ACCT 2300 Final Exam Review Sheet 1. Chapter 1 a. Types of businesses b. Purpose of accounting & Primary users of information c. Purpose of Financial Statements d. Conceptual Framework 2. Chapter 2 a. Objectives of Financial Reporting b. Financial Statements – Know how to calculate each and all the parts in them b.i. Income Statement – Single and Multi-Step Net Sales - COGS Gross Profit Operating Expenses: - General and Administrative Expenses - Selling Expenses
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CHAPTER 9 INVENTORIES: ADDITIONAL VALUATION ISSUES MULTIPLE CHOICE—Conceptual Answer d d c b a c d b d a d a a d b d c a d b a b c c No. Description 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. *22. 23. *24. Knowledge of lower of cost or market valuations. Appropriate use of LCM valuation. Definition of "market" under LCM. Definition of "ceiling." Definition of "designated market value." Application
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the existing location`s competitors‚ it should provide insight into who will be the future competitors at the new location) 2. Opinions of Owner/Operators (provide inventory for new location) 3. Product Related Segmentation * Notes: Future competitors at the new location – tim horton’s * Product related segmentation – looks at similarities of he businesses in the surrounding area * 1. Consumer Surveys The competition question in the consumer surveys‚ should provide
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GM520 Final Exam Study Guide * TCO A: Given an organizational requirement to conform business practices to both the law and best ethical practices‚ apply appropriate ethical theories to shape a business decision. * Schools of thought * Ethical models * TCO B: Given instances of federal regulation of business and commercial practices‚ determine the constitutional and regulatory bases for such regulation‚ and formulate a strategy by which an impacted business can influence
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Tax Notes: Capital Gains Capital property: depreciable property and any other property the disposal of which would result in a capital gain Capital gains = proceeds – ACB Taxable capital gain = capital loss and gain are taxed at a rate of ½ Capital losses are denied: depreciable property‚ personal use property‚ deemed dispositions (to the extend they exceed capital gains Disposition of Identical Properties (shares) Post V day pool (pre 1972) ( real estate property Median
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Business Policy Final Exam Review 1: Strategic Management: set of managerial decisions and actions that determines the long-run performance of a corporation. It includes environmental scanning (both external and internal)‚ strategy formulation (strategic or long-range planning)‚ strategy implementation and evaluation and control. Emphasize the monitoring and evaluating of external opportunities and threats in light of a corporations strengths and weaknesses. 2: 4 phases of strategic management:
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Categorize the accounting tasks performed by Urlacher as relating to either the identification (I)‚ recording (R)‚ or communication (C) aspects of accounting. E1-2 (a) The following are users of financial statements. ___I___Customers __I___Securities and Exchange Commission ___C__Internal Revenue Service __C__Store manager ___I___Labor unions __R__Suppliers ___C__Marketing manager __C_ Vice-president
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recognized on the accrual basis for financial reporting purposes and on the installment basis for tax purposes‚ and (c) warranty costs recognized in the period incurred for financial reporting purposes and when they are paid for tax purposes. *Note: All asterisked (*) items relate to material contained in the Appendix to the chapter. 3. The items discussed in paragraph 2 above can result in temporary differences between the amounts reported for book purposes and those reported for tax purposes
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the success - If you tell them what to do it hurts statesComparative advantage‚ leaders will lobby against things they don’t want BUDGET EU Budget - Goes to council‚ extend on to Parliament and either approve or disapprove and parliament has final say. How you raise revenue for budget - Agricultural levies‚ import tax‚ value added tax and GNI( suppose to be safety net incase not enough money to raise‚ unfair for the smaller states) Done every 7 years EU Expenditures in relation to the
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Sunrise must provide for any expected losses on notes receivable that Sunrise may not collect in full. During the course of the audit‚ Smith‚ Godfroy‚ and Hannaford determined that three large notes receivable of Sunrise seem questionable. Smith‚ Godfroy‚ and Hannaford discussed these loans with Susan Carter‚ controller of Sunrise. Carter assured the auditors that these notes were good and that issuers of these notes will be able to pay their notes after the economy improves. Smith‚ Godfroy and Hannaford
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