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An accountant must be familiar with the concepts involved in determining earnings of a company. The amount of earnings reported for a company is dependent on the proper recognition, in general, of revenue and expense for a given time period. In some situations costs are recognized as expenses at the time of product sale; in other situations guidelines have been developed for recognizing costs as expenses or losses by other criteria.
1) Explain the rationale for recognizing costs as expenses at the time of product sale.
2) What is the rationale underlying the appropriateness of treating costs as expenses of a period instead of assigning the costs to an asset? Explain.
3) Some expenses are assigned to specific accounting periods on the basis of systematic and rational allocation of asset cost. Explain the underlying rationale for recognizing expenses on the basis.
Sheffield Co. shows the following information on its 2010 income statement: sales = $161,500; costs = $80,200; other expenses = $3,500; depreciation expense = $9,200; interest expense = $6,700; taxes = $21,665; dividends = $8,050.
If US prices are expected to rise by 3% over the coming year and prices in France are expected to rise by 7 % during the same time, what is the expected spot rate in one year of the French franc given that the current spot exchange rate US $0.168.
If you were a borrower, which bank would you go to for a new loan?
What is the cash flow recovery from net working capital at the end of this project?
The Hartnett Company manufactures baseball bats with Pudge Rodriguez's autograph stamped on them. Each bat trades for $13 and has a variable expense of $8.
Saunders Corp. has a book net worth of $13,655. Long-term debt is $9,100. Net working capital, other than cash, is $3,720. Fixed assets are $18,280 and current liabilities are $1,990.
What is the importance pf ethics when conducting research? What is "the language of research"? What is "the research process"?
The State of Rhode Island publishes its budget and access the budget and answer the following:
The yield on Treasury bonds has increased because the government wants to borrow more from the public. The demand for money will
calculate the amount of new funds required to finance this growth. Marbell has an 8% return on sales and 70% is paid out as dividends.
Average daily collections are $122,000, and the required rate of return is 5 percent per year. Assume 365 days per year. What is the daily dollar return that could be earned on these savings?
A bond with a $114 yearly coupon, maturing in ten years at a value of $1000 has a current market price of $920. Determine the nominal yield of the bond?
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