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Discussion Questions 1 & 2
DQ #1: Current Liability
What is a current liability? From the perspective of a user of financial statements, why do you believe current liabilities are separated from long-term liabilities? Based on your current experience as well as any additional research you may have done, provide two examples of situations where businesses collect monies from customers and employees and report these amounts as a current liability.
DQ #2: Client Recommendations
A client comes to you thinking about starting a consulting business. Your client is specifically interested in what type of entity should be created for this new business. Based on your readings, or any additional research you may have done, discuss the advantages and disadvantages of the following: sole proprietorship, partnership, and corporation. Based on these advantages and disadvantages, provide a clear recommendation to your client.
pierre corp has sales of 200000 a contribution margin ratio of 35 and a profit of 40000. if 10000 units were sold what
At December 31, balances in Overhead are as follows: Lott Company-debit $1,500, Perez Company-credit $900. Prepare the adjusting entry for each company at December 31, assuming the adjustment is made to cost of goods sold.
the following information describes transactions for morgenstern advertising company during july a. on july 5
a new member of the arizona diamondbacks wants the team to transfer 5 million into an escrow account in his name for
computer village sells computer equipment and home office furniture. currently the furniture product line takes up
To identify and discuss four situations where accounting control systems might not motivate desirable behaviour?To briefly discuss the improvements you would suggest in order ensuring that some of the dysfunctional behavioural consequences of acco..
For Gray Corporation, the working capital at the end of the current year is $10,000 more than the working capital at the end of the preceding year, reported as follows:
bob smith a professional basketball player raises black angus cattle under circumstances that would indicate that the
What amounts should be recorded as the initial values of the land and the building?
Explain briefly the application of the LCM rule to ending inventory. Describe its effect on the balance sheet and income statement when market is lower than cost.
What is downsizing? How is it different from outsourcing?
CPAs attest to management assertions by reference to pre-established criteria. What criteria are used to judge the fairness of financial statements during a financial statement audit? Why is it important that the attest function references specifi..
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