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Your father runs a small auto body shop. He has decided to computerize his records and has asked you to explain the basics of accounting to him so that he can enter the data into his accounting software.
• Explain to him the rules of debits and credits for the balance sheet and income statement.
• Provide examples from the manufacturing industry of:
a journal entry that would be recorded that impacts the balance sheet.
a journal entry that would be recorded affecting the income statement.
• Please provide the assumptions behind the transactions and the full journal entries.
Which of the following indicates that a company may benefit from an Activity-Based Costing system?
Round-robin brainstorming can be a good technique. Let's say that we were going to incorporate this technique for a brainstorming session for a new client. You're in charge of creating the agenda and contacting the people who will attend the meeti..
On February 1, 2010, Katz corp. purchased a small lot and unusable building for $12,000, including back taxes of $1,000. On March 1, 2010, the lot was cleared, paved, and fenced to provide additional parking for employees.
The core values for this course are integrity and excellence. Applying the values of integrity and excellence, discuss ethical considerations of accounting for business combinations in a manner that prevents misunderstanding in the questions below..
Don pays Cardinal Construction Corporation $2.8 million to do the work. Don also pays an architect $400,000 to draw up plans for the project. Because the rewiring requirements are so extensive, Cardinal pays Dove Electric Company $500,000 to handl..
Is there a difference in approach to valuation by US GAAP and IFRS? Discuss and note two or three specific differences. In addition, briefly:
The Word for the study of Values in Philosophy is "Axiology," which has the same root as "Axiom" in mathematics. In Axiology, however, values are studied as to what motivates, inspires, of is responsible for human decision making.
How is the auditor's assessment of control risk affected if a documented control procedure is not operating effectively? Explain the effect of such an assessment on the nature of audit tests of account balances.
Can a nonprofit (not-for-profit) organization release restrictions on a "strike fund" and use it in the general fund for current year activity? Why or why not?
How would we find out the cost of normal spoilage so that we can record it in general ledger? How would we fin out the cost of normal spoilage so that we can record it in general ledger
What are the differences in reporting guidance in a for-profit and not-for-profit organization? What are the similarities in reporting guidance in a for-profit and not-for-profit organization? How do these differences and similarities affect the c..
What would be the transfer price if the company uses a policy of setting the transfer price at variable cost plus a 20% markup?
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