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One of the key Generally Accepted Accounting Principles (GAAP) is the "cost principle". The cost principle is the general concept that you should only record an asset, liability, or equity investment at its original acquisition cost.
1. What are the strengths and weaknesses of the cost principle?
2. What would you propose as an alternative to the cost principle?
3. What are the strengths and weaknesses of your proposed alternative?
The petty cash fund of Western Glass Company contained the following items on November 30, 2009: Prepare the journal entries to establish the petty cash account and to replenish the fund at the end of November.
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The direct labor hours are 11,000 and the direct labor rate is $10.50. Budgeted direct-labor costs for June would be:
The stockholders' equity section of Hiller Corporation's balance sheet at December 31, 2005, appears below: Prepare the journal entries to record the above stock transactions.
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List some Accounting Information system (AIS) and Management information system.
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bombadier industries manufactures aircraft-related electronic devices. bombadier borrows heavily to finance operations.
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