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From the standpoint of accounting theory, which one of the following statements is the best one to support the preparation of consolidated financial statements?
a. in substance the companies are separate but in form the companies are one entity.b. in substance the companies are one entity,but in form they are separate.c. in substance and form the companies are one entity.d. in substance and form the companies are separate entities.
If the beginning balance in OAA is $3,900, and the following transactions occur, what is the ending OAA balance?
what is the amount of the charitable contribution carry foward for sheila jones?
Under the proportionate consolidation concept, which of the following statements is true?
During a company's start-up or expansion a wide variety of costs and expenses are incurred that are directly associated with beginning the specific operation. For instance, ABC Company has expanded into another country and has constructed new faci..
The bonds, which mature on February 1, 2016, pay interest semiannually on February 1 and August 1. Porter uses the straight-line method of amortization. The bonds should be reported in the December 31, 2007 balance sheet at a carrying what value?
Give three examples of qualitative factors that might affect the preliminary judgment about materiality. How do inherent risk and control risk differ from detection risk? List and define the seven types of audit evidence.
We need to discuss what these options are, how they effect the financial reports, and which one(s) are most beneficial given various goals. Start by describing each of the options for valuing inventory.
compute: (a) the total variable cost; (b) the total fixed cost; (c) the total cost; (d) the average variable cost per unit; (e) the average fixed cost per unit; and (f) the average total cost per unit. Assume that this activity level is within the..
Hazel purchased a new business asset (five-year property) on November 30, 2009, at a cost of $100,000. This was the only asset acquired by Hazel during 2009. On January 7, 2010, Hazel placed the asset in service. She did not elect to expense any o..
If the estimate of loss from uncollectible accounts is based on sales, any existing balance in Allowance for Doubtful Accounts is added to the percentage of sales to determine the amount of the adjustment.
The bookkeeper for Wooster Company asks you to prepare the following accrued adjusting entries at December 31. Interest on notes payable of $400 is accrued.
Prepare entries in general journal form to record the following transactions in General Fund general ledger accounts for fiscal year 2012. Use modified accrual accounting.
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