ACCOUNTING EXAM 2 STUDY GUIDE Chapter 5 1. Know the following terms: merchandise inventory‚ sales‚ sales returns and allowances‚ sales discounts‚ net sales‚ cost of merchandise sold‚ gross profit‚ operating expenses‚ operating cycle‚ purchase discounts‚ purchase returns and allowances‚ FOB shipping point‚ FOB destination‚ and inventory shrinkage. 2. Be able to prepare a multiple step income statement. 3. Be able to prepare the journal entries for the seller and buyer including
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ANSWERS TO END-OF-CHAPTER 16 QUESTIONS 16-1 The U.S. dollar. The primary reason for using the dollar was that it provided a relatively stable benchmark‚ and it was accepted universally for transactions. 16-2 Under the fixed exchange rate system‚ the fluctuations were limited to +1 percent and -1 percent. Under the floating exchange rate system‚ there are no agreed-upon limits. Currently‚ the 12 countries making up the EMU have their national currencies fixed to the euro; however‚ the
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Chapter 7‚ ‘The Art of Ancient Greece’‚ so far‚ has been the most enjoyable chapter to read about. When I was younger I read a series of books that combined Greek mythology and the modern day‚ needless to say‚ it was my favorite series for a long time. I have grown to love Greek culture and plan to visit Greece one day. Ancient Greece has been known for many things‚ such as the great philosophers Aristotle‚ Socrates‚ and Plato‚ and for their great military prowess. Thanks to history class‚ we know
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Answer Keys to iLearn of Week 5 1. Incorrect financial statements are due to errors and frauds. An accountant intentionally omitted recording $5‚500 that were received from a customer and planned to steal the money to buy a new cell phone for himself. This action is an example of error. a. True b. False 2. What key piece of legislation was passed in response to corporate accounting scandals by Enron‚ WorldCom‚ and others? a. Sarbanes-Oxley Act. b. 1933 Securities Act. c. 1934 Securities Exchange
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Chapter 7 is titled Reflecting on Creation and Providence. The basis of this chapter is that we need to rely on God and his almighty power and wisdom when contemplating chance. It is important to remember that God has provided guidance on our everyday lives and He always will. Psalm 121:2 reads “my help comes from the Lord‚ the maker of heaven and earth.” This provides that God‚ the creator of heaven and earth‚ is willing to assist humans on earth and has remained provident through all of humanity
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Linux Fedora 15 Chapter 7 1. The shell waits for the command to finish executing. You can send the command to the background by using "&". 2. cat list | sort | lpr 3. A PID number is an identification number assigned to a command running in the background‚ which can be used to differentiate between commands. The PS (process status) utility. 4. $ ls section* $ ls section[1-3] $ ls i* $ ls*[13] 5. fgrep -i ’a’ | wc -l fgrep ’a’ find lines containing "a"; the -i option tells it to ignore
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Exam 3 Directions: Identify the letter of the choice that best completes the statement or answers the question. Then mark your response on the answer sheet. Unless otherwise stated‚ demand curves are negatively sloped and supply curves are positively sloped. The midpoint and point formulae for elasticity are‚ respectively: ____ 1. If the government wants to reduce smoking‚ it should impose a tax on a. buyers of cigarettes. b. sellers of cigarettes. c. either buyers or sellers of
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Part 2 – Public Expenditure: Public Goods and Externalities Chapter 4 – Public Goods 1. a. Wilderness area is an impure public good – at some point‚ consumption becomes nonrival; it is‚ however‚ nonexcludable. b. Satellite television is nonrival in consumption‚ although it is excludable; therefore it is an impure public good. c. Medical school education is a private good. d. Television signals are nonrival in consumption and not excludable (when broadcast over the air). Therefore‚ they
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Chapter 7 Stock Valuation Solution to Problems P7-1. LG 2: Authorized and Available Shares Basic (a) Maximum shares available for sale Authorized shares 2‚000‚000 Less: Shares outstanding 1‚400‚000 Available shares 600‚000 (b) $48‚000‚000Total shares needed 800‚000 shares$60== The firm requires an additional 200‚000 authorized shares to raise the necessary funds at $60 per share. (c) Aspin must amend its corporate charter to authorize the issuance of additional shares. P7-2. LG 2: Preferred Dividends
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AlphaGate Inc. Payroll System Edrine Mark Gayon Software Engineering What is Payroll System? The Payroll System project is for small company and medium scale industries. The system is very useful for the payroll transactions. It can make the work for payroll administrator more easily and the system is systematic than using the manually. The Payroll System can solve much problem face by payroll administrator‚ for example‚ the calculation for the salary will automatic calculate by the system
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