Case: A Chance to Sparkel Sarah Boychuk January 24‚ 2013 200278473 Although Scott has been presented with an impressive opportunity‚ I would not recommend that Scott and his wife invest in this company at this time. I do recommend‚ however‚ that Scott find a knowledgeable partner to share the expense of the business purchase and upgrades. The investment into the business not only provides the partners with a solid product‚ but upgrades‚ product developments and a directed marketing
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from the activities of its owner is referred to as the a. stand alone concept. b. monetary unit assumption. c. economic entity assumption. d. corporate form of ownership 2. All of the financial statements are for a period of time except the a. income statement. b. balance sheet c. owner’s equity statement. d. statement of cash flows 3. A trial balance will not balance if a. a journal entry is posted twice. b. a wrong amount is used in journalizing. c. incorrect account titles are used in
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accrual basis accounting‚ revenues are recognized when earned and expenses are recognized when incurred. TrueFalse(circle one) If false‚ explain below or correct above: 2.Expenses are decreases in assets or increases in liabilities incurred in order to generate revenues. TrueFalse(circle one) If false‚ explain below or correct above: 3.Deferred expenses are initially recorded as assets and when they are later used‚ expenses will increase and assets will decrease. TrueFalse(circle one) If
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1) Describe how one’s position in the system of stratification affects one’s life chances. Life chances refers to the chances throughout one’s life cycle to live and experience the good things in life. Life chances show how well stabled people have access to a good education‚ good medical care‚ a comfortable home‚ vacations‚ and a stable occupation. People at the lower end of the stratification hierarchy have inadequate health care‚ shelter‚ and diets. People also at this lower end have a more
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|MBA 502A--Financial Accounting: Accounting Cycle Project (KidKare‚ Inc. 2011) | | |General Journal | | |G15 | |Date |Account Titles & Explanations |Ref |Debit |Credit | |Dec30 |Childcare Exp.
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you have been alerted to this activity. Which management actions will you look for as evidence that the investors’ interests are not being protected? 1. 2. 3. 4. c. Overstated revenues and assets Overstated expenses and liabilities Understated revenues and liabilities Understated expenses and assets Mallona Manufacturing Limited (MML) is a small manufacturing company that has established
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Taking Chances How do you feel about sharing secrets with someone you’ve technically never met? Or saying how your life is to someone that you haven’t even seen face-to-face? What about…going to the extent of falling in love with that anonymous stranger? For some people‚ these things seem out of reach but actually‚ making a friend from the internet is quite thrilling. I know that most people would immediately say‚ “That’s so dangerous‚ I’d better not ever do that.”‚ but actually
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including goodwill‚ patents and trademarks. Read more: What Is the Difference Between an Asset & an Expense? | eHow.com http://www.ehow.com/info_12085244_difference-between-asset-expense.html#ixzz2Lt18CKe5 2 What is an Expense? Expenses are costs related to running the business. Expenses are deducted from revenue to determine the profitability of a company. Typically‚ the largest expense for a company is cost of goods sold -- raw materials‚ direct labor and other costs related to manufacturing
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Assessable income=ordinary income + statutory income. Ordinary income: income deriving from the courts (s6-5) Negative propositions: items that are not income by ordinary concepts: 1.Amounts not convertible into money :In Tennant v Smith (1892) free accommodation provided to a bank manager was held not to be ordinary income because building could not be sub-let and the benefit thereby converted to money. In FCT v Cooke & Sherden (1980) an incentive prize offered by a manufacturer was not income of the
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Extra Credit: pg. 212: #’s 1‚ 5-7‚ 12‚ 19-21‚ & 26-28 and pg. 250: #’s 1‚ 5-6‚ 8‚ & 11-16 Pg. 212 #’s 1‚ 5-7‚ 12‚ 19-20‚ & 26-28: 1. For each pair of terms‚ explain how the meanings of the terms differ. a. purine and pyrimidine: Purine: a nitrogenous base that has a double-ring structure; one of the two general categories of nitrogenous bases found in DAN and RNA; either adenine or guanine. Pyrimidine: a nitrogenous base that has a single-ring structure; one of the two general categories of
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