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Accounting conventions represent the principles, assumptions, and rules that guide an accountant as he or she analyzes the effects of business events on the accounting cycle and applies them to various cycle procedures. Part 3 of the assessment requires you to determine which of these conventions apply to a given business scenario to enhance your understanding of the foundation of accounting procedures and processes.
Using Part 3 of the Unit 1 Assessment Template, identify the applicable accounting convention for each of the following business scenarios. More than one convention may apply to each scenario. Explain your choices for each scenario.
Before completing the scenarios consider and describe what role ethics has throughout the accounting process and reporting to internal and external customers. Throughout your assessments ensure that you apply ethics to your decision making and reporting.
how does a cost-efficient capital market help reduce the prices of goods and
chips home brew whiskey management forecasts that if the firm sells each bottle of snake-bite for 20 then the demand
What would be recorded in the common stock account on the balance sheet if 20,000 shares are issued at a par value of $2 and the market value is $5?
melissa wants to deposit 10000 a year in a fund each year for 30 years. market rate 81how much will melissa have at the
Make a 700-1,050-word paper in which you discuss how annuities affect TVM problems and investment outcomes. In your paper, be sure to address the impact of the following items on TVM:
Suppose that 60% of FFL's current overnight photo customers, half would start taking their film to a competitor that offers one hour photo pocessing if FFL fails to offer the one hour service. What is the level of incremental sales?
that analyzes a legalethical issue or situation relating to a current previous or potential future work environment.
a three-month futures contract on an equity index is currently priced at usd 1000. the underlying index stocks are
What is the cash price of an interest rate futures contract quoted at 97-26 with a par value of $100,000?a. 97,812.50
you can buy commercial paper of a major u.s. corporation for 975000. the commercial paper has a face value of 1000000
Suppose you add a new stock to your portfolio. NewCo now accounts for 50% of your total portfolio. The expected dollar return on NewCO stck is 19% and its standard deviation is 30.
Betty Sims has $28,000 of adjusted gross income and $4,480 of medical expenses. She will be itemizing her tax deductions this year. The most recent tax year has a medical expenses floor of 7.5 percent. How much of a tax deduction will Betty be..
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