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Accounting Basics Questions & Answers

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What amount should Mateo Corporation report as inventory in its December 31, 2011, balance sheet?

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Examine the corporate financial decision-making procedure at your selected organization (Walt Disney). In your analysis be sure to address the following items:

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Falcon Co. produces a single product. Its normal selling price is 30.00 per unit. The variable cost are 19.00 per unit. Fixed costs are 25,000 for a normal production run of 5,000 units per month.

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Lance Brothers Enterprises acquired $750,000 of 1% bonds, dated July 1, on July 1, 2011, as a long-term investment. Management has the positive intent and ability to hold the bonds until maturity.

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Discuss the PEMDAS order of operations in mathematics. What is PEMDAS and why is important to follow it to the letter when conducting mathematical operations?

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What are the Euro Currency Markets and how is it employed in global financing operations and explain its importance in manageing risks?

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Why is essential that the planning functions of controllership can help an organization effectively and efficiently achieve a goal?

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What is the purpose of a deposition at the trial phase?

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List one difference that can cause a corporations book income to differ from its taxable income. Provide an example of a transaction to illustrate this difference. Why do you think these differences exist, and that IRS and GAAP/IFRS regulations ca..

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Assuming that a perpetual inventory system is used, what is the value of ending inventory on a LIFO basis?

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Discuss the rationale for GASB requiring raw sets of financial statements, each with a different measurement focus and basis for accounting for government activities. Do you agree with this rationale or not? Explain why.

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