100 multiple-choice questions from the information presented in Chapter 1 through Chapter 13. Each question is worth 2.5 points. This study guide indicates the items you should review before taking the exam. GOOD LUCK! CHAPTER 1 1. Know the 3 forms of business entities 2. Know the definitions of revenues and expenses 3. Know the difference between internal and external users 4. FASB – responsible for GAAP (accounting principles) 5. Accounting Equation 6. Know the 3 activities that
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CHAPTER 1 FInANCIAL ACCOUNTING AND ITS ECONOMIC CONTEXT ISSUES FOR DISCUSSION ID1–1 Security analysts and stockholders: These users would use financial statements to try to estimate the future earnings and cash flow potential of the company‚ which would be used to project a value for the company’s stock. Bank loan officers: These users would use the financial statements to determine the ability of a company to repay loans to the bank. A company’s
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Financial Reporting Problem Part 1 XACC/290 March 1‚ 2015 Financial Reporting Problem Part 1 J.P. Morgan is a company in the banking industry. J.P. Morgan was established in 1799 and despite multiple stock market crashes and recessions; it is a company that continues to do well in its sector (JP Morgan‚ 2014). J.P. Morgan Bank is the publicly traded company that I chose to analyze the 2013 annual report. At the end of 2013‚ the total assets of J.P. Morgan was 1‚945‚467‚000‚000; one trillion‚ nine
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“Financial statements are like fine perfume; to be sniffed but not swallowed.” - Abraham Briloff (Professor Emeritus of CUNY Baruch) ACCOUNTING: Accounting is defined by the American Institute of Certified Public Accountants (AICPA) as "the art of recording‚ classifying‚ and summarizing in a significant manner and in terms of money‚ transactions and events which are‚ in part at least‚ of financial character‚ and interpreting the results thereof." ACCOUNTING AND ITS ROLE IN SOCIETY:
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1 ACCOUNTING 1 (ACN101- M) STUDY UNIT 1: THE NATURE AND FUNCTION OF ACCOUNTING DEFINITION: • • • Accounting can be defined as the orderly & systematic recording of the monetary values of financial transactions of a business The reporting of results Providing financial information as a basis for decision making 3 main processes define the accounting process: 1. IDENTIFYING: Selecting evidence of economic / financial activity (transactions) 2. RECORDING transactions to provide a permanent
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Coursework BBM – Financial Accounting (FIN 2241) SHARIFUDDIN HAZIQ BIN ABDUL AZIZ SCM 022587 Ms. Janice Contents No. | Title | Pages | 1 | Executive summary | 2 | 2 | Question 1 | Introduction | 3 | | | Sole Proprietorship | 4 | | | Partnership | 5 | | | Limited Liabilities Company | 6 | | | Accounting | 7 | | | Benefits of accounting | 7-9 | 3 | Question
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IMPROVING WELLINGTON FREE AMBULANCE STAKEHOLDER ENGAGEMENT THROUGH NON- FINANCIAL REPORTING RESEARCH REPORT MMPA 516 SUBMITTED BY Name: Rajat Chawla Student ID: 300256730 TABLE OF CONTENTS Executive Summary………………………………………………………………………….. i Table of Contents…………………………………………………………………………… ii Introduction Pros of SSP reporting Cons of SSP Reporting Conclusion Challenges communicated to Stakeholders What stakeholders
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additional company checks R$34. At November 30‚ the cash balance per books was R$5‚959 and the cash balance per the bank statement was R$9‚101. The bank did not make any errors‚ but two errors were made by Brasilia Company. Instructions (a) Using the four steps in the reconciliation procedure‚ prepare a bank reconciliation at November 30. (b) Prepare the adjusting entries based on the reconciliation. (Hint: The correction of any errors pertaining to recording checks should be made to Accounts
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ACCT7102 Individual Case Study Assignment: ‘Biovail Corporation: Revenue recognition and FOB Sales Accounting’ Task Description: The financial reporting case study is a comprehensive case study which examines the specific application of case scenarios involving principally Topic 5 (Managerial incentives for financial statement management). The case will also be used to examine student report writing skills‚ general accounting knowledge‚ and ability to critically evaluate complex case
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strike price is $51. The option expires on July 31‚ 2010. On March 31‚ 2010‚ the market value of Reese stock was $48 per share and the time value of the option was $120. The put option is not designated as a hedge. If the company has to prepare financial statements on March 31‚ 2010‚ what would the entry be? A debit to the Put Option and a a. credit to Unrealized Holding Gains/Losses – Income $805. b. credit to Unrealized Holding Gains/Losses – Equity $805. c. credit to Unrealized Holding
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