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1. What is the revenue recognition principle? What is the expense recognition principle? In your opinion, why are these important to financial reporting.
2. 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 your thoughts on making adjusting entries; are they really needed or is this just extra work by accountants? What are the advantages and disadvantages of using automated accounting systems to do adjusting entries?
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
company has a joint process which produces three products called a b and c. each product may be sold at split-off or
The prepaid insurance involves a 3-year fire insurancepolicy that was purchased (and went into effect) on January 1,2007. By the end of the year, apportion of the insurance policy had been used up.
Compute the annual premium amortization using the straight-line method. Assume the bond is a short-term investment.
Staley company has 30 order operators with associated costs of $1,000,000 per year. Staley calculated that each operator worked about 2,000 hours per year. Allowing for time off, each operator provided about 1,600 or productive work per year. What..
Prepare in income statement for the company for the month - computer game retailer,
hairston stamp company records stamp service revenue andprovides for the cost of redemptions in the year stamps are
your client keith moreland leasing company is preparing a contract to lease a machine to souvenirs corporation for a
stew is a self-employed surfboard-maker in 2013. his schedule c net income is 104000 for the year. he also has a
john owns interest coupons that mature on december 31 2011. the coupons can be converted into cash at any bank at
Trade credit discount. Compute the annual approximate interest cost of not taking a discount using the following scenarios.
on january 1 2011 the travis corporation purchased a 22 in scott company by procuring 5000 shares of the 25000
tony hawks adventure tha issued callable bonds on january 1 2012. thas accountant has projected the following
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