CHAPTER 1 FINANCIAL ACCOUNTING AND ACCOUNTING STANDARDS Multiple Choice—Conceptual Answer No. Description d 1. Users of financial reports. d 2. Identify the major financial statements. a 3. Financial reporting entity. d 4. Efficient use of resources. d 5. Capital allocation process. c 6. Financial statement information. c 7. Objectives of financial reporting. b 8. Common set of standards and procedures. c 9. Role of SEC. c 10. Powers of the SEC. d 11. SEC enforcement
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* Jonda Brantley * 11/09/2012 * ACC 220 Wk 2 Financial Statement * * A balance sheet is summary of a company’s financial condition at a specific point in time‚ including assets‚ liabilities and net worth. It allows the company to know what they have been paying for or what they owe out to people. An income statement is a report that tracks a company’s revenues‚ gross profits‚ operating income‚ and net worth. All businesses need to have revenue in order to establish a good foundation
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Homework Week 2 Exercise E1-1 SEC – K Audit – G Sole Proprietorship – I Corporation – E Accounting – A Accounting Entity – D Audit Report – J Cost Principle – F Partnership – C FASB – L IASB – H Unit of Measure – B GAAP – N IFRS – M E1-2 Accounts receivable – Asset Cash and cash equivalents – Asset Net sales – Revenue Notes payable – Liability Taxes payable – Liability Retained earnings – Stockholders’ Equity Cost of products sold – Expense Marketing‚ administrative
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Question 1 The ethical guidelines which accountants are obliged to follow in the conduct of their work are made to combat criticism and gain credibility by preventing fraudulent accounting. Accountants ought to be able to maintain impartiality and independence to create a clear‚ credible and unbiased audit. Hence‚ the ethical principles are considered important. This is because the work of accountants requires a high level of ethics since the financial statements prepared and verified by auditors
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Administration. 2014. Employment Forecast 2013 – 2015. Retrieved from: http://www.az.gov State of Arizona McMahon‚ A. M. (2010). Does Workplace Diversity Matter? A Survey Of Empirical Studies On Diversity And Firm Performance. Journal of Diversity Management‚ 5(2)‚ 37-48. Strauss‚ S. (2013‚ May 22). Think Branding‚ with Google - Conference Keynote - "Branding in the New Normal". Retrieved from https://www.youtube.com/watch?v=1l2CUjkg0ug.com Richerson‚ O Davis‚ R. (2013‚ October 11). Seven Steps To A Successful
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lender or investor. To obtain funding‚ you need to convince a lender / investor that your business is more than a hobby. You need to demonstrate that you have a firm grasp of your business‚ the accounting practices that impact your business‚ the controls needed to safeguard assets‚ and which accounting system will produce accurate and relevant financial information. Write a six to eight (6-8) page business plan in which you: 1. Describe the type of business you have created including: a. The
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Carrie Bissonette Acc/400 Week 2 Individual Assignment E17.15 A) 34‚700 B) 60‚725 E18.10 A1) Particulars Sets Inputs Beginning WIP 8‚000 Start new units in May 50‚000 58‚000 Outputs Ending WIP (10‚000) Completed and Transferred mat sets 48‚000 A2) Particulars Cakes Total Inputs units 58‚000 Ending work in process (10‚000) Beginning work in process (8‚000) Units completed and transferred 40‚000 B.) 58‚000 C.) $6.00 D.) Account Title & Explanation Debit Credit Work in process – cutting department
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Unless you are miles away from the office‚ they do not conduct business through email or phone. If you are in the same building‚ get up and see that person‚ it would be considered lazy to send an email when a face to face conversation could happen. Answer the following questions: What is your self assessment score? Write a 350-word reflection of the self assessment as a cultural awareness tool and your opinion of your score. My cultural score is a 63. According to the score I have an
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Individual Assignment: Week 4 QNT 561 November 1‚ 2010 Lee Chang Question 5 In the following situations‚ decide whether you would use a personal interview‚ telephone survey‚ or self-administered questionnaire. Give your reasons. a) A survey of the residents of a new subdivision on why they happened to select that area in which to live. You also wish to secure some information about what they like and do not like about life in the subdivision. In this situation I would use a personal
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between accrual-basis accounting and cash-basis accounting? The variation between accrual basis accounting and cash basis accounting‚ is how cash is documented. Cash basis is an accounting basis that is used when expenses and revenue are paid out or received. This is when the transaction will be recorded. In accrual-basis accounting‚ transactions are recorded when they actually happen. Payment does not need to be made for the transaction to be recognized in accrual-basis accounting unlike cash-basis
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