refinanced. T 7. Accounting for sales tax collected. F 8. Accounting for sick pay. T 9. Social security taxes as liabilities. F 10. Definition of accumulation rights. T 11. Recognizing compensated absences expense. F 12. Accruing estimated loss contingency. T 13. Disclosing gain contingencies. F 14. Sales-type warranty profit. T 15. Fair value of asset retirement obligation. T 16. Reporting a litigation liability. F 17. Expense warranty approach. F 18. Acid-test ratio components
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Principles of Risk Management and Insurance‚ 11e (Rejda) Chapter 1 Risk in Our Society 1) Traditionally‚ risk has been defined as A) any situation in which the probability of loss is one. B) any situation in which the probability of loss is zero. C) uncertainty concerning the occurrence of loss. D) the probability of a loss occurring. Answer: C Question Status: Previous Edition 2) Objective risk is defined as A) the probability of loss. B) the relative variation of actual loss
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MANAGEMENT ACCOUNTING Information for Decision-Making and Strategy Execution SIXTH EDITION Anthony A. Atkinson University of Waterloo Robert S. Kaplan Harvard University Ella Mae Matsumura University of Wisconsin–Madison S. Mark Young University of Southern California Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto Delhi Mexico City S~ Paulo Sydney Hong Kong Seoul Singapore
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Overview Welcome to the study of cost accounting. This introductory chapter explains the intertwining roles of managers and management accountants in choosing an organization’s strategy‚ and in planning and controlling its operations. Unlike the remainder of the textbook‚ this chapter has no “number crunching.” Its main purpose is to emphasize the management accountant’s role in providing information for managers. Review Points organization. Cost accounting provides information for both
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Bank Accounting Bank accounting consists in making written‚ permanent records of every transaction. Every penny must be accounted for. The statement of the bank‚ which we have just discussed‚ shows the general‚ or control‚ accounts of the bank‚ and the various books of the bank show the detail of these items. It would not be impossible‚ but it would be entirely impractical‚ to enter every figure directly on the statement of condition. We might imagine an enormous sheet on which the capital is entered
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manufacturing or trading‚ require cost accounting to track their activities.[1] Cost accounting has long been used to help managers understand the costs of running a business. Modern cost accounting originated during the industrial revolution‚ when the complexities of running a large scale business led to the development of systems for recording and tracking costs to help business owners and managers make decisions. In the early industrial age‚ most of the costs incurred by a business were what modern
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Bank Accounting is an application within the financial accounting module of SAP. It helps users in managing incoming and outgoing payments for cash balance controlling. It also further provides users with ease in managing accounting transactions with their respective banks. Master Data Master data is stored centrally in the bank directory. Bank Directories: these contain the bank master data for all the banks that the user approaches for business transactions. This means‚ data of the user’s own
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Environment TRUE/FALSE (CHAPTER 1) 1. The main objective of a typical governmental or not-for-profit entity is to earn a profit. 2. A government’s budget may be backed by the force of law. 3. Governmental entities have no need for an accounting system. 4. A government’s internal managers rely on general purpose financial statements for a considerable amount of information about their government. 5. Governments and not-for-profits may never engage in business-type activities. 6
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SYLLABUS FOR MANAGEMENT ACCOUNTING – ACCT 5100/7100 PROFESSOR LINDA BAMBER Fall 2012 Date 8/14 Tue. Topic Introduction to Management Accounting and Professionalism Chapter and Reading Course Outline Syllabus eLC Student Orientation: http://elc.uga.edu/student_orientation /index.html Assignment Due Today 1) Hand in your ACCT 5100/7100 profile. 2) Form teams of four with no more than one MBA student per team (I will try to fill out teams of two or three). One team member should email
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ETHICAL ISSUES IN MANAGERIAL ACCOUNTING The aim of this paper is to highlight in the light of the empirical researches conducted previously the presence of ethical issues and dilemmas in managerial accounting. The implications of which can be disastrous bringing colossal giants crumbling to their knees. The prime aim is to throw light at the subtle inconsistencies that can cost the companies far more than just money but their entire image. The asset of ‘good will’ has its nemesis in these unethical
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