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Please help me explain the following concepts:
- The basic assumptions of accounting
- The principles of accounting
- The constraints of accounting
- A conclusion stating how you think sound financial reporting depends on principles, assumptions, and constraints. Refer to the U.S. GAAP in your response.
Surprise Corporation's sales budget showed expected sales of 13,400 widgets. Starting finished goods contained 1,200 widgets. The firm determined that 14,100 units should be produced.
Some generally accepted accounting principles (GAAP) apply only to health care, and there are many health care organizations that use other comprehensive bases of accounting when GAAP does not apply
On January 1, 2006, Hi and Lois Company purchased 12% bonds, having a maturity value of $300,000, for $322,744.44. The bonds provide the bondholders with a 10% yield. Prepare the journal entry at the date of the bond purchase.
Gilbert Corporation has an opportunity to acquire a company which produces one of the parts it uses in its manufacturing process. After careful analysis, Gilbert has decided to raise the necessary capital for the acquisition by issuing $3,000,000 ..
Please explain, identify, and justify effective funding strategies in the following areas:
Explain the difference between the role of the Account Executive and the Account Planner within an agency Define the following persons' role in an agency
Let's say that you work in the budgeting office at a university and you have in front of you the expected student enrollment for the upcoming academic year. Discuss a few financial and operational plans that would be dictated by the enrolment bud..
What are some of the differences between depreciation methods allowed by the IRS and others permitted by GAAP? Why does the IRS have accelerated method of cost recovery for tax payers? Explain
Determine both the relationship of risks in the planning of the audit and factors that influence those risks. Speculate on which type of risk creates the most uncertainty for the auditor, and recommend at least two ways to plan the audit to mitiga..
Describe the audit procedures which Johnson would conduct to find out if Mother earth would violated the debt covenants.
Bob and Elizabeth, both 55 years old and married, sell their personal residence to Wolfgang in 2011. Wolfgang pays $660,000 and assumes their $90,000 mortgage. To make the sale they pay $20,000 in commissions and $10,000 in legal costs.
Determine the amount of cash received and prepare the journal entries for (a) the Jan. 1 issuance and (b) the Dec. 31 recognition of interest.
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