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Numerous timing concepts are discussed on pages 96 to 97. A list of concepts is provided on page 99, on the left, with a description of the concept on the right. There are more descriptions provided than concepts. Match the description of the concept to the concept.
1. ____ Accrual basis accounting.
2. ____Calendar year.
3. ____Time period assumption.
4. ____Matching principle.
(a) Monthly and quarterly time periods.
(b) Efforts (expenses) should be matched
with accomplishments (revenues).
(c) Accountants divide the economic life of
a business into artificial time periods.
(d) Companies record revenues when they
receive cash and record expenses when
they pay out cash.
(e) An accounting time period that is one
year in length.
(f) An accounting time period that starts
on January 1 and ends on December 31.
(g) Companies record transactions in the
period in which the events occur.
Determine Ariff’s maximum deduction for 2010, assuming Ariff’s § 179 business income is $110,000. If Congress reenacts additional first-year depreciation for 2010, Ariff elects not to take additional first-year depreciation.
Compute Arrow's direct material variances and compute Arrow's direct labor variances, compute Arrow's variances for factory overhead.
Quinton Corporation produces and sells two types of chili: 1-Alarm and 5-Alarm. Operating performance for the most recent quarter is.
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Catbird accounts for its investment in Bug using the equity method as a one-line consolidation. Complete the working papers to consolidate financial statements of Catbird and Bug Corporations for the year 2006.
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