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1. What are the four different adjusting entries? What accounting assumptions necessitate the use of adjusting entries? What accounts are subject to adjusting journal entries? What are the advantages and disadvantages of using automated accounting systems to do adjusting entries? What are your thoughts on making adjusting entries; are they really needed or is this just extra work by accountants? 2. What is the revenue recognition principle? What is the expense recognition principle? In your opinion, why are these important to financial reporting IFRS1-3 What is the benefit of a single set of high-quality accounting standards? Discuss the potential advantages and disadvantages that countries outside the United States should consider before adopting regulations, such as those in the Sarbanes-Oxley Act, that increase corporate internal control requirements
tannwin co. sells a new product called accountomatic and has predicted the following sales for the first four months of
amber company originally issued 1000 shares of 10 par value common stock for 20000 . amber later purchases 100 shares
a manufacturing company that produces a single product has provided the following data concerning its most recent month
calculate the book value of a three-year-old machine that cost 400000 has an estimated residual value of 40000 and has
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Prepare in good form a multiple-step income statement for the year 2011. Assume a 30% tax rate and that 80,000 shares of common stock were outstanding during the year.
Prepare example journal entries to account for transactions related to accounts receivable and bad debt using both percentage of sales and the percentage of receivables methods.
a corporation had 18500 shares of 5 par value common stock outstanding when the board of directors declared a stock
Suppose that a product can be sold at split-off for $5,000 or processed further at a cost of $1,000 and then sold for $6,400. Should the product be processed further?
What other factors does the company need to consider - wants to reduce the selling price of his company"s products by 15% to increase market share
a project will require an initial investment of 750000 and will return 200000 each year for five years. if taxes are
lori who is single purchased five-year class property for 150000 and seven-year class property for 400000 on may 20
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