of the Kansas Union. Complete this packet prior to attending the review!!! Short Answer 1. State the fundamental accounting equation. 2. What are the two components of stockholder’s equity? 3. What is the formula for current ratio‚ quick ratio‚ debt ratio‚ and working capital? 4. What is the group that presently creates accounting standards? 5. What gives the board of directors the right to change a company’s CEO? 6. What three things
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Administration and Analysis‚ Accounting Manager‚ Administrative Assistant‚ Accounting Clerk‚ Treasurer‚ Financial Analyst‚ Information Technology Analyst‚ Manager of Human Resources‚ Director of R&D‚ Sales Manager‚ VP Operations and President. (6 points) | | CFO | | | | | | | | | Controller | | | Manager of | | Treasurer | | | | HR | | | Accounting | | | | Financial | Manager | | | | Analyst | | | | | | | Accounting | | | | | Clerk |
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Chapter 7 Solutions 7.3 Raven Assets taken over Plant and machinery Furniture and fittings Inventories Trade receivables Brand Liabilities Identifiable net tangible assets Consideration transferred Goodwill RM 340‚000 40‚000 60‚000 60‚000 100‚000 600‚000 (22‚000) 578‚000 650‚000 72‚000 Debit RM To record the purchase price Gimmick Realisation account (Being the agreed purchase price.) Assets taken over Realisation account Trade payable Accumulated depreciation
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function? • How are bad debts accounted for under the direct write-off method? What are the disadvantages of this method? • Pendergrass Company hires an accounting intern who says that intangible assets should always be amortized over their legal lives. Is the intern correct? Explain. • What are the basic issues related to accounting for intangible assets? • Why would you select the percentage of sales method for calculating doubtful accounts instead of the percentage of receivables method
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Chapter 12 : 1/ As part of the initial investment ‚ a partner contributes office equipment that had cost $20‚000 and on which accumulated depreciation of $ 12500 had been recorded . If the partners agree on a valuation of $ 9000 for the equipment ‚ what amount should be debited to the office equipment account? a/ 7500 c/ 12500 b/ 9000 d/ 20000 2/ Chip and Dale agree to form a partnership. Chip is to contribute $50000 in assets
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Self-Test 1 Problem: The following is a set of transactions during the month of May‚ 2012 for the business of Jess Consulting Office. The chart of accounts shows the following accounts: Jess Capital 300‚ Withdrawals 320‚ Cast at Bank 100‚ Advertising Expense 520‚ Wages Expense 525‚ Prepaid Advertising 112‚ Prepaid Rent 114‚ Tax Service Fees 405‚ and Consulting Revenue 400. The balance of cash account at 1st of May 2012 is $10‚000. May 2. Jess Barley invested $30‚000 more into the business
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Homework of Corporate Finance The 3rd Week 【Corporations】 What is the primary disadvantage of the corporate form of organization? Name at least two advantages of corporate organization. Answer: The primary disadvantage of the corporate form is the double taxation to shareholders of distributed earnings and dividends. Advantages include: limited liability; ability to raise capital; and unlimited life 【Agency Problem】 Who owns a corporation? Describe the process whereby the owners control
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To: From: Subject: Financial needs Polar For Polar Sports‚ Inc. one potential big change could be the switch from seasonal production to level monthly‚ as is brought up by Mr. Johnson‚ vice president of operations. This will lead to several differences in forecasting compared with when the company still adopts seasonal production. The forecast will through light on the financial needs of the company. First of all‚ production will be distributed evenly throughout the year under level production
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Generally Accepted Auditing Standards Maxx Mayeux ACC/490 February 22nd‚ 2012 Linda Carr Generally Accepted Auditing Standard • Describe how these standards apply to financial‚ operational‚ and compliance audits. • Explain the effect that the Sarbanes-Oxley Act of 2002‚ and the Public Company Accounting Oversight Board (PCAOB)‚ will have on audits of publicly traded companies. • Discuss the additional requirements that are placed on auditors from this act and the actions
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Generally Accepted Auditing Standards Catherine Harris ACC491 December 15‚ 2012 Stephen Russell Generally Accepted Auditing Standards Generally Accepted Auditing Standards are set forth‚ so an auditor’s performance can be judged against something. Since 2002 and the introduction of the Sarbanes-Oxley Act auditing requirements have undergone many changes. As the times and technology change so must the profession. Generally Accepted Accounting Standards (GAAS) have 10 elements and are divided
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