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Disc 1-1: Using Accounting
As a potential business owner, discuss why and how you can use accounting in your business by answering the following questions:
1. What type of business would you like to own? 2. How will you be able to tell if your business is successful? 3. What accounting knowledge do you think you will need to have? 4. What do you think will be your biggest accounting challenges? 5. Why?
2-1 Disc - Cash-vs-Accrual Accounting
Using the same business listed above, consider the impacts of the basis of accounting by answering the following questions:
1. What is the cash basis of accounting?2. What is the accrual basis of accounting?3. How will the accounting for your specific business be different if you use the accrual basis (please use specific examples) instead of the cash basis?4. What will accrual basis statements tell you specifically that cash basis statements will not tell you?
for the following taxpayers compute 1 taxable income and 2 the income tax liability.be sure to include the new medicare
Lyle was told when she was hired that typing speed was extremely important to her position. At the time, she maintained that she could type eighty words per minute, so she was not given a typing test. It later turned out that Lyle could type only ..
Daggar capitalizes the lease, whereas Bayshore records the lease as an operating lease. Both firms depreciate assets by the straight-line method, and both treat the lease as an operating lease for federal income tax purposes.
ivan company has a goal of earning 160000 after-tax income. ivan would need to pay 29000 of income taxes at the target
Faith inherited an undivided interest in a parcel of land from her father on February 15, 2005. Her father had purchased the land on August 25, 1965, and his basis for the land was $325,000.
in an effort to expand the usefulness of its activity based costing system wayne kaegis verde vineyards decides to
1. proprty taxes on na manufacturing plant are an element of aproduct cost period cost1. yes no2. yes yes3. no yes4. no
a company had net income of 230000. depreciation expense is 26000. during the year accounts receivable and inventory
McConnell Corp. has a book value of equity of $13,280. Long-term debt is $8,350. Net working capital, other than cash, is $3,220. Fixed assets are $17,530 and current liabilities are $1,690.
1. accounting methods used by a company to determine income for financial reporting purposes frequently differ from
consider the following data regarding budgeted operations for 20x7 of the portland division of machine products average
what competitive advantage could a company obtain from a successful cost management program? discuss using real world
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