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Briefly describe the organization that is responsible for developing accounting measurement rules (generally accepted accounting principles) in the United States.
Evaluate the accounting principles (GAAP) the foreign and domestic companies use to prepare financial statements and List 5 format differences in companies' income statements.
Prepare a depreciation schedule for the equipment using the double declining method; assume that Spark elects to switch to the straight line method in year three.
A local science museum normally sells tickets to its museum for $5 each. The daily maximum capacity of the museum is 1,000 visitors. At the maximum capacity, fixed costs are $2 per visitor and variable costs are $1.50 per visitor. A local school grou..
You have recently graduated from UMD and are now employed as a staff accountant. at Teddy Bear Casino, Duluth’s newest casino. Your boss, the controller, is experienced in preparing casino financial statements. However, it has been many years since h..
Which of the following would be included in cash flows from operating activities?
part inbsppresented below are the trial balance and the other information related to josephine gray a tax consultant.1.
Recognition of contingent liability in financial statement - How would you report this contingent liability on the financial statements of your company? Justify your answer. There may be more than one acceptable accounting treatment. Pick one and e..
Were there changes in accounting policies reported by M&S during the two years covered by its income statements (2009-2010)? If so, describe the nature of the change and the year of change.
Eaton Metal Fabricators Inc.'s Fabrication Department incurred $72,000 of factory overhead cost in producing gears and sprockets. The two products consumed a total of 3,600 direct machine hours. Of that amount, sprockets consumed 1,700 direct machine..
Stiner Company has a materials price standard of $2.00 per pound. Five thousand pounds of materials were purchased at $2.20 per pound. The actual quantity of materials used was 5,000 pounds, although the standard quantity allowed for the output was 4..
Evaluate the variable cost per unit and Estimate the net fixed cost per month.
What additional factors must the controller consider before deciding on an allocation base for the indirect manufacturing cost assignment to the departments?
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