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Discussion Questions 1 and 2
DQ #1:Accounting Cycle
Financial statements are a product of the accounting cycle. Think about two different companies: a manufacturing company, and a retail company. Why would different companies have different accounting cycles? Would you expect the steps of the accounting cycle to be the same for each company? Why, or why not?
DQ #2:Bank Reconciliation
What is the purpose of a bank reconciliation? What are the reasons for differences between the cash reported in the accounting records, and the cash balance in the bank statements?
Analyze several of your peers' posts. Let at least two of your peers know what happens to the discrepancies between the book balance and the bank balance.
Prepare all the journal entries necessary to record these transactions in the appropriate governmental type fund(s) and identify the fund(s) used.
foster company makes power tools. the budgeted sales are 420000 budgeted variable costs are 147000 and budgeted fixed
wyco company manufactures toasters.for the first 8 months of 2012the company reported the following operating results
bangura company provides this information for the month ended october 31 2012 sales on credit 300000 cash sales 150000
you have been assigned to the audit of moroney ltd a large manufacturing company. the audit strategy indicates that a
The August 10, 1998, issue of BusinessWeek includes the article "Nokia" (p. 54). Read this article and complete the following requirements.
Change from the percentage-of-completion method by a company in the long-term construction industry.
mohawk retailers began operations on 1103. the following transactions occurred during jan. 2003a on 1103 mohawks
Who can qualify for the dependency exemption?Who takes preference?
1. What is the balance in Chen's capital account at the end of the year? 2. Explain why the balance in Chen's capital account is different from the amount of cash on hand.
Prepare the journal entry to record the exchange assuming the exchange lacks commercial substance.
Desired inventory levels at the end of the month are 20% of the next month's cost of goods sold. What is the budgeted ending inventory for May?
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