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Describe the following questions:-
Q.1 Explain how financial statements assist in the capital allocation process. How are financial statements limited? Which financial statement is the most useful?Q.2 Explain why net income is not always the best measuring stick for a company?Q.3 Research and discuss at least two different forms of business organizations (ex. sole proprietorship, partnership, corporation, LLC, etc.). Discuss why accounting record keeping is important to the success of the organization and how accounting systems can help by increasing efficiency and effectiveness.
Q. A prior period adjustment that corrects income of a prior period requires that an entry be made to a. an income statement account. b. a current year revenue or expense account.
Tim purchased a used office building on May 15, 2001, for $2,000,000. $500,000 of the purchase price was allocated to the land. On November 1, 2010 the building was sold. What is t
INCOME ACCOUNT (a) Classification : Income will be classified under appropriate headings: Rents; Interest on Government securities; Dividends; Interest on
Answer to Question Six Summarised consolidated statement of comprehensive income for the A group for the year ended 30 September 2010 All workings
how to prepare statement of financial position?
Suppose a company will issue new 25-year debt with a par value of $1,000 and a coupon rate of 8%, paid annually. The tax rate is 40%. If the flotation cost is 3% of the issue proce
What are the effects on current income and on future income, if a firm incorrectly capitalizes an expenditure that it should have expensed? State your answer for both current inc
Various types of accounting changes can affect the financial statements of a business enterprise differently. Assume that the following list describes changes that have a material
XYZ Enterprises manufactures tires for the Formula One motor racing circuit. For August 2011, XYZ budgeted to manufacture and sell 3,000 tires at a variable cost of $74 per tire an
A company purchased 16 million shares (representing an 80% controlling interest) in another company on 1 July 2010. The terms of the purchase were as follows: 1 share in
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