Introduction to Financial Accounting 1. A _____ year ends on a date that is determined by the firm‚ perhaps based on its business model (for example‚ many retailers choose the end of January). physical natural fiscal business cycle Normal ANS: C 2. An income statement connects two successive _____ through its effect on retained earnings. a. balance sheets b. cash flow statements c. cash receipts and disbursement statements d. funds flow statements e. financing statements
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Answer Key for Test Your Skills 1. Tutti’s Sandwich Shop has the following information regarding costs at various levels of monthly sales. Help Tutti separate her costs into fixed costs and variable costs so that she can predict and evaluate costs at varying levels of guests served. January February March Monthly Sales in Guests Served 10‚000 16‚000 20‚000 Cost of Sales (Food Cost ) 10‚500 16‚800 21‚000 Salaries‚ Wages‚ and Benefits 15‚000 15‚600 16‚000 Telephone 12‚750 16‚350 18‚750 Rent on
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Jeremy Barker Accounting 201-001 Prof Abavana 9/17/12 CA1-18 a) The ethical issue is the corporate reporting department is not recording the late entries and reporting incorrect numbers on purpose. b) Troy Normand is acting immorally because as a manager he is not making sure that the numbers are being recorded correctly. c) I would have done what a manager supposed to do and make sure the numbers and late entries are being recorded correctly. d) The major stakeholders are the
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organization d. all of the above e. none of the above (Answer: d; p. 5; Moderate) 2. _____ are key building blocks for developing and managing customer relationships. f. Consumer expectations and customer satisfaction g. Customer choices and product offers h. Product performance and customer value i. Customer value and customer satisfaction j. Strategic plans (Answer: d; p. 8; Challenging) 3. The _____ starts with the factory‚ focusing
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visit: www.pearsoned.co.uk/albaum ISBN: 978-0-273-71390-6 Pearson Education Limited 2008 Lecturers adopting the main text are permitted to download and photocopy the manual as required. Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies around the world Visit us on the World Wide Web at: www.pearsoned.co.uk ---------------------------------This edition published 2008 © Pearson Education Limited 2008 The rights of Gerald Albaum and Edwin Duerr
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Solutions Manual to accompany Company Accounting 8e prepared by Ken Leo John Hoggett John Sweeting Jennie Radford [pic] John Wiley & Sons Australia‚ Ltd 2009 Chapter 1 – Nature and regulation of companies REVIEW QUESTIONS 1. Outline the advantages of incorporation over other forms of organisation such as partnerships. The corporate form of organisation permits individuals to have "limited liability". This confers on shareholders a limit on their
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ACCT TEST 1. Which of the following is NOT a characteristic of a corporation? a. Corporations are organized as a separate legal taxable entity. b. Ownership is divided into shares of stock. c. Corporations experience an ease in obtaining large amounts of resources by issuing stock. d. A corporation’s resources are limited to its individual owners’ resources. e. Corporations make up 20% of all businesses. 2. An entity that is organized according to state or federal statutes
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“If you can’t explain it simply‚ you don’t understand it well enough.” Albert Einstein. Welcome to Pearson. We have a simple mission: to help people make more of their lives through learning. We’re the world’s leading learning company‚ but we believe that companies‚ like people‚ are Always Learning. That’s because there’s always room for a bit more understanding. (video) 1844 S. Pearson and Son is established as a small building firm in the north of England. 1935 Allen Lane publishes the
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assumption. 2. Sales revenue should be recognised when goods and services have been supplied; costs are incurred when goods and services have been received. Which accounting concept governs the above? a. The prudence concept b. The materiality concept c. The accruals concept * d. The dual accept concept 3. Which accounting concept requires that foreseen losses should be anticipated and taken into account immediately? a. The consistency concept b. The accruals concept c. The prudence
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On October 1‚ Keisha King organized Real Answers‚ a new consulting firm; on October 3‚ the owner contributed $84‚000 cash. On October 31‚ the company’s records show the following items and amounts. Cash $ 11‚360 Cash dividends $ 2‚000 Accounts receivable 14‚000 Consulting fees earned 14‚000 Office supplies 3‚250 Rent expense 3‚550 Land 46‚000 Salaries expense 7‚000 Office equipment 18‚000 Telephone expense 760 Accounts payable 8‚500
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