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Problem 1: Identify and describe the key principles and practices of accrual and double-entry accounting in each of the following scenarios:
a) You realise that you invoiced a customer twice for the same thing, i.e. a duplicate invoice b) You need to write off a bad debt in your computerised accounting system
Adria Lopez created Success Systems on October 1, 2013. The company has been successful, and its list of customers has grown. To accommodate the growth, the accounting system is modified to set up separate accounts for each customer.
Buzz corporation sold an office building that it used in its business for $500,000. Buzz bought the building for ten years ago for 650,000 and has claimed 200,000 of depreciation expense what is the amount and character if Buzz's gain or loss?
Flat at its minimum, the difference in total annual cost between 800 and 801 units would be small anyway. What order size would you recommend?
If consumption spending becomes more sensitive to changes in the real interest rate, how will the slope of the IS curve be affected?
The shares of Wildhorse's Candies Inc. are currently trading at $18.20. Find the market value of equity for the company and the P/E ratio of the shares
Adjusting to $600,000 will add how much to expense for the present year?
One of your clients owns a farm that has been experiencing losses. Should your client claim the losses as hobby losses or on a Schedule F? Justify your answer.
Which method provides the most useful information to users? Under what circumstances would the other methods provide more useful information?
The City of South Pittsburgh maintains its books so as to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. Deferred inflows of resources—property taxes of $69,400 at the end of the p..
What is one of the analytical procedures commonly used when auditing accounts in the inventory and warehousing cycle? Why do we use this procedure (i.e., what does it tell us)?
Pancake Corporation saw the potential for vertical integration and purchased a 15% interest in Syrup Corp. on January 1, 2013, for $150,000. Prepare journal entries for Pancake Corporation to account for its investment in Syrup Corporation for 2013 a..
If jacklie Syndicate's preferred stock were cumulative, how much of the 2017 dividends would have been distributed to Preferred Stock?
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