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Question 1
There are three classifications of cash flows which are Operating, Investing and Financing. Within each there are specific transactions that will create net cash used or net cash flows. Describe your understanding of 2 separate transactions within each classification and provide a detailed example of the accounting for each number that will be shown on the Statement of Cash Flows.
Question 2
In recent years, the treatment of the intangible asset "Goodwill" has undergone significant change as a result of the implementation of FASB 142. Goodwill is the value of a going concern. You can't touch it. You can't bank it. You can't sell it separately. By itself, it is valueless.
Assuming that all unrelated acquisitions are at "arm's length," what is all the fuss about valuing Goodwill? Why should you be concerned about it?
Question 3
For years, companies used master files to store data. Databases are now being used in their place. Why did this transformation take place? What are the advantages and disadvantages of using databases rather than files? Why is it important for an accountant to understand how a database works? Identify at least three functions in which an accountant would use a database.
at the beginning of 2003 sam corp. purchased office equipment at a cost of 1200000. its useful life was estimated to be
What does it mean to critically evaluate an economic event or resource in the context of an accounting standard and what is actually being evaluated and how?
Advanced Management Accounting
selfish gene company is a merchandising firm. the following events occurred during the month of may. note selfish gene
She receives a $6,000 distribution, and her share of S corporation items includes a $2,000 long-term capital gain and a $9,000 ordinary loss. Determine the effects of these events on AAA, stock basis, and AEP.
Your explanation should encompass the treatment in the balance sheet and profit and loss account and any additional information which is required in the notes to the financial statements.
A company uses the weighted average method for inventory costing
internal conrol procedures are required to safeguard company assets and to ensure ethical operation of the
Sell or Process Further
Mary Smith opened an architectural firm called Creative Architecture and recorded the following transactions. Use the Accounting Equation grid to record the following transactions and T-accounts. Include your fee. Prepare financial statement..
city parks department activities are financed entirely with general fund appropriations. it receives two invoices one
Dr. Bankey Lal, a businessman, constructed a multi-storied building consisting 16 flats of equal size. The construction was started in April 2004 and completed on March 31, 2008.
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