managerial Accounting ASSIGNMENT CLASSIFICATION TABLE Brief Exercises 1 A Problems B Problems Study Objectives *1. Explain the distinguishing features of managerial accounting. Identify the three broad functions of management. Define the three classes of manufacturing costs. Distinguish between product and period costs. Explain the difference between a merchandising and a manufacturing income statement. Indicate how cost of goods manufactured is determined. Explain the difference
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