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A firm will only earn normal profit in the long run:
a) if firms can freely enter or leave the market
b) if firms do not try to maximize profit
c) only if the industry is perfectly competitive
d) whenever products are not differentiated
e) if barriers to entry exist
What are tax loopholes? How do loopholes arise? Do you think it is ethical to take advantage of tax loopholes? - Answer in 150-200 words.
How do companies balance the need to maintain control over their payroll systems with the costs to implement controls to mitigate risks?
Rand Company sells fine collectible statues and has implemented activity-based costing. Costs in the shipping department have been divided into three cost pools.
Using the activity-based costing approach, determine the overhead cost per unit for each product. Prepare a Schedule of Expected Cash Collections for November and December. Prepare a Merchandise Purchases Budget for November and December.
If a stock has a constant growth rate of 6% per year and paid a dividend of $5.00 yesterday, what is the value of the stock if the discount rate is 10%?
A company that provides training, certification and consulting services to commercial, government, and non-profit organizations in applying best practices in balanced scorecard (BSC), strategic performance management and measurement, and transform..
Why would someone choose to use a perpetual over a period inventory system, and vice versa?
Prepare an income statement for Wayside Inc. for the year ended December 31, 2010. (List multiple entries from largest to smallest amounts, e.g. 10, 5, 1.)
Mark Mayer, a cash basis taxpayer, leased property on June 1, 2011 to Perry Purly at $325 a month. Perry paid Mark $325 as a security deposit, which will be returned at the end of the lease.
What are corporate dividends and how are they distributed and accounted for? Provide a discussion of all potential scenarios and the relevant accounting requirements.
Identify the five components that comprise pension expense. Briefly explain the nature of each component. What is a private pension plan? How does a contributory pension plan differ from a noncontributory plan.
A trial balance prepared by an inexperienced accountant showed total debits of $540,000 and total credits of $450,000. This discrepancy is most likely due to which type of error?
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