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You have been asked to speak at a career fair for high school students in your home town. Specifically, you are making a presentation about your role as an accountant.
• Describe for the students the primary objectives of accounting.
• Explain the basic terminology of the accounting process or financial reporting.
• Explain how accounting can affect your personal life emphasizing professional ethics.
• Explain the role that technology has played in small business accounting.
Sampson Company's accounting records show the following at the year ending on December 31, 2010. Using the periodic system, the cost of goods sold is:
Susan generated $55,000 of net earnings from the conduct of a tax preparation business that she operated during the tax-filing season. She also received wages of $60,000 from her full-time job. Compute the self-employment taxes due for 2010.
Prepare a production cost worksheet using the weighted-average method. Include any necessary supporting schedules.
NaviNow Company agrees $20 million in cash to the four former owners of TrafficEye for all of its assets and liabilities. These four owners of TrafficEye developed and patented a technology for real-time monitoring of traffic patterns on the natio..
On November 1, Carter Company signed a 120-day, 10% note payable, with a face value of $9,000. What is the adjusting entry for the accrued interest at December 31 on the note?
Suzy has been the sole shareholder of a calendar year S-Corporation since 1979. The S-Corporation has the following balances.
Analyze the differences between US GAAP and IFRS in accounting for equity statements to determine which presents the greatest challenges for the greatest number of companies. Provide specific examples to support your response.
The working capital would be released for use elsewhere when the project is completed. If the company's discount rate is 10%, the investment's net present value is:
At the end of the current year, Accounts Receivable has a balanced of $800,000; Allowance for Doubtful accounts has a debit balance if $2000; and Net Sales for the year total $2,200,000. Bad debt expense is estimated at 1/2 of 1% of net sales. Pre..
Jewelry stores want to provide their customers with the highest quality of diamonds available at the lowest possible prices. Unfortunately, the lowest priced diamonds these days are sold by African rebels who use the profits to engage in genocide.
Why do you suppose the city hasn't attempted to "even out" the assets in the funds? Why does it not maintain funds for each of its major functional areas?
For inadequacies in internal controls describe the financial statement misstatements that may arise, and describe how they may occur.
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