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Companies are required to record compensated absences (like vacations and sick days) on the books as liabilities. Several potential accounting issues can stem from recording these liabilities. One of these issues is they must be recorded in the period in which they are earned, which would be the current accounting period. However, vacations are typically not allowed to be taken until the next accounting period (after an employee has been in the company for one year) and the employee has received a raise since then. Based on this fact, the liability is accrued using the hiring rate but taken after a raise has been granted, leaving a difference between the liability and the expense.
Do you think that GAAP should be adjusted so that vacations are not recorded until they are taken? Why or why not?
Why do you think vacations are typically not allowed to be taken until an employee has completed one year in the company?
An Illustration Bonds payable from their carrying value.
Brown Primary Care Dental clinics Oral Health Initiative - In your analysis be sure to incorporate return on investment, time-value of money, and inflation factors.
compute the predetermined overhead rate under the current method.carroll company manufactures two products product drt
the mccracken county humane society mchs which is part of a countys reporting entity established a permanent fund to
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Carmin Kovach is single and has two children from her previous marriage. Anika, 9, lives with Carmin. Julius, 11, lives with his father, Ray. Carmin pays alimony of $400 per month to Ray. Calculate Carmin’s adjusted gross income on her 2011 tax retur..
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If an excess balance of cash exists, loans are repaid at the end of the month. Operating expenses are paid in the month incurred and consist of sales commissions (10% of sales), office salaries ($4,000 per month), and rent ($6,500 per month).
Describe the differences in the planned audit approaches for Clients A and B and the reasons for such differences.
Discuss briefly your thoughts on these two methods, and then find and post / link to an outside article that discusses either or both of these concepts, and briefly summarize the article and your thoughts on it.
Which of these journal entries represent paying cash to buy an asset?
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