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Amber Gray tells you that the accountants where she works are real hair splitters. For example, they make a big issue over the difference between a cost and an expense. She says the two terms mean the same thing to her.
Required:
a. Explain to Amber the difference between a cost and an expense from an accountant's perspective.
b. Explain whether each of the following events produces an asset or an expense:
(1) Purchased a building for cash. (2) Paid cash to purchase supplies. (3) Used supplies on hand to produce revenue. (4) Paid cash in advance for insurance. (5) Recognized accrued salaries.
green fingers co. makes small plant stands that sell for 25 each. the companys annual level of production and sales is
Calculate the amount of cash receipts for March, April and May. Calculate the amount of cash disbursements for March, April and May
steve pratt who is single purchased a home in spokane washington for 347500. he moved into the home on february 1 of
at the end of 2012 henderson co. has accounts receivable of 751830 and an allowance for doubtful accounts of 66970. on
On 20 March, Batavia's petty cash fund of $100 is replenished when the fund contains $9 in cash and receipts for postage $51, freight-out $25, and travel expense $10. Prepare the journal entry to record the replenishment of the petty cash fund.
Divide the class in three sections and divide each section into groups of three to five students. Assign each section one of the companies. Group Tasks Based on the company assigned to your group, answer the following questions: What is the per share..
Why were some of Jeff's friends who worked with him from the beginning not very excited about a change to a standard cost system.
Explain the concept of depreciation. Which of the following depreciation methods would you recommend: straight-line depreciation, double declining balance method, or an lternative method?
What was total product cost in January and what was product cost per unit in January?
1. a business event which canbe measured in terms of money and must be recorded in books of accounts iscalleda.
for a project that you have already developed for another class draw a system diagram of your software using multiple
Why is corn so frequently used in typical American foods? In what forms does it take when being part of those foods? How does that relate to the modern epidemic on obesity?
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