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Managerial accounting stresses accounting concepts and procedures that are relevant to preparing reports for:
a) taxing authorities.
b) internal users of accounting information.
c) external users of accounting information.
d) the Securities and Exchange Commission (SEC).
Machinery was acquired in January for $300,000. Straight-line depreciation over a ten-year life (no salvage value) is used. For tax purposes, accelerated depreciation is used and Orkin may deduct 14% for 2012.
ABC Hardware store is open for business 350 days a year. Annual demand for a power cutter at this store is 700 units. Replenishment cost is $15 per order and annual inventory holding cost is 10% of the inventory value.
Given growth rate of 5%, determine the intrinsic MVA of each division. What is the intrinsic MVA of each division if growth is instead 6%?
Which scheme does not inflate sales? A) Recognizing sales on disputed claims against customers. B) Recognizing sales without shipping the goods. C) Understanding allowances for sales discounts. D) Recognizing full sales amount for partial shipments.
Auditing standards discuss fraud in details. What is your impression of the auditor's responsibility to discover it? Do you make a distinction between responsibility regarding management fraud versus employee fraud?
Distinguish between accounting treatment for available for sale equity securities and trading equity securities with example.
If 800 shares of $40 par common stock are sold for $43,000, the $43,000 would be reported in the cash flows from financing activities section of the statement of cash flows.
Sheppard industries evaluating a proposal expand current distribution facilities. Management projected produce cash flows years (in millions)
The individual stores in the Mark Goodwin convenience chain prepare two copies of goods requisition form (GRF) when they need to order merchandise from the central warehouse.
Ending inventory consisted of 5,000 units which were 80% complete with respect to materials and 60% complete with respect to conversion costs.
Calculate cost of goods sold and ending inventory amounts under the cost-flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): (Round your unit cost to 2 decimal places.)
Assuming that a perpetual inventory system is used, what is the value of ending inventory on a LIFO basis?
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