NOTES FROM FIRST ASSIGNMENT 1. Start Journal Entry with Debit (s) on the first line (s) and credit (s) on the next lines‚ e.g.‚ Cash xxx Owner’s Capital xxx 2. No need to write ‘Debit’ and ‘Credit’ when doing a journal entry. Simply indent the credits (including the Account Titles) further to the right and that will signify credits and debits to accountants. 3. Use Account Descriptions that are given in the Problem (e.g.‚ if the problem only has ’Expenses’
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CHAPTER 2 CONCEPTUAL FRAMEWORK UNDERLYING FINANCIAL ACCOUNTING IFRS questions are available at the end of this chapter. TRUe-FALSe—Conceptual Answer No. Description F 1. Nature of conceptual framework. T 2. Conceptual framework definition. F 3. Levels of conceptual framework. T 4 International conceptual framework. F 5. Statements of Financial Accounting Concepts. T 6. Decision usefulness.Objective of financial reporting. F 7. Financial statement users. T 8. Relevance and
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FASB Codification Case #1 Treasury Stock Paragraph 505-30-30-3 considers that “. If the purchase of treasury shares includes the receipt of stated or unstated rights‚ privileges‚ or agreements in addition to the capital stock‚ only the amount representing the fair value of the treasury shares at the date the major terms of the agreement to purchase the shares are reached shall be accounted for as the cost of the shares acquired”‚ and further the section mentions that “the price paid in excess
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000 = 1‚350‚000 Less var. CGS 12*45000 540‚000 CM 810‚000 less fixed costs: FMO 180‚000 Fixed S & admin. 160‚000 Net income 470‚000 EX5-18 3.6 * 5000 = 18‚000 And 488‚000 – 470‚000 = 18‚000 Problem 5-2 VC per unit = 75 2013 2014 2015 Full cost per unit = 50‚000/5000 50‚000/6‚000 50‚000/4000 10 8.33 12.50 Add 75 75 75 = 85 83.33 87.50 Sales= 225*5000 1‚125‚000 1‚125‚000 1‚125‚000 Less CGS 85*5
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measure globalization: economic globalization‚ political globalization and social globalization. Please explain what each dimension represents in detail and why each is important for a nation to achieve a substantial presence in the global economy. 2. Visit the U.S. Department of Commerce website (www.doc.gov). Identify and describe the most important support functions that the agency provides to the companies that do international business. (you may use a value chain sketch and see what is offered
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Chapter 1 P 1-1. a. Calculate the tax disadvantage to organizing a U.S. business today as a corporation‚ as compared to a partnership‚ under the following conditions. Assume that all earnings will be paid out as cash dividends. Operating income (operating profit before taxes) will be $500‚000 per year under either organizational form. The tax rate on corporate profits is 35% (= 0.35)‚ the average personal tax rate for the partners is also 35% (= 0.35)‚ and the capital gains tax rate on dividend
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HMGT 3311 HW #2 Q 2.1: A: From a financial perspective‚ briefly describe the concept of a business. A business is considered to be an entity and its legal form does not matter. It involves obtaining financing or capital. Where then using the financing funds to buy land‚ buildings‚ etc. and having them as assets. Those assets are then used to create goods and services. After‚ those goods or services are sold to create revenue. B: What is the difference between a business
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Accounting homework (Chapter 4) Discussion Questions 4.2 Why do you think it’s important to keep separate the transactions made by the business and its owner? Give an example of a personal transaction that has implications for the business entity. According to entity concept‚ every type of entity – sole trader‚ partnership‚ company and trust – must keep records of its business transactions separately from any personal transactions. Personal transactions are transactions of the owners‚ partners
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Homework 2 1. What common programming language statement‚ in your opinion‚ is most detrimental to readability and why do you think that? The go to statement in my opinion can be the most detrimental to program readability‚ because it makes it difficult to keep track of where the program has been and will go during debugging. Extensive use of go to statements make it difficult to impossible to keep the program code in a top down format. 2. How does the distinguishing between
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Chapter Two Worldwide Accounting Diversity Learning Objectives After reading this chapter‚ you should be able to • Provide evidence of the diversity that exists in accounting internationally. • Explain the problems caused by accounting diversity. • Describe the major environmental factors that influence national accounting systems and lead to accounting diversity. • Describe a judgmental classification of countries by financial reporting system. • Discuss the influence that culture is thought to
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