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You have been running a sole-proprietorship business dealing in cosmetic products. You have been accurately recording all your sale and purchase transactions in journals and using the journals in the general ledger accounts. Lately, you have observed that the entire exercise is taking a lot of time. You, therefore, are considering recording the transactions directly into the general ledger accounts. Is this ethical, and will you be following the accounting norms if you undertake such a step? Why or why not? Discuss.
Define the terms debit and credit. Explain how debits and credits affect the following: assets, liabilities, owner's capital account, revenues and expenses.
The purpose of this assignment is to get a picture of the various roles managers play and the skills required to perform effectively in an accounting role.
Arantxa Corporation has outstanding 20,000 shares of $5 par value common stock. Prepare Arantxa's journal entries to record these transaction using the cost method.
Does a non-controlling shareholder have access to any information other than the consolidated financial statements to determine how well the subsidiary is doing?
Which of the following factors are used to compute the average collection period?
A share of common stock just paid a dividend of $3.25 per share. The expected long-run growth rate for this stock is 18%. If investors require a rate of return of 24%, what should the price of the stock be?
What do you consider to be the most important thing for a forensic accountant to remember about evidence? Why?
Describe two business sectors you might want to work in if you were an accountant and explain why in 150 to 200 words.
Tax cash flows represent taxable income in the year received, compute the NPV of the cash flows.
Prepare a differential analysis report, dated February 8 of the current year, on the proposal to discontinue Product J. Calculate the annual differential profit.
What amount of the refund, if any, should Grace include in her gross income if last year her total itemized deductions exceeded the standard deduction by $350?
Hope receives an $18,500 scholarship from State University. The university specifies that $8,500 is for tuition, books, supplies, and equipment, while $10,000 is for room and board. In addition, Hope works part-time at the campus library and earns..
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