ACG6026 Boot Camp Quiz Fall 2013 1. Which of the following is the fundamental accounting equation? a. Current assets + Current liabilities = Owners’ equity b. Assets + Owners’ equity = Liabilities c. Cash = Debts + Common stock d. Assets = Liabilities + Owners’ equity 2. Which one of the following best describes a balance sheet? a. A description of the entity’s operations over a period of time b. A snapshot at a point in time of an entity’s assets‚ liabilities and owners’ equity
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300-word response explaining what information would be found in each of the following groupings on a classified balance sheet and how that data might indicate the future success or failure of a business: Current assets Long-term investments Property‚ plant‚ and equipment Intangible assets Current assets on a balance sheet have components that include cash and cash equivalents‚ accounts receivable‚ and inventories. These usually can be converted into cash quicker than that of other
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Does the Drinking Age Truly Make a difference? Thomas Dertinger Dr. Tara Parrello CJ 113 Introduction to Criminal Justice December 8‚ 2011 Annotated Bibliography CJ 113 Introduction to Criminal Justice Research Question: Does the Drinking Age Truly Make a Difference? Fromme‚ K. Wetherill‚ R.R.‚ &Neal‚ D.J. (2010). Turning 21 and the Associated Changes in Drinking and Driving After Among College Students. Journal of American College Health‚ 59(1)‚ 21-27. The author’s
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Advantages of Cash flow * Cash flow is more “direct” as “profit” is highly dependent on accounting conventions and concepts/principles * Cash flow reporting satisfies the needs of all users better since cash flow is more direct with its messages. Some of the interested user parties are: * Creditors -repayment of debts‚ overdue accounts * Management -cash flow reporting provides the type of information which decision should be taken re: relevant costs ( decision based on future cash flow)
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CHAPTER 2 The Recording Process ASSIGNMENT CLASSIFICATION TABLE Study Objectives 1. Explain what an account is and how it helps in the recording process. Define debits and credits and explain their use in recording business transactions. Identify the basic steps in the recording process. Explain what a journal is and how it helps in the recording process. Explain what a ledger is and how it helps in the recording process. Explain what posting is and how it helps in the recording process. Prepare
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movie are perfect examples of an individual influencing one’s life. Charon gives us four levels of evaluation to see if the individual can make a difference in: their own lives‚ the lives of those with whom they interact with‚ various organizations which they belong to‚ and in society. “From Here to Eternity‚” shows us many characters that may have had a difference on each other. The main character from which the story follows is a man named Robert E. Lee Prewitt who demands an Army transfer and ends
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(ABC) and Activitybased Management (ABM) Implementation – Is This the Solution for Organizations to Gain Profitability? Authors*: Ildikó Réka CARDOŞ‚ Ştefan PETE A bstract. Adherents of ABC/ABM systems claimed traditional management accounting systems generated misleading costs in a contemporary‚ tumultuous‚ often changing business environment and implementing ABC/ABM would remedy this. That is why activity-based costing (ABC) and activity-based management (ABM) represents the symbol
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What makes your child difficult The difficult child is the child who is unhappy. He is at war with himself‚ & in consequence he is at war with the whole world. A difficult child is nearly always made difficult by wrong treatment. The conditioned‚ disciplined‚ repressed child lives in every corner of the world. He is docile‚ prone to obey authority‚ fearful of criticism and almost fanatical in his desire to be conventional & correct. He accepts almost he has been taught without question
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Accrual Method Nonprofit organizations are required to produce financial statements based on the accrual method of accounting. How is this different from the cash basis of accounting? With accrual accounting it is easy to recognize when revenues are earned and expenses are incurred. Under the cash accounting method an non profit agency would not have any revenues because everything is recorded on a cash in and cash out transactions under cash accounting. There is never any
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Accrual Method Accrual accounting is more accurate on the “timing” of reported revenue and expenses. In cash basis accounting for instance‚ when you have shipped out the goods out of your warehouse to the customer and they have receipt‚ but haven’t received the cash‚ you didn’t book the revenue. However‚ when it comes to Accrual‚ providing you satisfy the revenue recognition principles‚ you can already book the revenue. In accrual accounting you have non-cash items on the books for a particular
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