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What is the difference between accural-basis accounting and cash-basis accounting? Why would politicians prefer the cash basis over the accrual basis? Write a letter to your senator explaining why th efederal government should adopt the accrual basis of accounting?
Dogwood City's water enterprise fund received interest of 10,000 on long term investments. How should this amount be reported on the statement of cash flows?
Robinson Enterprises purchased 56,000 pounds (cost = $420,000) of direct material to be used in the manufacture of the company's sole product. According the production specifications, each completed unit requires five pounds of direct material at ..
Determine the impact on the balance sheet accounts if the following information is not used to adjust the accounts of Mood Food Company for the month of January, 2012. Round answers to the nearest dollar.
Prepare a 250- to 300-word memo about time tickets and expense tickets. Include an explanation about what each is used for, how the two are different, and what information may be found on each.
Mary is an employee of Robert's CPA business who has earned a $50,000 bonus. GR Systems pays Mary $50,000 and also issues Mary Form 1099-Misc. How much gross income is reported by Robert? By Mary?
Obtain a detailed report which is based on an intensive investigation of the financial position of sales department, production department and research and development department.
How long will this product be profitable? All the above estimates are in constant value dollars so that inflation has been accounted for. If the interest rate is 12%, what is the PW of this product?
Why might overhead be under-applied and how can you prevent it? Explain predetermined overhead rate and show its computation. What is the best allocate base to use and why? What factors do you consider when deciding on an allocation base?
Stacey and Andrew each own one-half of the stock in Parakeet Corporation, a calendar year taxpayer. Cash distributions from Parakeet are: $350,000 to Stacey on April 1 and $150,000 to Andrew on May 1.
The revenue principle states that revenue should be recognized at a point when:
Discuss the inherent audit risk with the use of account receivable confirmation letters and how this risk can be minimized by the auditing firm.
There are no price, efficiency, or spending variances, and any production-volume variance is directly written off to cost of goods in the quarter in which it occurs.
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