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What are the two general criteria that must be satisfied before a company can recognize revenue? Moreover explain compound interest.
Compute the revenue to be recognized in fiscal year 2008 for the two operating divisions of Simona Amanar Industries in accordance with generally accepted accounting principles.
Elton, Inc., which owes Boston Co. $900,000 in notes payable, is in financial difficulty. To eliminate the debt, Boston agrees to accept from Elton land having a fair market value of $680,000 and a recorded cost of $510,000.
Which of the following is not treated as a change in accounting principle? A) A change from LIFO to FIFO for inventory valuation B) A change to a different method of depreciation for plant assets
Interest is paid semiannually on December 1 and June 1 and the bonds mature on December 1, 2011. Lyman uses straight-line amortization. Ignoring income taxes, what was the amount reported in Lyman's 2007 income statement from this investment?
Write a one-page Memo (double-spaced) to a non-financial audience in which you explain how increasing scrutiny (careful examination) and demand for accountability by the public has impacted reporting for not-for-profit and governmental entities.
One class of deductions is variously described as deductions for AGI, above-the-line deductions, and page 1 deductions. Explain the meaning of the various designations.
Which of the following steps in the accounting cycle requires the most thought and judgment by the accountant: (a) preparing a trial balance, (b) posting adjusting, and closing entries, or (c) analyzing and recording transactions? Explain your ans..
A firm issues periodic reports called? a. financial statements.
Write down the expression for SpringFresh's annual after-tax profit.
Frank Clarke, an employee of Smithson Company, was covered under a noncontributory pension plan. Frank died on April 15 2010 at age 64 and pursuant to the plan, his widow received monthly pension payments of 500 beginning May 1 2010.
How would I calculate an annuity contract that pays $800 per month. The annuity cost $60,000 and it has an expected return of $100,000. How much of each monthly annuity payment is includible in a gross income?
A U.S. firm has a Canadian subsidiary that remits some of its earnings to the parent on an annual basis. The firm has no other foreign business. The firm could best reduce its exposure to exchange rate risk by issuing bonds denominated in:
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