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1. What is an example of a significant accounting estimate? What is the importance of these estimates? How do ethics play into the decision-making process? Which financial statements include significant accounting estimates? Why?
2. What are internal controls? Why do companies need them? What are some examples of internal controls? Who is responsible for developing internal controls? Why?
Using the information, prepare an income statement and a balance sheet for the Parsons Corporation.
Discuss accounting techniques in general as they relate to the profession. Some things to discuss are the different accounting roles and positions that are out there and how you see yourself fitting into those roles based on what you have learned ..
Should you over pay taxes throughout the year and get a refund, knowing the government does not pay interest on the overpayment? Use time value of money to explain.
ABC Hardware store is open for business 350 days a year. Annual demand for a power cutter at this store is 700 units. Replenishment cost is $15 per order and annual inventory holding cost is 10% of the inventory value.
Brian purchased 500 shares of the substantially identical stock for $3,000. What is the tax effect fir Brian as well as what will be the basis of each of four batches of new stock?
The stockholder's equity accounts of Lawrence Company have the folowing balance on December 31, 2010. Common stock, $10 par, 274,000 shares issued and outstanding $2,740,000, Paid-in capital in excess of par $1,200,000, Retained Earnings $5,600,00..
Emma and Laine form the equal EL Partnership. Emma contributes cash of $100,000. Laine contributes property with an adjusted basis of $40,000 and a fair market value of $100,000.
Record the following transactions of a company in a general journal form: Reacquired 8,000 of its own $10 par value common stock at $40 cash per share. The stock was originally issued at $15 per share.
Kim is measuring her retirement plan. Assume she has $500,000 when she retires in an account that earns at an effective annual rate of 9%.
Assume that the U.S. Congress imposes an raise in taxes. Under the floating exchange rate regime, carefully illustrate and describe the process that will generate a new goods market
Describe how influential you believe the IASB is over FASB. Describe whether or not you support the U.S. adopting International Financial Reporting Standards for publicly traded companies.
What are the differences among transaction, translation, and economic exposures? Should all of them be ideally reduced to zero?
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