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Typically U.S. corporations record and report most changes in accounting principle retrospectively, but sometimes report the changes prospectively. Explain when it is appropriate to report the changes prospectively. Provide examples.
Returns and allowances amounted to $2,000. It purchased equipment normally selling for $10,000 at a 20% discount. Based on these facts, what is its gross income for the year?
For the month of January, there were no units in the beginning work in process inventory; 60,000 units were started into production in January; and there were 15,000 units that were 40% complete in the ending work in process inventory at the end o..
Compare the so called test for detemining US residence in section 7701 (b) and the myraid of exceptions and special rules used in applying such tests with the facts and circumstances approached used under prior law..
Briefly discuss the economic, political, educational, family, and marital systems of a country of your choice. When doing business in the chosen country, what kind of social hierarchies and social interactions should you be aware of?
A lawyer allocates overhead costs based on his hours working with different clients. The lawyer expects to have $200,000 in overhead during the year and expects to work on clients' cases for 2,000 hours during the year.
The Carlton Organization rents its hotel rooms for $600 per night with variable expenses of $450 per room. What is the organizations contribution margin rate.
Actual selling price: $7.50, $10.50. Budgeted selling price: $5.50, $10.50. Actual Sales Mix: 69%, 31%. Budgeted Sales Mix: 75%, 25%. What is the total sales-volume variance of revenues?
Your father runs a small auto body shop. He has decided to computerize his records and has asked you to explain the basics of accounting to him so that he can enter the data into his accounting software. 1) Explain to him the rules of debits and c..
Why is the audit of cash an important part of the audit? why is the cash account important to the decisions of investors and creditors?
Assess two major reasons that the Corporate Federal income tax has not been reformed to date, and elaborate on how likely it is to happen in the future. Provide support for your rationale.
Examine the variable "diamond." What does this measure? How do you think this variable will relate to GDP per capita and GDP growth?
Is Granger Stokes using budgets as a planning and control tool?
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